I never would have thought that gaming would change in the last few years. Although I have been playing games for as long as I can remember, Web3 gaming seems like a whole new world. Online gaming used to be all about enjoyment, competition, and a few in-game incentives, as I recall. I had no idea that the game would become much more transparent, decentralized, and player-rewarding. It was more than just leveling up my character when I first started playing Web3 games; it was about being a part of an ecosystem that changed value, ownership, and the dynamic between developers and players. This article discusses the best web3 gaming platform companies, their tokens, and how to invest in web3 gaming.
Key Points
- The term “Web3 gaming” describes a complete type of game that is based on decentralized technologies like blockchain.
- By owning the tokens they acquire, players gain authority over their assets and have the option to trade or sell them outside of the game.
- Tokens are obtained through gaming and provide monetary incentives for playing games such as The Sandbox and Axie Infinity.
- In contrast to conventional in-game currencies, Web3 gaming tokens such as $SLP and $SAND can be exchanged for crypto or real money. Because Web3 tokens frequently appreciate over time, participants can profit from the expansion of the game.
- In addition to money, tokens confer a stake in the future of the game, with some enabling governance and decision-making.
Overview
The beginnings of Web3 games are linked to the 2010 rise of blockchain technology, especially Ethereum. CryptoKitties, which debuted in 2017, was one of the innovative initiatives. Participants in this blockchain-based game were able to purchase, reproduce, and trade virtual creatures. On the Ethereum blockchain, each creature was represented as a unique, transferable item. By proving that in-game goods may have actual, monetary worth, CryptoKitties acted as a spur for the wider use of blockchain technology in games.
As the blockchain landscape evolved, more games adopted this technology, which paved the way for the expansion of Web3 gaming. Moreover, Axie Infinity, Decentraland, and Lost Relics all emerged in the Web3 game environment, each bringing unique features and innovations.
What Is Web3 Gaming?
Web3 gaming is a brand-new blockchain-based video game-playing technique. You can possess in-game stuff like uncommon characters or awesome weapons thanks to it. The characters and loot can also be used in other games that support it, so you’re not limited to just one game. Before I started playing Web3 games, the idea sounded difficult.
The term “Web3 gaming” describes a complete type of game that is based on decentralized technologies like blockchain. Web3 games provide players complete control over their digital assets, in contrast to traditional games where all assets—such as skins, weapons, or even achievements—are bound to a specific game. These assets are usually kept on a blockchain as non-fungible tokens (NFTs). Players now have more influence over their in-game purchases and accomplishments because of this decentralization. Players own their items on their own; therefore, they are not lost if a game shuts down.
When I got into the blockchain-based game Axie Infinity in 2021, I became aware of Web3 gaming. Initially, the idea of making real money while playing captured me. Nonetheless, the way the game’s economy centered on individuals owning and exchanging their characters and goods on the open market drew my attention. I became aware that my in-game progress was more than simply pixels on a screen for the first time. I was able to sell it, trade it in, or retain it.
Qualities of Web3 Gaming
I found Web3 gaming to be revolutionary when I first started playing it, in contrast to more conventional games. The way I play games has been transformed by these features. Now, Web3 gaming offers more than simply enjoyment; it also provides financial advantages, a feeling of community-driven progress, and ownership. The following are some distinctive qualities that caught my attention:
#1. Genuine Asset Ownership
I own all of the in-game items I buy or obtain in Web3 games. These goods are available for sale or exchange outside of the game itself and are stored on the blockchain via NFTs. I have actual ownership over my digital assets with Web3, unlike traditional games where assets are linked to the game.
2. Blockchain Technology
Web3 games are built on the blockchain. Transactions are safe, and ownership is visible thanks to this decentralized technology. Characters, items, and other in-game assets are all represented on the blockchain as NFTs, proving that I own them.
#3. Decentralized Governance
Web3 games frequently allow players to make decisions. I can vote on changes to the economy or game updates in Axie Infinity by holding governance tokens like $AXS. Having a say in how the game develops is a powerful experience.
#4. P2e, or Play-To-Earn
When I realized I could make money while playing, that was one of the biggest changes for me. Tokens with actual value are given to participants in games like Axie Infinity and The Sandbox. I can now earn money by playing games instead of just spending money on them.
#5. Smart Contracts
Web3 games make use of smart contracts, which are blockchain-coded agreements that run on their own. This implies that transactions, such as the purchase, sale, or exchange of assets, take place automatically and securely without the involvement of a central authority.
#6. Player-Powered Economies
Web3 gaming has an open market vibe. By creating, purchasing, and selling in-game items, players can determine their own worth. Unlike typical games, where developers have complete control over the economy, this is a huge change.
#7. Interoperability
Certain components of Web3 games can be utilized on other platforms or in other games. For instance, I can swap the things I get in The Sandbox for other virtual worlds. This makes the gaming experience more cohesive by dismantling the silos between games.
