Gaming Investor Player
Nowadays, I'm not much of a gamer myself, but there's something about web3 games that has made me ponder about gaming in general, especially its future evolution and the role it plays in web3 onboarding.
Yat Siu of Animoca Brands made an argument that web3 gamers are a new class of gamers quite distinct from traditional web2 gamers. The former are not just players; they are investors, builders, and active participants in a game's economy, rather than just gamers as defined by traditional metrics.
This is the perspective that shifted my mindset and made me start to look at web3 games differently.
Essentially, now I view them as multilayered ecosystems where players can have real stakes in the digital world they inhabit that have real world value. Axie Infinity with Splinterlands and God's Unchained are great examples of multilayeered ecosystems.
Needless to say, anything that's beyond one dimensional always sparks my curiosity.
The notion of ownership that web3 offers and the opportunity to invest in digital assets within games is quite an adventure on building and growing my assets in a game economy, which has had profound implications on how I come to think about gaming and economic participation.
For one, it's no longer a casual shallow experience; you have to think hard and be a bit more strategic.
Maze Field Ecosystem
That said, one of the first roadblocks I encountered was the intricate web of GameFi ecosystems. Unlike traditional games, the economy in web3 games tends to be decentralized and has many aspects:
Tokenomics: This involves understanding how tokens are created, distributed, and managed within the game. Tokens can represent in-game currency, assets, or even governance rights. In many cases, the design of tokenomics can significantly influence player engagement and the game's longevity.
Interoperability: Assets in web3 games are multi-purposeful and can be used across different games or platforms, introducing concepts like NFTs (Non-Fungible Tokens) that hold unique value and can be traded or sold outside of the game environment. Within the game environment, these assets can be rented or staked to earn additional rewards.
Economics of Scarcity: Many web3 games implement mechanisms to control supply, like burning tokens or having limited editions of items, which can drive value based on supply and demand principles.
Player-driven Economy: Players can earn through playing (Play-to-Earn), but also through staking, lending, or even creating content for the game, which introduces a multi-dimensional economic model where players have multiple avenues to generate income.
Understanding these elements will require a basic grasp of blockchain technology, economics, and game design, which for someone not deeply ingrained in these fields, can be quite the learning curve.
I could be wrong but from my observations, designing web3 game tokenomics is more or less uncharted territory for many game developers.
This element of complexity, however, is also part of what makes web3 games so compelling, in that beyond the game mechanics, players are participating in an evolving digital economy where their actions may have real financial implications.
From Specific To General Evolution
Here's another interesting observation. Once the game is sufficiently built, in terms of content, community, and financial value, the tentacles start to expand in different directions.
The game becomes much more than just a game as it links with DeFi platforms for lending, borrowing, or earning interest on in-game assets.
Alternatively, players might earn voting rights on game developments, creating a rather democratic approach to game evolution.
The global-ness of web3 games is quite a fascinating aspect; inherently borderless, allowing players from around the world to interact, trade, and collaborate without traditional barriers of geography or currency conversion.
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Could this be the seed or foundation that may evolve into something like Ready Player One later down the road?
A Little Bit Of Wordplay
I think yes, but first the difference between 'play to earn' and 'play and earn' is worthy of some discernment.
'Play to earn' suggests a focus on earning through gameplay, 'play and earn' implies a different approach where playing the game is enjoyable and the earning aspect is an additional benefit, not the sole purpose.
This distinction could probably be a key in normalizing web3 games, making them appealing not just for financial gains but for the gaming experience itself. Besides, once you're sufficiently soaked into the gaming experience, financial gains tend to come as a byproduct.
Thanks for reading!! Share your thoughts below on the comments.
