‘Web3 Games’ – or the Blockchain application gaming market, continues to be a highly promising area attracting a host of leading studios worldwide. Bold adventurers and cautious explorers are at the forefront of the biggest entertainment trend.
As such, over two-thirds of the world’s leading studios have taken steps to explore and mine the Web3 gaming market. Specifically, 29 out of the top 40 game studios by market value have invested in or have products exploring the Web3 sector, according to statistics released by CoinGecko.
Web3 Games are not just for entertainment
The most significant difference between Web3 games on the Blockchain and traditional games today is that users (players) of Web3 games own the items they purchase or collect from in-game sources or on exchanges, and they become the player’s assets, no longer belonging to the game’s developers or publishers. They have full control over gifting and trading without relying on the game developer. These transactions are publicly tracked due to the nature of the Blockchain.
Compared to the ecosystem of traditional games consisting of player groups (gamers), streamers, the Web3 game ecosystem includes additional groups such as Guilds, DAOs, or investors. Investors usually do not play the game directly but instead pay ‘game grinders’ to collect items or generate in-game resources, then trade them on exchanges for profit. Owners do not necessarily have to trade game items on the game developer’s platform but can trade them on other platforms on the same blockchain. Guilds are community-like entities similar to Clans in previous games but with added economic elements, and DAOs are groups that have a greater impact on the developer’s game release strategy and content.
As a result, the economy that was purely for entertainment in ‘Web2 Games’ has become a digital asset economy with exchangeable value in the ‘Web3 Game’ market.
‘Gold mines’ waiting to be mined
The period from 2019 to 2021 saw the explosion of Gamefi, a trend that can be seen as a precursor to Web3 Games, with large game studios observing and exploring or not paying attention to this new market. 2023 is the year that marks the entry of major gaming companies into Web3 Games as many big names have announced projects.
Zynga has officially introduced Sugartown, a Universe (NFT) universe on the Ethereum blockchain, while in June, the giant Bandai Namco launched RYUZO, a virtual pet NFT game. Two other giants, Square Enix, introduced the Symbiogenesis project, and Ubisoft introduced the Champion Tactics: Grimoire Chronicles project, a Web3 game in the PvP RPG genre.
Another blockbuster from the Korean game industry is Nexon’s introduction of MapleStory Universe with NFT items added to the company’s famous game, MapleStory N, as well as other online role-playing games.
Meanwhile, Konami has excited gamers with the Zircon Project introduced at the Tokyo Game Show last September. Project Zircon is based on the popular Netflix animated series Castlevania, where the battle between vampire armies, wizards, warriors, and dark forces takes place. News of this Web3 Game project coincided with the release of Castlevania: Nocturne on Netflix.
The list of eagerly awaited news does not stop there, as the game development studio PUBG, a global sensation for many years, Krafton, is gearing up to launch Overdare, a Metaverse project, at the end of this year.