WEB3 Gaming Tokens
Tokens are becoming more popular because of their effectiveness and usefulness in decentralized ecosystems, as blockchain and Web3 technologies continue to revolutionize gaming. In-game economies are built on these tokens, which also give players the power to fully own their digital assets and provide governance and rewards. With some tokens emerging as top performers, the Web3 gaming industry is seeing massive growth as 2024 draws to an end. In addition to fostering innovation in blockchain-based games, these tokens are drawing interest from investors seeking exciting possibilities.
WEB3 Gaming Token Types
The following are kinds of Web3 gaming tokens:
#1. The Utility Token
Transactions in the game are the main purpose of these tokens. They can be used to engage with other players, purchase in-game goods, and fund enhancements.
#2. Tokens Governance
Players have a voice in how the game or platform functions thanks to governance tokens. Voting on significant issues like game upgrades, new features, or ecosystem-wide economic shifts is made possible via these tokens.
Certain tokens have multiple purposes, granting players governance powers in addition to operating as money.
Also Read: What Is WEB3? | Discover the Future of the Internet and How to Profit
I came across a range of game tokens as I ventured farther into the Web3 universe. These coins form the foundation of Web3 games, enabling awards, governance, and in-game transactions. I had devoted numerous hours to either paying real money or working for in-game currency in traditional games. This was reversed by Web3 gaming, which allowed me to make money in the real world from the time I spent playing games.
To get $SLP tokens, I first engaged in combat with my Axies in Axie Infinity. The fact that these tokens could be exchanged for Ethereum or used to create more Axies was interesting. I could sell them for real money, so it wasn’t just the game that had worth! It seemed as though playing video games had become a real investment.
The Sandbox was another game I liked, where I could build my own universe and purchase virtual land using $SAND tokens. I was able to exchange these tokens for other cryptocurrencies or even actual money, and their value increased as the site developed.
In addition to being in-game money, these tokens stand for ownership and the opportunity to participate in a developing economy. Each token offers gamers actual stakes in their gaming experience, whether it’s $GALA from Gala Games, $AXS from Axie Infinity, or $SAND. The combination of gaming, earning, and investing has been exciting for me. Web3 gaming tokens revolutionized the game for me; they turned the time I spent playing into something that might increase in value and provide benefits in the real world.
How to Invest in WEB3 Gaming
Investing in Web3 gaming seemed like a logical next step when I became familiar with the ecosystem. It was not the same as purchasing a new game or gaming system. Tokens, in-game items like NFTs, or even the platforms themselves are all options for me to invest in Web3 gaming. However, I did some study before taking any action. Web3 gaming, in contrast to conventional investments, was still relatively new and rather risky. The world of Web3 gaming seemed completely different when I initially started looking into investing in it. Purchasing Web3 games felt to me like a combination of collecting, gaming, and smart investing. Not only is the financial gain appealing, but so is the chance to be a part of a growing, decentralized digital world. The following is my strategy and some advice I learned along the way:
#1. Research Projects and Games
I took some time to investigate games that seemed promising before I started playing them. Axie Infinity, The Sandbox, and Illuvium were notable for their vibrant communities and creative gaming. To assess their performance histories, I also looked into the companies and developers that created the games, such as Animoca Brands and Sky Mavis.
#2. Invest in Gaming Tokens
The native tokens of many Web3 games might serve as a decent starting point. I purchased $SAND (for The Sandbox) and $AXS (for Axie Infinity) on exchanges like Coinbase and Binance. In addition to their frequent use in the game, these tokens may increase in value as the game becomes more well-known.
#3. Purchase NFTs
A significant part of Web3 gaming involves NFTs. I purchased in-game stuff like NFTs, including land and characters. For instance, in Axie Infinity, I bought virtual creatures and ended myself at The Sandbox. I may make money by selling or trading these items on markets like OpenSea in addition to using them to play the game.
#4. Stake Tokens
With the staking capabilities available in certain games, you can lock up tokens to gain incentives or governance rights. To increase my investment and help the game’s ecology, I staked $AXS in Axie Infinity to win extra tokens.
#5. Sign Up Early or Enter the Token Presale
Arriving early is essential. Although I have witnessed how early adopters who participated in presales or early launches frequently get substantial returns, I was unable to participate in certain projects’ early stages. My involvement in Web3 gaming groups enabled me to identify fresh prospects.
#6. Increase the Variety of Your Investments
Not all of my money was invested in a single token or game. My investments are dispersed throughout several games, tokens, and platforms. In this manner, even if one game didn’t do well, I still had investments in other exciting projects.
#7. Keep Up
Web3 gameplay is rapid. For information on new games, token releases, or ecosystem changes, I frequently visit gaming groups, Discord, and cryptocurrency forums. My ability to stay informed enabled me to make wiser investment choices.
Also Read: How to Invest in Web3 | Proven Strategies for Success in 2024
WEB3 Gaming Platform
It is on Web3 gaming platform sites that good things happen. Players can trade assets, discover blockchain-based games, and participate in decentralized ecosystems through these platforms. Gala Games was one of my earliest platforms. It was unique in that it was a group of blockchain games that players could access via a single platform rather than just one game. The platform’s features and the games that were developed were also chosen by the gamers.
