Web3 gaming has faced its fair share of challenges in the past, with early games struggling to compete with their Web2 counterparts due to limitations in infrastructure. Doron Wesly, Chief Commercial Officer at Funtico, points out that these limitations hindered the delivery of high-quality experiences, leading to lackluster gameplay and storytelling that failed to captivate players.
However, there is a positive shift in the industry as focus is being redirected towards improving infrastructure. Wesly emphasizes the importance of collaboration between Web2 and Web3 gaming sectors, suggesting that Web2 platforms can learn about blockchain technology while Web3 platforms can benefit from the trust users have in established Web2 games.
A recent study report from December 2023 highlights this shift in priorities, indicating a decrease in the ratio of games launched compared to networks built. This change signifies a greater emphasis on infrastructure development rather than direct competition with Web2 games.
Looking back at the rise and fall of the Web3 gaming sector, Wesly attributes the initial hype to factors like COVID lockdowns and high-profile NFT projects. However, the lack of engaging gameplay and the prevalence of scams led to a backlash from gamers. Developers are now focusing on improving gameplay and implementing Layer-2 solutions to enhance scalability and reduce transaction costs, paving the way for a more promising future for Web3 gaming.
When it comes to claiming a share of the online gaming market, Wesly advocates for collaboration over competition. Web3’s interoperability and monetization capabilities can enhance Web2 games, offering players more value and developers increased loyalty. By introducing players gradually to blockchain elements, trust can be built, mitigating risks associated with Web3 gaming.
Funtico, Wesly’s Web3 gaming project, aims to empower players by giving them full control over their in-game assets and rewards. The platform also supports community development, allowing players to influence game content and updates, creating a more personalized gaming experience.
Regulatory compliance remains a crucial aspect for Web3 game providers to address. Incentivized skill-based games must avoid gambling elements, while digital assets should be directly related to the games they’re associated with. By following compliance guidelines and implementing proper Know Your Customer checks, developers can navigate the regulatory landscape effectively.
As the online gaming industry evolves, the introduction of Web3 elements is expected to drive significant expansion. Rare digital assets, player-owned economies, and new revenue streams are set to transform gaming experiences by 2030. Web3 has the potential to create more interactive and economically stable ecosystems, enhancing engagement and value for both players and developers.
In conclusion, the collaborative approach between Web2 and Web3 gaming sectors, coupled with improvements in infrastructure and gameplay, sets the stage for a more promising future for Web3 gaming. By addressing regulatory challenges and embracing the transformative potential of Web3 elements, the online gaming industry is poised for significant growth and innovation in the years to come.