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The Potential of Web3 Gaming
Web3 gaming has yet to gain significant traction in the global entertainment market. To succeed, this sector must emphasize its unique features. Current trends like tap-to-earn and arcade-like models are insufficient.
Empowering Players with Blockchain Technology
Blockchain technology allows web3 game developers to create games where players have complete rights to their virtual goods. This opens up new in-game economies and appeals to a new generation of gamers who are already using platforms like Roblox. These players can monetize their creativity, making these games potential full-time jobs.
Competing with Traditional Video Games
Traditional video games, valued at $200 billion annually, present a significant challenge for web3 gaming. However, the gaming industry, which was once a niche, has now surpassed the global movie industry, reaching approximately $227.6 billion in 2023. Games like Fortnite generate annual profits comparable to half of the world’s movie box office.
The rise of a tech-savvy generation helped traditional gaming flourish. Businesses recognized the potential in this niche and shifted their focus. Could web3 games follow a similar trajectory in the next few years?
The Growing Gaming Community
The number of video game enthusiasts increases yearly, especially among younger generations who view gaming as their primary leisure activity. While children and teenagers have ample time for gaming, adults often struggle to balance responsibilities and playtime. Many games lose long-term players because they fail to offer monetary incentives alongside engaging gameplay. This is a challenge that web3 gaming can uniquely address.
Playing video games for a living seemed unlikely a few years ago. While some have made careers through e-sports or streaming, most players couldn’t pursue gaming full-time. However, this is changing.
Roblox: A Model for Web3
Massive multiplayer web2 games like World of Warcraft and EVE Online have established complete financial systems. Players are willing to spend real money on in-game currencies and items. Roblox, more of a social platform than a game, allows users to create and monetize assets through its in-game currency, Robux. This model has attracted 300 million monthly active users, primarily from the Gen Z demographic.
Roblox rewards players for their creativity, balancing financial incentives with enjoyable gameplay. However, it is not blockchain-based, and players do not own their creations. Only 29% of an asset’s value returns to its creator, with the rest covering platform expenses and developers’ profits.
The Future of Web3 Gaming
Adopting a model like Roblox while incorporating decentralized and permissionless on-chain economies could be the next step for web3 gaming. This approach would allow players to manage their in-game assets and create new in-game economies. It could also address the lack of quality in current web3 games, as developers would compete to design the best gameplay.
Many web3 games today attract users seeking quick profits, which is unappealing to gamers who value quality gameplay. However, younger users raised on games like Roblox and Fortnite have different expectations. They seek quality entertainment, social interaction, and financial components. Web3 gaming can meet these demands by improving the overall experience.
Gen Z players are accustomed to economic mechanics in games, and their demand for capitalization opportunities will grow. By designing platforms that enhance the gaming experience, web3 gaming could become the birthplace of the next Roblox.
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Improve and adapt, don’t replace—web3 needs legacy systems.
Marcin Kobylecki is the CEO of DRKVRS and former CCO for Platige Image. He has extensive experience as an executive producer, having participated in the production of Oscar-nominated projects like “The Cathedral” and BAFTA Winner “Fallen Art.” His projects have received over 100 awards and distinctions. He also worked as a producer on promotional films for computer games, including “The Witcher” saga by CD Projekt RED and “Cyberpunk 2077.”
