The gaming industry has, for far too long, been overshadowed by large monopolies, limiting innovation and player ownership.

But this is about to change with the advent of Web3 gaming – it’s time to redefine the roles. 

Web3 offers new building blocks for builders, far beyond what was possible in Web2. We’re seeing new ways of creating and experiencing games. This transition doesn’t displace traditional studios and publishers, many of whom are actively embracing these changes. Rather, it’s about enhancing the collaboration between developers and the gaming community. 

In this emerging ecosystem, players are no longer passive consumers. Everyone becomes an active contributor. This creates a more inclusive environment where all stakeholders are heard and valued.

The “Play And Earn” (not to be confused with Play-to-Earn) model plays a big part in this Web2 to Web3 transition, spearheading the onboarding of billions of new players onto the blockchain. It does more than entice with tangible rewards; it empowers players with real control over their assets and data while they are having fun in the game. 

Thanks to the power of blockchain, players can now bid farewell to centralized entities that own and control their data and in-game assets. It’s now an era where players can play with full transparency and security in a decentralized governance and trustless environment.

“True” Data Ownership

For players to truly be in charge of their data, it is vital to first understand the role of fungible tokens and non-fungible tokens (NFTs) in what we like to call “Tokenomics.” 

At its root, tokenomics is about creating opportunities to own a share of something being built on-chain — opportunities that simply did not exist in Web2. This new approach influences how players interact with the gaming world. 

Imagine this scenario. A player owns a uniquely rare item that they have used a large amount of resources and effort to obtain. What’s stopping hackers and centralized authorities from staking their claims or replicating said items?

This is where NFTs come into play.

NFTs are essentially digital tokens that grant players ownership of in-game assets, characters, skins, or other virtual items. Each NFT has distinct properties and attributes, making it different from other tokens. This uniqueness is often used to signify ownership of rare or valuable virtual items, preserving the integrity and uniqueness of the in-game assets they represent. 

The profound impact of owning these assets is players owning their digital self — a record of every single footprint the moment they step into the Web3 world.

Unlike traditional games where the game’s database can be deleted once it stops being profitable, blockchain ensures that players retain control over their assets. The ownership is always safeguarded.

NFTs provide a secure means for buying, selling, and transferring ownership, with advanced wallets allowing players to access multiple games through a single, passport-like interface. These NFTs are governed by smart contracts, which define their rules and behaviors in the Web3 gaming landscape. Smart contracts specify how NFTs can be created, transferred, and interacted with, as well as managing royalties, item attributes, and in-game interactions linked to each NFT.

On the other hand, in-game currencies are represented by fungible tokens that enable players to earn real value for their time and effort. This imbues every interaction that occurs within the game universe with value.

Tokenomics in Web3 not only allows players to own a share of the game’s success but also be in charge of their data and digital history. The implementation of tokens also enhances interoperability, enabling assets and data to move seamlessly between various games and platforms.

“Practical” Interoperability

Interoperability is a game changer for players, ensuring that the time, experience, and passion invested in a game are not wasted. With interoperability, players can transfer their assets between games. 

But is this process always worthwhile? After all, assets can be acquired through gameplay progression or the marketplace. This raises a crucial question: can players also transfer their identities and achievements across the blockchain?

The answer is yes. 

Interoperability allows players to carry their digital identities and accomplishments across different games on the blockchain. This capability enhances player retention and satisfaction, as individuals cherish significant milestones from their gaming experiences, serving as a reminder of their passion. As a result, players enjoy a more interconnected and immersive gaming environment that fosters a strong sense of community.

Moreover, interoperability provides a path to direct engagement with developers. When we eliminate the middleman who might distort or dilute the data, we are bringing players closer to developers.

This direct connection allows developers to create more personalized experiences based on players’ behaviors and preferences. By tailoring content and gameplay elements, developers can better monetize their games, catering specifically to high-value players, often referred to as “whales.”

Gameplay to “Gold”

The blockchain offers a transparent and impenetrable method of storing player data in a decentralized and democratized Web3 gaming ecosystem. This not only provides players more control over their data, allowing them to choose how and when to share it, but it also allows them to monetize their data by providing developers with access to their profiles and game histories. 

Developers, given access to this rich data source, can improve their user acquisition tactics and design in-game incentives that resonate more deeply with the player base. In this context, more developers are adopting the Play and Earn model, creating a balanced and sustainable ecosystem with an emphasis on fun gameplay and rewards that are still to follow. 

Play and Earn is an evolution from the initial Play-to-Earn focus that was primarily financially driven. However, just as Web3 doesn’t displace traditional studios and publishers, Play and Earn does not necessarily render Play-to-Earn obsolete either. A hybrid of both can support more complex, more immersive games where players can pay for greater involvement and richer experiences.

This exchange not only motivates players to engage more fully with the game but also establishes a reciprocal relationship where both parties benefit:

For players — a more tailored and enjoyable gaming experience.

For developers — better games, better player experiences, and better financial outcomes.

The Future is Player-Driven

Transparency, fairness, and shared success have become paramount as the gaming industry shifts towards the blockchain.

More players are embracing Play And Earn as the gaming industry moves further into the Web3 and NFT era, creating a player-centric economy. These ecosystems not only incentivize player engagement but also empower them to own and trade in-game assets, encouraging them to invest more time and energy – reinforcing the cycle.

Additionally, players can generate revenue when they create, sell, and trade NFTs within the “creator marketplace.” Interacting with fellow players and supporting one another benefits the overall ecosystem through shared rewards.

The shift toward a player-centric gaming ecosystem is long overdue. But it’s finally happening.

Armed with true ownership and influence, players now have the power to decide, influence, and earn in the ever-evolving world of Web3 gaming.

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