While 2021 will be remembered primarily for the explosive price increases seen in crypto assets and NFTs, blockchain games are also seeing rapid user adoption, accounting for over 50% of all activity across the blockchain industry. now occupy the
Most of these Web3 games employ a play-to-one (P2E) economic design, where players are rewarded for their time, effort, and in-game achievements. Combining core gameplay with economic mechanics, most of his P2E Web3 games rely on providing gamers with in-game items in the form of her NFTs or the platform’s native his tokens.
However, this model has proven highly unsustainable in bear markets, forcing Web3 gaming entrepreneurs to move to hybrid solutions involving both NFTs and Fungible Tokens (FTs). . This generation of his Web3 games with increased liquidity due to fungible economics is being replaced by innovative economic designs that can boost the P2E Web3 gaming sector towards achieving better sustainability.
Challenges Plaguing the Play-to-Earn Game Space
NFT-only Web3 games, also known as Gen 0 due to their somewhat underdeveloped economy, are prone to problems with token liquidity, asset valuation, and low transaction frequency. A low value limits the value added to the game economy, further negatively impacting the market capitalization of the native token. Combine this inherent design flaw with a bearish crypto market, and it’s not hard to see why so many of these games perish in such scenarios.
Additionally, many of these Gen 0 games are just tokenized versions of Web2 games, functioning outside the blockchain, but using cryptocurrencies to catch Web3 users. As a result, most of these games never last beyond the first few months of launch, leaving most users with NFTs that have no tangible value outside of the game. Therefore, the need for immersive gameplay supported by robust economic design is critical to the future sustainability of the blockchain gaming sector.
Moving from an NFT-driven economic model to sustainability
The first step in this direction was the introduction of the next generation of Web3 games. These games employ tradeable tokens representing high-traded items and his NFTs for more valuable in-game items.
A notable example is the Star Atlas platform, which offers users the opportunity to experience life in space and explore the real future aboard their own customizable spacecraft.
By introducing fungible tokens that have a limited lifespan and can be purchased using native in-game tokens, such projects will generate much higher trading volumes, resulting in inherently stable supply and demand. index can be maintained.
But with Web3 crypto farming game CropBytes announcing the imminent launch of its Economy of Service feature, the sector is poised to witness the next evolutionary phase that will introduce gamers to a truly self-driven economy model. I am tidying up.
Building for the long term with an innovative economic model
CropBytes introduced a means for Web3 investors to participate in the Web3 gaming sector, pioneering the concept of a service economy where gamers earn income using assets belonging to investors and traders. By labeling this new model “Get Paid to Play,” CropBytes allows gamers to use his native CBX tokens for services like growing crops or feeding livestock instead. Allows you to pay other users. Alternatively, you can lend her NFTs to other gamers in exchange for a fee.
As gamers trade assets and collect in-game items that can be redeemed for CBX tokens, CropBytes is committed to unlocking the full potential of blockchain gaming and harnessing the power of crypto to create a sustainable and balanced virtual world. One step closer to creating an economy.
Building a roadmap for the future of Web3 games
The introduction of service economy principles will create the liquidity needed for the Web3 gaming sector to increase transaction volumes and create a gaming economy that can sustain the long crypto winter we are experiencing today. helps.
CropBytes was one of the first blockchain games to adopt a service economy approach, and is now followed by big names in the space. Axie Infinity recently released the Axie Homeland Alpha. This allows the player to farm and breed on his Axie lands to generate resources to consume in-game. The service economy concept is becoming the go-to approach in the blockchain gaming ecosystem.
Additionally, the introduction of governance features will be the next natural progression for the space. However, this will first require existing players to develop a large-scale service and fungible economy, and then investors, token holders, and other stakeholders will be involved in the broader gaming ecosystem. supports maturity to the level of managing
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