Discover the rise of player-driven game economies in Web3 games and decentralized RPGs powered by blockchain technology and explore the history.
Video games continue to evolve over the decades and the 80s and 90s kids are a witness to it. Starting from arcade token games running on a pay-to-play business, now towards a decentralized gaming approach, the transformation is massive. The evolution of the gaming business was also evident in between where we saw home computers or home consoles making their way into the market. People bought boxed cartridges and the business continued as pay-to-play. Then comes the era of free to play where mobile gaming took off and swept the traditional gaming businesses. Now, we have web3 games which have shifted the focus toward players driven economies.
Olden Days Gaming Content and Business Practices
Back in the olden days, we had arcade games that were a massive hit. Gamers paid to play games like Pac-Man and the content was repetitive and grinding. Each arcade game was in its own individual machine and you had to pay to play your favorite arcade game. The trend continued with massive success as players came back to grind and replay their favorite games.
Then came the home consoles which brought a fresh change in the gaming business. The gaming business saw a pivot from token arcade gaming towards selling physical copies in the shape of cartridges. It also brought a change in the content as developers made games with expansive worlds and narrative-driven games. In the said era, Atari 2600 console was a super hit as it sold over 30 million units.
The next phase of evolution saw free-to-play games and the subscription model. These models had gamers’ attention owing to in-game seasons, new updates, and the rotating of games. Moving on, we have mobile games with millions of gamers playing games on a daily basis. These games rely on ad revenue and offer in-game rewards or boosts in exchange for watching ads.
Web3 Games and its Player-Driven Economy
The rise of player-driven economies is a new and exciting change to traditional RPGs. In these games, players are in charge of the game's economy, which makes the game more exciting and interesting.
The gaming industry is starting to follow this trend by giving players more control over the in-game economy to keep them interested and make sure they stick around for a long time. Games aren't just for fun anymore; they are now a place to make money. Items like characters, equipment, and materials can be made, traded, or sold within a game.
But making money is not the only point of a player-driven economy. It's also about realising that every part of the game is important and accepting that each player has different interests and roles. What some players might not think is important could be very important to others.
How Blockchain Technology is Making it Happen
In decentralised RPGs, player-driven economies are made possible by blockchain technology. It has changed the traditional business-to-consumer (B2C) model by adding peer-to-peer (P2P) transactions. Games used to make money only by selling in-game items to players, but now they also take a small cut of transactions between players. This is good for both developers and players because more trading means more money for both sides.
Tokenizing Web3 assets in-game is a fun way to add something new. Assets, whether they are interchangeable or unique, are turned into standard-format tokens that can be traded freely. This creates a single marketplace for crypto assets. Connecting a player's assets to their private key makes them more interested and involved.
Also, property rights are a key part of this model. Players own their in-game assets in a clear and fair way, giving them the freedom to do what they want with them without outside interference. This freedom helps create an open market economy in the game world, which encourages players to trade and compete with each other.
Community’s Role in this New Web3 Gaming Economy
In decentralised RPGs, the move to player-driven economies has led to the growth of strong player web3 communities. Players now support and invest in games, which is a big part of how they are made and when they come out. These communities not only help with money, but they also help with marketing in a natural way. The game economy encourages players to trade and work together, which helps them get to know each other and make friends. Also, developers encourage players to build decentralized financial tools within the game. This is in line with the goals of blockchain and cryptocurrencies. Overall, this paradigm stresses how important it is for the gaming industry to involve the community and be open to new ideas.
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