I discovered early on in my exploration into Web3 gaming that platforms constitute the foundation of the whole ecosystem. Because these platforms provided ownership, investment options, and tangible value inside a decentralized environment, Web3 gaming seemed like more than just enjoyment. These platforms allow users to engage with decentralized networks, trade assets, and locate games. The following are some of the main platforms I’ve utilized:
#1. Gala Games
This platform’s selection of blockchain games caught my attention. Players can influence the development of games, which makes them special. I felt like I had control over the platform’s fate because I could vote on game suggestions with my $GALA tokens.
#2. Enjin.
The main goal of Enjin’s platform is to make it simple for developers to make blockchain-based games, but as a player, I thought it was cool that the stuff I could get could be utilized in other games. The real utility was added to my in-game assets by this cross-platform functionality.
#3. The Sandbox
A virtual world where users can create, own, and profit from their experiences, The Sandbox is more than just a game. Building my areas and purchasing virtual land with $SAND tokens was an enjoyable and lucrative experience.
Best Web3 Games
I was astounded by how captivating and lucrative the games were when I first started playing Web3 games. With their play-to-earn models, real ownership, and innovative new ways to invest in the digital world, these games revolutionized gaming for me. The following are a few of the best Web3 gaming I’ve played:
#1. Axie Infinity
The main Web3 game is this one. I fought Axies to gain $SLP tokens in this Pokémon-inspired game. It was popular because of the play-to-earn (P2E) paradigm, and I even bred Axies with my tokens so I could trade or sell them.
#2. Decentraland
Similar to The Sandbox, players can purchase and sell land in Decentraland, a virtual environment. I went to events, investigated virtual properties, and even profited from the purchase and sale of land using $MANA tokens.
#3. Illuvium
Illuvium is a sci-fi role-playing game that I just started playing. Players have to fight and capture Illuvials in this game. In addition to the amazing gameplay and graphics, the $ILV token system offers a fantastic investing layer.
#4. Gods Unchained
This blockchain-based trading card game works well. The strategic gaming drew me in, and I earned digital cards as NFTs. The fact that my cards have actual market value and can be traded or sold is awesome.
#5. The Sandbox
The Sandbox is more than simply a game; it allows users to purchase land and build virtual worlds. I created my own area using $SAND tokens, which is an enjoyable method to express creativity and possibly make real money.
Web3 Gaming Companies
The businesses that create these games are influencing the direction of gaming, as I soon discovered when I first began researching Web3 gaming. These businesses have made gaming more than simply a pastime; it’s now a place where I can make money, make investments, and develop my digital assets. The following are some significant Web3 gaming firms that I have kept a careful eye on:
#1. Sky Mavis (Axie Infinity’s Creator)
I got started with Web3 gaming with Axie Infinity. Thanks to Sky Mavis’s play-to-earn (P2E) concept, I was among the gamers to earn tokens with actual value. Because of their groundbreaking innovations, blockchain gaming is now more widely available.
#2. Animoca Brands
Supporting significant initiatives like The Sandbox and Decentraland, this company has been making significant investments in the Web3 arena. I was particularly drawn to Animoca’s idea of a decentralized metaverse when I started purchasing virtual land in The Sandbox.
#3. Enjin
Developers can simply construct blockchain-based games with the help of the Enjin platform. I also appreciated as a player that their system allowed tokens and objects to be used in different games, providing actual use for the resources I acquired.
#4. Immutable X
Immutable X, best known for the trading card game Gods Unchained, aims to increase the efficiency of NFTs and tokens while removing gas fees. Their method made blockchain gaming easier for players like me who enjoy exchanging in-game items.
#5. Gala Games
Gala Games provides a variety of decentralized games, and the ability for users to shape the platform’s future caught my attention. I felt involved in the decision-making process because I owned $GALA tokens, which isn’t the case with conventional gaming companies.
How Do WEB3 Games Make Money?
The majority of web3 games have so far used token economies and play-to-earn or play-and-own monetization schemes, but these are not without problems, and web3 monetization is still developing. Play-to-earn (P2E) games allow players to earn prizes using in-game NFT assets.
How Do I Promote My WEB3 Game?
Top web3 gaming marketing tactics include the following:
- Create social proof and trustworthiness.
- Initiate viral and referral cycles.
- Take part in and support Web3 events.
- Strive for promotions among communities.
- Construct challenging and rewarding tasks.
- Boost exposure and link-building by writing guest posts.
- Fine-tune the acquisition of paying users.
What Is an Example of a WEB3 Game?
According to players, Decentraland is among the greatest web3 game platforms since it allows for customization and virtual real estate trade. An encouraging illustration of developing virtual economies in web3 games is Decentraland.
Conclusion
Entering the world of Web3 gaming has completely changed my life. It is more than simply a novel approach to gaming; it is a revolution in community involvement, value generation, and ownership. Web3 gaming has created a whole new world of opportunities, from acquiring virtual assets that can be traded across platforms to earning tokens with actual value. Purchasing tokens, investigating decentralized platforms, and playing new games have all convinced me that gaming’s future lies in empowerment and engagement rather than just amusement. Web3 gaming continues to develop, and I’m excited to see where it will go in the future.
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