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The NFT space witnessed new trends in 2022, despite not being a year full of roses. Play-to-Earn (P2E) and Move-to-Earn (M2E) models have been growing in popularity since the 2021 NFT boom, and 2022 widened the scope for these models. 2023 is expected to be a continuation of 2022 for the NFT gaming space, at least as the model gets adopted on a wider scale. Experts have offered numerous factors that could contribute to the Web3 gaming industry’s growth this year. We will see the most prominent ones in this blog.
“Web3 Gaming Could Redefine How Hobbies Would Become Monetizing Opportunities!”
Incorporating NFTs into Existing Games
Integrating Web3 features such as NFTs and crypto tokens is one of the earliest and easiest routes for games to adopt Web3. Despite the amount of backlash and initial skepticism received by such progressing game studios, the results have been promising. 2023 could be that time when gamers understand the significance of non-fungible tokens. This process could help onboard Web2 gamers into the Web3 world through an extensive educational campaign.
Web3 Gaming Investments to Rise
We had witnessed how much money crypto venture capitalist firms poured in to support Web3 gaming platforms in 2022, and the funding support is expected to increase manifold in 2023. Major investment ventures have already stocked up a proportion of their funding for the year to be contributed to gaming projects. Such support for Web3 games will be instrumental in widening the space’s scope as a feasible business option.
Big Names Enter the Games
Several big names entered the NFT gaming space in 2022, and they are expected to continue their exploration this year too. Both gaming and tech giants have been actively adopting Web3 technology to make gaming interesting from all angles. NFTs, crypto tokens, and metaverse gaming equipment production is projected to take off in 2023, as these firms intend to educate existing audiences and appeal to new-gen consumers.
Plots and Plays Become Interesting
A point placed by NFT enthusiasts as the disadvantage of the P2E gaming model was that it focused too much on “rewarding opportunities” rather than actual gameplay experiences. The seeds for change have already been sowed, and we can finally see results this year. Genres such as action, adventure, sports, MMORPG, MMORTS, racing, and simulation have seen increased adoption by game developers to repeat the formula to success mastered by Web2 games.
Adding DeFi Elements
Although we had mentioned reward-focused mechanisms ruptured gaming experiences in the previous section, utilizing decentralized finance (DeFi) elements in a limited manner can be advantageous. Mechanisms such as staking and loaning can be extended into Web3 games to enable these platforms to reach more gamers. Pay-to-Play NFT games can be transitioned to suit more gamers through DeFi elements, establishing an active ecosystem where things are sorted out between players without intermediaries.
Adding Gamification Elements
The impact of NFT gaming has been so intense that even existing NFT projects want to expand themselves into the industry. For instance, Yuga Labs’ “The Otherside” is a metaverse platform where the holders of the famous Ape NFT images can participate in different theme-based games. More projects are eyeing utilizing the model to offer their communities viable use cases and increase widespread traction for their business.
Web3 Game Marketing to Go Big
With entrepreneurs, brands, and existing NFT and gaming projects planning to venture into NFT gaming, promotions become a mandatory part of realizing their goals. Marketing will be based on community building rather than generic promotions, as most Web3 game models thrive on communities consisting of set numbers of gamers. Advertising across Web2 and Web3 mediums will be essential for a business to generate traction and gain success in the long run.
Tapping into the Existing Popularity of NFT Gaming
According to the popular Web3 statistics portal DappRadar, the top 10 blockchain dApps in the last 30 days include at least four NFT games, showing the power of the model. The popularity of NFT gaming surged amidst the NFT boom that stayed afloat despite market fluctuations. Their impressive model and rewarding mechanism have cultivated an interest in gamers, with extensive Web2-like gameplay features to make it more fantasizing soon.
Final Thoughts
Hence, we have seen the top points supporting the notion of Web3 games going big in 2023 in the sections above. While these points might refer to things in general, individual projects can have different perspectives to add their own twists to make an impression in the Web3 gaming market. Gamers thinking of trying out Web3 and entrepreneurs wanting to run a Web3-based business can tap on NFT gaming for starters. The domain is full of promises and unexplored possibilities that can make gaming a two-way affair in terms of monetary expenditure and benefits. Do you think that we missed a point or two? If so, feel free to tell us your point of view in the comments below.
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