How Web3 Games Could Revolutionize the Gaming Industry
In recent years, the gaming industry has seen tremendous growth and success, with traditional games like Call of Duty and Grand Theft Auto generating billions of dollars in revenue. However, a new type of game is emerging that has the potential to revolutionize the gaming space even further. Web3 games, which operate on blockchain technology, offer players the opportunity to win cryptocurrency and accumulate digital property that can be used as collateral for decentralized financial loans.
Animoca Brands CEO, Robby Yung, believes that web3 games are on the verge of becoming mainstream and could have a similar level of success as traditional games. Animoca Brands is a company that specializes in web3 investments and has a portfolio that includes popular web3 games such as The Sandbox metaverse, Opensea NFT marketplace, Infinite Axie NFT-based online video game, and Decentraland, a 3D virtual world platform.
Yung explains that web3 games are shaping a creator economy focused on virtual property rights. With blockchain infrastructure, players can connect seemingly disparate things, such as selling an in-game item, like a virtual car, and using it as collateral for a decentralized finance lending protocol. Currently, users have the option to obtain decentralized financial loans using digital assets held in virtual environments supported by Animoca Brands.
One of the key advantages of web3 games is the concept of digital ownership. In traditional gaming, when players make in-game purchases, they don’t actually own the items. They only have the right to use them. However, in web3 games, players have true ownership of their digital assets. This means that they can track royalties on any trade that occurs with their digital items, not just on the primary sale, but also on secondary and tertiary sales.
The significance of digital property ownership extends beyond the gaming industry. In an increasingly online world, individuals can monetize their digital creations and own the rights to their work. This opens up new opportunities for creators who can sell their digital assets or use them in various ways, such as licensing or royalties.
In addition to the web3 gaming sector, there is a subsector emerging from the memecoin ecosystem. Memecoins like dogebonk and Tamadoge have introduced games that cater to memecoin enthusiasts. These games incorporate the concepts of play to earn and non-fungible tokens (NFTs). Players can earn tokens by participating in activities within the game and can use these tokens to make purchases on in-game marketplaces.
Overall, web3 games have the potential to revolutionize the gaming industry by offering true digital ownership, allowing players to monetize their digital creations, and creating new opportunities for creators. As the web3 sector continues to grow, we can expect to see more innovative games and platforms that blur the lines between gaming, finance, and digital property ownership.
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In Web3 games, players can win cryptocurrency as they play and accumulate digital property that can serve as collateral for decentralized financial loans, according to an industry leader.
In this week’s episode of The crypto mileYahoo Finance UK asks CEO Animoca Brands Robby Yung if Web3 games could emulate the success of the mainstream gaming industry.
Traditional gaming, exemplified by titles like Call of Duty and Grand Theft Auto, is expected to reach a market size of $490 billion by the end of 2023. according to statesman. The web3 gaming market is expected to reach $3 billion in the same time period.
Yung believes web3 games are on the verge of revolutionizing the traditional gaming space, with the potential to propel the digital property into the mainstream. Animoca Brands is known for its web3 investment portfolio, which includes The sandbox metaverse, Opensea NFT marketplace, NFT-based online video game infinite axieand the 3D virtual world platform Decentraland.
Yung said the web3 sector is shaping a creator economy focused on virtual property rights.
Read more: Can AI revitalize the metaverse?
“Once you start building things on blockchain infrastructure, then you can connect these seemingly disparate things,” he said.
“If I sell someone an in-game item, like a virtual car, there’s no reason I can’t take that car to a decentralized finance lending protocol and present it as collateral for a loan.”
Currently, users have the option to obtain decentralized financial loans using digital assets held in virtual environments supported by Animoca Brands, according to Yung.
Web3 aims to revolutionize digital property rights
Yung said the free-to-play model that has dominated the gaming industry for the past two decades allowed players to enhance their experience through in-game purchases.
Players can access and play a game for free, with the option to make in-game purchases or microtransactions for various virtual items, cosmetics, or in-game upgrades. For example, Fortnite offers cosmetic items and battle passes for purchase and League of Legends is known for selling in-game skins and champions.
However, “what users buy doesn’t really belong to them,” Yung said.
He added that this applies to many types of digital content acquired through web2 platforms. “If you buy an album on iTunes, you don’t actually own it. You just have the right to use it. And if Apple (AAPL) loses the license for that IP, it is removed from your library even if you purchased it. So you don’t actually have digital ownership,” he said.
Royalty distribution and copyright monitoring.
Yung said: “What we stand for at web3 is very much an open source movement. It’s the idea that we can all move the industry forward much faster by sharing and taking advantage of shared network effects.”
Players and game developers can also share assets between different games, allowing them to appreciate their value and benefit multiple stakeholders.
Read more: Sovereign Agents: Your Own Personal AI Assistant? | The crypto mile
“At web3 we can track royalties on any trade that occurs with digital items, not only on the primary sale, but also on secondary and tertiary sales,” Yung said.
Furthermore, he highlighted the importance of digital property in an increasingly online world. “You can own and monetize your digital creations if you want to be a professional builder and create them for other people, or you can just create them for fun and games.”
web3 gaming subsectors
Within the web3 gaming sector, there is a subsector emerging from the memecoin ecosystem.
For example, the dogebonk memecoin community has introduced the Dogebonk Dating Simulator. This game is inspired by the classic. Newgrounds flash games and visual novels like Doki Doki Literature Club and Pigeon Dating SIM. It is aimed at memecoin enthusiasts and expands on the tradition that has developed around the dogebonk memecoin.
Last month, the dogebonk memecoin relaunched on the Ethereum network, after interest in memecoins spiked following the release of shiba inu (SHIB-USD) Shibarium mainnet and HPOS10I token rise to top 10 memecoin market cap.
Read more: Institutional investment brings new momentum to cryptocurrencies
Tamadoge is another web3 memecoin game supported by an enthusiastic community that is incentivized by ownership of the project’s native token.
The Tamadoge game features NFTs for pets, where players participate in activities such as tracking their pet’s growth, participating in battles, and earning TAMA tokens.
Tamadoge merges the concepts of play to earn and NFT. TAMA (TAMA-USD) serves as the official token within the Tamaverse, allowing players to make purchases on in-game marketplaces.
Tamadoge’s former head of growth, Carl Dawkins, said: “With all the bad play-to-win projects we’ve seen launched in recent years, there remains a basic template of what not to do, but also what people want to see”.
See: AI could cause catastrophic rather than existential risk, scientist warns | The crypto mile
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