Web3 Gaming And Its Immense Growth And Possibility

Web3 gaming is here 

Web3 gaming has been making headlines lately as more traditional game developers start to explore the world of non-fungible tokens (NFTs) and blockchain. One such developer is Yuga Labs, the company behind popular NFT collections Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club. The company recently released a skill-based game and NFT mint called Dookey Dash, in which players navigate through the sewers, dodging obstacles and collecting power-ups in pursuit of a golden key.

Kyle Jackson,a professional Fortnite player, better known as “Mongraal” on Twitch and YouTube, won the top prize, “The Key”, The 18-year-old promptly listed The Key for sale on OpenSea. He originally wanted 2,222 ETH ($3.6 million) for it but ended up selling it for 1,000 ETH ($1.6 million) to American scrap metal CEO Adam Weitsman.

The game was played more than 7.5 million times, equivalent to 80 years of game time, and an average of about 28 hours per pass. A bonus round of the game, Dookey Dash: Toad Mode, closed its leaderboard on March 1, with the top prize, “The Key,” going to Kyle Jackson, a professional Fortnite player. The 18-year-old promptly listed The Key for sale on OpenSea. Though he wanted 2,222 ETH ($3.6 million) for it, he ultimately sold it this week for 1,000 ETH ($1.6 million) to American scrap metal CEO Adam Weitsman.

Dookey Dash by Yuga Labs

According to Spencer Tucker, Yuga Labs’ new chief gamer officer, the game is just the beginning of how the company is thinking of connecting the dots between NFTs, gaming, and community engagement. “We want these things to be fun and weird, while also continuing to push the boundaries of what people perceive of the NFT industry,” he said. “More than a jpeg, it’s all about utility, innovation, creating interactive experiences and hopefully onboarding new players to the web3 space.”

Dungeons and Dragons originally not a fan

While NFTs are making their way into gaming, some companies have attempted to ban their use. For example, Wizards of the Coast, the publisher of Dungeons & Dragons (D&D), proposed changes to its Open Game License (OGL) in January. Among the now-dropped changes was a ban on NFTs and other blockchain integrations. Gripnr, a U.S. company that is building a D&D game with NFT integrations called The Glimmering, was impacted by the drama.

However, its CEO and co-founder, Brent McCrossen, was “thrilled” that the updates had been reversed and that the published rules and lore of D&D had been moved to a Creative Commons license, making it freely available for use in perpetuity. “We were not going to simply pack up our belongings and head home,” he said.

A Dungeons and Dragons Movie is apparently in the works as well

Elsewhere, Square Enix has released more details about its upcoming NFT game, Symbiogenesis. First announced in November as an Ethereum-based game, it has since switched to Polygon and plans to launch in Spring this year. Among traditional game makers, Square Enix has been one of the most bullish on Web3. Its president, Yosuke Matsuda, doubled down on that position in his New Year’s letter in January, predicting the growth of a more mature blockchain gaming market over the coming year.

Tthe release of Symbiogenesis by Square Enix. Symbiogenesis is an NFT-based game that is set on a fantasy floating continent. Players must unlock storylines through NFTs that can be bought, traded, or earned by completing missions. The game was initially announced as an Ethereum-based game but has since switched to Polygon and is set to launch in the Spring of 2023. Square Enix has been one of the most vocal about the potential for blockchain in the gaming industry.

web3 game symbiogenesis

Clear and Present Future

The use of NFTs in gaming presents several benefits to players and developers alike. For one, players can truly own their in-game assets and transfer them between games or even sell them to other players. This is a stark contrast to traditional gaming, where players have no control over their virtual assets. Additionally, NFTs allow developers to create unique, limited-edition items that players can earn through gameplay, which can drive engagement and excitement. NFTs can also help combat fraud and cheating, as each item is unique and cannot be duplicated or hacked.

The possibilities of what can be done in the web3 gaming space are endless. Developers can create games that are entirely owned and run by the community, with in-game decisions made through governance tokens. They can also create games where players can earn real money for their in-game achievements, and where in-game items can be traded as real-world assets on decentralized marketplaces.

The decentralized nature of web3 gaming also opens up new possibilities for game developers to experiment with innovative business models. For example, developers can create games that are funded through decentralized crowdfunding mechanisms, such as initial coin offerings (ICOs) or decentralized autonomous organizations (DAOs). This allows developers to fund their projects without having to rely on traditional funding sources like venture capital firms or publishers.

Use Of NFT

Another exciting possibility for web3 gaming is the use of non-fungible tokens (NFTs) to represent in-game items and assets. NFTs are unique digital assets that are stored on the blockchain and can be traded and owned like physical assets. This means that game developers can create truly unique and rare in-game items that players can collect and trade on decentralized marketplaces.

Overall, web3 gaming represents a major evolution of the gaming industry, with new possibilities for ownership, monetization, and innovation. As the technology behind web3 continues to develop and mature, we can expect to see even more exciting developments in the web3 gaming space in the coming years. NFT technology has gotten a bad rep from a few bad players from 2021 to most of 2022 but now in 2023 with more savvy NFT customers and investors, you can rest assured that the days of the constant “rug pulls” are over.  The best NFT projects will come with utility and membership towards the community and game that is being built.

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