Web3 and Blockchain are Changing the Game
From lucrative P2E gaming economies to influential gaming DAOs and beyond, the incorporation of blockchain in gaming is unlocking new opportunities for game developers, studios and players.
GameFi, P2E & Gaming Economies
With the traditional gaming space predominantly focusing on Pay-to-Play and Free-to-Play mechanics, web3 gaming has birthed new gaming economies and finance models (GameFi). Solutions underpinned by blockchain technology allow game developers to:
- Build a cryptocurrency-based reward system into a game’s infrastructure to reward and incentivise players
- Facilitate new gaming economies such as Play-to-Earn (P2E)
- Provide earning potential for players with in-game fungible tokens that are tradeable for either cryptocurrencies or FIAT currencies
Decentralized Platforms & Community DAOs
Blockchain in gaming offers significantly increased levels of influence for players and communities via the use of Decentralized Autonomous Organisations (DAOs). This helps to fuel increased participation, encourage player feedback and provide an enhanced playing experience. DAO structures can:
- Generate additional revenue streams through community investment
- Empower players to participate in the creation and direction of games with democratic voting systems
- Allow interactive and engaging player communities to develop surrounding games or gaming studios
NFTs & In-Game Asset Ownership
Blockchain enables in-game and virtual assets to be backed by NFTs – guaranteeing unique assets, proving ownership and facilitating trading across secondary marketplaces. With NFTs secured on the blockchain, gaming studios can:
- Offer exclusive, in-game assets and collectibles that deliver real value for players and that can be used to unlock further rewards
- Provide greater protection against loss of assets and enable the portability of assets across different platforms or games
- Integrate with the Metaverse through NFT-backed items that are usable across an array of interconnected game titles
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