- What is the future of NFT gaming in 2023?
- Web3-gaming: multiple barriers to entry
- Crypto-gaming, will the barriers to entry be gradually erased?
- Will GameFi soon be ahead of AAA games?
- Challenges to overcome, business model to find
WHAT IS THE FUTURE OF NFT GAMING IN 2023?
Are Web3, cryptocurrencies and NFTs taboo among so-called lifelong video game players? In the world of games, the reception of web3 games is quite mixed. It is enough to remember the position reversal of Ubisoft CEO, Yves Guillemot , on the integration of NFT in his games.
One of the reasons has been the clamor of the players when they see the arrival of this innovation in their favorite games with a bad eye. However, the numbers speak for themselves: since the beginning of 2022, NFT gaming development more than 5 billion dollars have been invested in the development of blockchain games . Would there still be a market?
Do anti-crypto gaming fans really hold an important place in the community? To find out, the company Laboratorios Coda conducted a survey of 6,921 candidates divided between the US, England, Brazil, South Africa and Japan. To qualify for the survey, people had to meet two criteria:
- Play computer games no less than two times every month;
- Be familiar with the world of cryptocurrencies, typically and have transacted on a DEX (decentralized exchange), purchased an NFT , or used Metamask at some time.
81% of the players the panel gathered were unfamiliar with cryptocurrency; 16% were knowledgeable about NFT gaming and 3% were non-gamer cryptocurrency users.
And the conclusion is final: the bad preconceived idea of the players about cryptos and NFTs is a reality. With a sentiment rating of 4.5 out of 10, much remains to be done:
The survey shows that gamers are still reluctant to get into crypto, a word that still seems taboo within the community.
For the entire panel questioned, the main interest in playing an NFT game is to earn cryptocurrencies and not to play for fun. In this, we see that Web3-gaming has not reached its goal so far. The economic interest works for a while in a public won over to the crypto cause, but the general public just wants to have fun.
WEB3-GAMING: MULTIPLE BARRIERS TO ENTRY
The numbers speak for themselves: 52% of gamers who are not familiar with Web3 games are simply wondering how to play them. It must be said that there are still many barriers to entry. Often having a wallet like Metamask is mandatory
The web3 player must install the correct network, acquire cryptos and send them. For that, it is obviously necessary to have bought some and therefore be listed on a stock exchange .
Once enlisted, it is important to make an exchange in euros from your financial balance or Mastercard, comprehend how to purchase your cryptos and how to send them to your own wallet. You also have to get used to the idea that your money can transit the Internet through a Google extension, a principle that can put off an uninitiated person.
Crypto-gaming, will the barriers to entry be gradually erased?
For now, investing in an nft game is a real obstacle course for a newbie. And at that point, the player motivated by curiosity hasn’t reached the end of his concerns. Because many play to earn require an investment before even having started playing . We are talking here about several hundred euros to acquire a first NFT to start the game.
However, blockchain technology is so powerful and disruptive that all is not lost. GameFi could significantly outperform traditional AAA games, as long as companies in the sector manage to face the main challenges they face today.
WILL GAMEFI SOON BE AHEAD OF AAA GAMES?
Mist, one of the most promising NFT gaming development company, with an aesthetic similar to WOW.
According to data published in DappRadar’s BGA Games report in October 2022, blockchain games and metaverse projects accounted for $1.3 billion in transactions during the last quarter.
This figure is 48% down compared to the second quarter of this year. However, it represents nearly double last year’s total fundraising as a whole.
Despite the crypto winter, blockchain gaming and metaverse projects continue to grow compared to 2021. Recently, SKALE Labs CEO Jack O’Holleran has noted the same thing: “Today’s AAA game companies” might “look like peanuts.” before the continuous evolution of GameFi.
To clarify, Skale is an Ethereum (ETH) based multi-chain network that powers web3 games, while AAA games refer to those produced by large publishers and benefiting from a relatively large budget and media coverage.
CHALLENGES TO OVERCOME, BUSINESS MODEL TO FIND
Although GameFi has development potential that could allow it to surpass traditional games, companies in the sector must face a series of challenges .
Blockchain games should improve user experience , particularly by eliminating or reducing gas costs or complexity associated with holding and trading NFT gaming platdorm development. For Jack O’Holleran, many efforts “around coexistence” must be implemented to attract massive users to GameFi.
Further developing the client experience isn’t the main trouble that organizations in the area face. They likewise need to find a reasonable plan of action .Today, GameFi players can choose between Play to Win and Play to Own (P2O).
In NFT games, players are primarily motivated by financial rewards , in the form of non-fungible tokens or cryptocurrency, which they can earn. In games like CS:GO or WOW, there is also the possibility of financial rewards, but players are looking for fun first .