First Wave of web3 Gaming
The inaugural wave of web3 games, surfacing in 2021, was embraced with incredible excitement. Titles such as Axie Infinity took the spotlight, with some players reporting earnings of hundreds of dollars monthly by engaging regularly. The Non-Fungible tokens (NFTs) integral to these games achieved remarkable valuations. A notable transaction involving nine parcels of virtual land in a game fetched an impressive $1.5 million. The success of Axie Infinity, Splinterlands, Gods Unchained, and Star Atlas paved the way for an influx of new play-to-earn games as developers sought to capitalize on the burgeoning interest.
The Fall of the First Wave of web3 Gaming
Nevertheless, the initial excitement surrounding web3 gaming gradually faded as the broader cryptocurrency market entered a downturn at the year's end. As token values plummeted, so did gamers' earnings, leading many to abandon the platform. This exodus highlighted significant flaws in the genre, particularly within games like Axie Infinity. The sharp devaluation of its native token and NFTs underscored the unsustainable "tokenomics" model, which relied heavily on continuous new player engagement to maintain digital asset values. Poor graphics and monotonous gameplay further diminished the enjoyment and rewards of these early web3 games.
Second Wave: Play-to-earn Reborn
The narrative of basic graphics and repetitive gameplay is now a tale of the past. In the last year, web3 gaming has witnessed a major overhaul, with developers tapping into the unrealized potential of the concept. This renaissance has brought forth a new generation of AAA web3 games capable of rivalling established titles like Grand Theft Auto, Call of Duty, and Resident Evil. Fueled by advanced graphics engines such as Unreal Engine and Unity, these games offer sophisticated AI models and gameplay mechanics that significantly enhance the player experience.
Why New web3 games are Catching Eyeballs?
Improved Gameplay
A standout example of the new wave of web3 gaming is AMGI Studio's My Pet Hooligan. This "battle royale" style game, set in the eccentric world of Hooliland City, combines intense action with a social dimension and AI-powered individual expression. Players navigate the city on skateboards, engaging in gun battles while exploring opportunities to showcase their skills and earn rewards in the form of KARRAT tokens, the game's native blockchain protocol.
Easier Onboarding
Another noteworthy play-to-earn game, Citizen Conflict, aims to bridge the gap between Web2 and web3 gaming communities through enticing gameplay, stunning graphics, and a sustainable ecosystem. Built on the Unreal Engine 5 platform, this first-person shooter game encourages broad participation in eSports by rewarding all players, regardless of their win-loss record.
Conclusion
As web3 gaming continues to evolve, we can anticipate the emergence of even more games that prioritize engaging gameplay and player satisfaction, equipped with user-friendly interfaces that appeal to gamers previously skeptical of blockchain technology. While sustainability remains a challenge for some web3 games, the refinement of tokenomics models is expected to render the genre increasingly viable over time. Given these developments, web3 gaming's future appears bright, promising a landscape where it not only endures but flourishes.
