The development of Web3 games
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The video game industry is currently appreciated to $178 billion (said to reach $258 billion by 2025), occupying a large portion of the market share within the entertainment industry. What makes these numbers possible? And what can we expect for the future of video games? The answer lies in the history of video games and the evolution of their revenue models.
The origins of video games
In the earliest days, developers and publishers used Buy-to-Play models where users had to purchase games (such as Super Mario, Zelda, and Final Fantasy) to play the full version of a game. As video games evolved, so did their revenue models. Many developers adopted Free-to-Play frameworks, where players could access games (such as League of Legends, PUBG or Fortnite) for free, and only had to pay for downloadable bonus content (DLC) and microtransactions (in the form of cosmetics) . and consumables).
By 2018, the introduction of blockchain technology gave birth to GameFi, also known as gaming finance, which refers to the merger between web3 and gaming. By leveling the playing field between players and publishers through financial rewards and increased governance capabilities, blockchain games like CryptoKitties and Axie Infinity empowered players in unprecedented ways. In accordance DappRadar, a single day of blockchain play accounts for nearly $12 million from millions of players worldwide. These early iterations of blockchain video games used Play-to-Earn (P2E) models, where players collect cryptocurrencies or NFTs produced in the blockchain-based game. Players generate revenue by selling these rewards, which can be exchanged for fiat cash in return.
However, P2E models also had their shortcomings. Developers focused heavily on financial rewards as player motivators, neglecting the gameplay and immersion aspects of video games that attract players. In combination with the collapse of Terra Luna and the hacking of Axie Infinity’s network that led to a loss of $615 millionThe Gamefi space left many players disillusioned.
The New Age of Videogames
Although the bottom may seem harmful, it can also be a good teacher. Many developers went from simple P2E mobile games to full-fledged AAA quality games with blockchain elements as a QOL add-on. Instead of focusing on financial motivators as their main selling point, the priority shifted to creating experiential universes first. Blockchain is then used to empower players through true ownership and control of their in-game assets.
A AAA game that stands out in the web3 ecosystem is Life beyond, a blockchain-powered MMORPG (Massive Multiplayer Online Role-playing Game). The architects behind the game include Benjamin Charbit, former game director for Assassin’s Creed Blackflag, and a team of game industry veterans from renowned backgrounds. Life Beyond gives its players the opportunity to build an advanced virtual society on the dangerous, distant planet of Dolos.
Another notable upcoming AAA title on the web3 site is Phantom galaxies. In a nutshell, Phantom Galaxies is an open-world online space simulator that uses Mechas, or giant robots, to roam space and engage in epic battles. The team behind the game, Blowfish Studios, has been an established developer and publisher for the past 9 years, having won several awards for their excellence in video game development.
What sets these games apart from other titles? The answer is experience. The teams behind both projects have years of quality experience under their belts, giving them a deep understanding of what gamers are looking for when it comes to video games. Stunning graphics, elaborate systems and immersive knowledge are what all developers should strive for.
The future of video games
The video game industry has come a long way since its inception. While an intricate and detailed revenue model is helpful, the real difference lies in the value provided to players. Reward systems can be great, but if the core elements of the game aren’t fun enough, long-term sustainability can become questionable.
There are many video game developers and publishers with “player-first” mentalities that aim to elevate the gaming experience as a whole. Players understand that revenue models are necessary to keep games running smoothly. Both parties have laid the foundations necessary to understand the expectations. Combined with past experiences, it’s safe to say, the future of video games looks as bright as ever.