What is Web3 gaming
In a nutshell, Web3 games are digital games leveraging Web3 technologies, such as blockchain, NFTs, Decentralized Autonomous Organizations, etc. These technologies bring a number of benefits to the gaming industry. We will briefly summarize these advantages below.
Complete ownership over in-game assets by gamers
Unlike traditional games, in-game assets in Web3 games belong to the players, not to the developers. Items are stored on blockchain as NFTs, and, for that reason, most blockchain games let the players transfer the gaming items out of the virtual world. Gamers can trade their crypto assets outside the platform, on different crypto exchanges and marketplaces, and that provides massive opportunities to monetize their skills and in-game progress.
Web3 game developers can run their own digital economy integrated with the real world. As long as the gamers own the assets, they can exchange or trade them with other participants without any limitations and make a profit. But Web3 games also include other rewarding opportunities, such as prizes for the top players, airdrops, staking, etc.
Transparency and autonomy for gamers
DAOs, or decentralized autonomous organizations, empower their members, including gamers, with voting rights. DAO members do not rely on a central authority for governance and are able to influence the future of a game. Though, we have to mention that the benefits of DAO are used in a limited number of Web3 games today.
What is the current state of the industry?
The crypto bull run has ended, and the hype around Play-to-Earn games has naturally subsided. However, Web3 gaming companies continue to be the driving force of the blockchain industry. Last November, gaming activity accounted for almost half of all blockchain traffic on 50 networks, with more than 800K unique active wallets daily. On the other hand, Web3 gaming companies continue to be the most invested ventures in the tech space, with more than $15B investment attracted in less than 2 years.
Games also have evolved content and gameplay-wise. At first, Web3 game production companies сould not brag of having outstanding graphics or advanced mechanics in their products, and some early projects were simply focused on farming. Though, these days we can see a number of blockchain games that can engage the pickiest gamers and at the same time provide a lot of earning opportunities for them. These titles include EV.IO, Drunk Robots, and Blankos Blockchain Party, to name a few.
How to earn rewards in Web3 games
As we mentioned before, Web3 gaming companies introduce different ways of earning rewards in their products. The most popular of them include collecting and trading NFTs, or earning token rewards in competitions and ratings.
The first one is common for MOBA games, like Thetan Arena. You can level up an NFT with a hero by playing the game and then trade it on the native marketplace to make a profit. However, selling an NFT during the bear market may require more time and effort due to the lower demand.
You can also take a chance and join one of the competitions in various Web3 games. Many of them are offering attractive prize pools for the participants. The popular Web3 chess game, Immortal, holds weekly tournaments with lucrative prizes among the gamers, but, to join them, the participants are required to buy a certain NFT.
On the other hand, some Web3 gaming design companies integrate different ways to earn rewards into their games that do not require initial investments, which is quite crucial during the bear market. For example, the popular blockchain game, Drunk Robots, features the Ninja and Knockout mini-games where everyone who scores more than 100 points can get rewards in $METAL, the game’s native token.
There are also some ways to generate passive income during the bear market, that include staking and airdrops. Airdrop refers to receiving rewards for holding virtual assets or completing certain tasks, for instance, retweeting a post. Staking is the process of locking your virtual assets in exchange for certain rewards. As an example, the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT holders can stake their NFTs on Binance and generate rewards in ApeCoin (APE).
Essential tools for Web3 gamers
The abundance of play-to-earn games can easily confuse both beginners and skilled players trying to pick up the most profitable project and avoid scams. For that reason, we suggest players study game reviews and use special tools for Play-to-Earn gaming. Liquidifty has studied the pain points of Web3 gaming and rolled out a suite of tools tailored to the needs of Web3 gamers that includes a gamer profile, game explorer, and game analytics. These solutions also allow you to track the progress of the best gamers, copy their strategies to earn more rewards and keep costs down during the bear market.
The gamer profile allows gamers to track ROI and portfolio and monitor expenses in Web3 games. All you need to start it is to connect your wallet.
The game explorer provides you with detailed information about the featured games. You can easily find everything you want to know about lore, genre, etc. or check the available P2E options.
The game analytics brings you data-driven insights on a certain project, including the number of active and profitable players over the past month, token summary, performance stats, and the best NFTs to start with.
Problems and risks associated with Web3 gaming
The number of Web3 games requires users to invest a certain amount of capital to start. This involves buying in-game assets, like tokens or NFTs, and some of them may be quite costly. As a solution for this problem, some Web3 platforms and game guilds offer players to rent an NFT with collateral or in exchange for a share of the gamer’s profit.
On top of that, Web3 gaming, as a part of the blockchain industry, comes with the same set of user threats, including scams, phishing attacks, token price volatility, etc. Therefore, gamers are always required to do their own research before joining any play-to-earn game.
We sincerely hope that our article has introduced you to the concept of Web3 gaming, and now you are able to select the best Web3 game, earn some sweet rewards, and have a good time playing, which is obviously the most important part of any game.
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