As a researcher with a background in both traditional gaming and Web3, I strongly believe that Web3 games should pivot their focus from play-to-earn to “play-and-earn” to attract more mainstream crypto adopters. My observation comes from the fact that most Web3 games have been solely focused on the economic aspects, disregarding the importance of gameplay.
As a game analyst, I believe that Web3 games would be more successful in appealing to new mainstream crypto users by adopting the “play-and-earn” model instead of the traditional “play-to-earn” approach. This shift in focus allows players to enjoy the gaming experience first and foremost while also providing opportunities to earn rewards, creating a more balanced and engaging experience.
As a crypto investor and follower of the Web3 gaming scene, I’ve noticed a concerning trend. Many Web3 games seem to prioritize only the economic aspects at the expense of engaging gameplay experiences. This narrow focus can lead to lackluster user experience and potential long-term sustainability issues. It is essential for developers to strike a balance between financial incentives and enjoyable gameplay in order to create successful and thriving Web3 gaming communities.
In the interview with CryptoMoon in 2024, Chen emphasized that Web3 games should prioritize engaging gameplay experiences to draw in gamers accustomed to Web2 platforms.
“If you look at Web2 games versus GameFi projects, why should people play the GameFi project? Previously it was mainly due to play-to-earn, as we’ve seen this with Axie Infinity… But there should be a shift from play-to-earn to play-and-earn.”
As a researcher examining the landscape of Web3 games, I’ve encountered criticism that these games often prioritize cryptocurrency rewards over user experience and engaging gameplay. Previous titles in this space have primarily targeted players with lucrative incentives, which has led to concerns regarding their focus on monetary gains rather than delivering an enjoyable gaming experience.
As an industry analyst, I’ve noticed a significant shift in the gaming landscape during this current market cycle. This transformation can be attributed to the influx of Web2 game founders entering the crypto gaming sector, as explained by Chen.
Chen expresses enthusiasm towards the future of player-focused games. However, she issues a note of caution regarding the majority of existing GameFi projects. In her opinion, many of these projects boast inflated valuations yet offer low-quality games. She strongly advises investors to consider investing in titles that have already been completed and prioritize user experience.
Web3 games continue attracting investment, despite a lack of gameplay
Approximately 72.5% of major gaming companies have expressed considerable enthusiasm for GameFi by investing in Web3 games, according to a recent CoinGecko report published in 2023. Out of the 40 leading gaming companies, 29 have entered the realm of Web3. Among these 29 companies, just seven (24.1%) are actively creating blockchain-based games.
In early February, the GameFi initiative Pixelmon, which draws inspiration from Pokemon, secured an $8 million investment round from various Web3 gaming companies. Previously, over half of Pixelmon was bought by LiquidX, a Singapore-based venture capital firm specializing in Web3, for a grand total of $40 million back in September 2022.
Although Pixelmon had invested a substantial $8 million, the initial game, Warriors of Nova Thera, didn’t progress beyond alpha testing until April.
In the initial three months of 2024, Web3 games, which typically prioritize players less than centralized projects, accounted for approximately one-third (30%) of all observed transactions in decentralized applications (DApps) based on data from DappRadar’s April 11 report.
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2024-04-30 15:15