Mobile gaming had many skeptics in its early days, but today it dominates 60% of the gaming market. Crypto games follow a similar path. Over the past decade, mobile gaming has become a major pillar of the entertainment market. With access to smartphones, users around the world have entered the realm of hardcore gamers. The rise of blockchain technology is creating a paradigm shift, allowing players to truly own the assets they earn or buy in-game and derive tangible value from the time they spend playing generate.
There are numerous possibilities that this new model can provide, but most of the projects currently accessible are just not up to the work of their older counterparts. Many people are skeptical that this new generation of games will capture public attention. However, this can be a mistake. In truth, this is only one time a new technology has been dismissed based on early evidence.
Blockchain gaming’s growing pains
Web3 games incorporate decentralized blockchain elements, including smart contracts and non-fungible tokens (NFTs), to create virtual assets that players verifiably own and can trade without third-party intervention. This innovation returns a high level of power to the players. The crypto gaming space is still in its infancy. Many early offerings have been described as overly simplistic and derivative without offering new or compelling gaming experiences. As a result, many self-proclaimed gamers want little to do with NFT gaming based on a perceived lack of depth and an overemphasis on financial gain. Dubbed “Play to Win” or P2E, these products offer players the opportunity to earn real value in cryptocurrency and NFTs, which can then be sold for fiat currency.
One of the most famous examples of a P2E game is Axie Infinity, which made headlines when it became a significant revenue generator for many around the world during the COVID-19 pandemic, only to eventually collapse as bear market conditions emerged a. and the earning potential took a nosedive.
Unfortunately, this is the situation with many comparable Web3 games. Many Web3 products have failed to energize their following without their once-lucrative commercial boons because they were not intended to endure the test of time — or big economic crises. As a result, many skeptics of the blockchain gaming genre believe that current offers are the pinnacle of what is conceivable, and the industry is disregarded as a fad result. However, a look at the recent past, particularly the meteoric rise of mobile gaming, reveals that the first goods should not be used to predict future possibilities.
The mobile gaming parallel
The situation would be just as funny if you looked at mobile gaming around 2005. The graphics department’s titles needed to be more varied, often unwieldy, and mediocre. The classic game Snake was one of the most popular early mobile titles when Nokia ported it to its line of phones and was played by millions of people worldwide. At this point in history, anyone using their phone to gamble could only be described as a casual gamer, and a story like the one we see today emerged.
Many saw mobile games as a novelty for casual gamers who could never compete with what consoles and desktops offer. Fast forward to today, and titles like Fortnite and Arena of Valor have become immensely popular with hardcore gamers and have even impacted the gaming industry. Today, nobody would say that mobile gaming has nothing to do with older offerings, as technology has evolved to make the differences more superficial.
In fact, by 2022, 60% of the gaming market will be dominated by mobile devices. It is now the largest gambling industry in the world. While traditional gaming platforms are still around and working well, mobile devices have shown how new technologies can transform an entire industry when it comes to coming of age. And to be clear: Snake didn’t define what would become of the phone.
The future of crypto gaming
Regardless of how you assess the focus and success of P2E gaming, this metric should not be used to assess the future viability of Web3 gaming. Is working. Some of these games still have P2E elements; others implement NFT; More importantly, however, the industry is learning that gaming must go beyond monetary reward and introduce truly immersive gameplay to attract and retain players.
While many currently use Web3, P2E, and Blockchain games interchangeably, they are different. In the years to come, these industries may become more differentiated and even create new sub-categories for implementing this technology. The assumption that all future offerings will be broadly similar belies the diversity that has emerged in the mobile market.
Only time will tell what happens with Web3, but those betting against it should think twice. There are numerous parallels between the emergence of mobile gaming and what we are witnessing now. What killer apps will crack open the scene to a wider audience remains to be seen, but in ten years, these titles will most likely exist alongside their home console and smartphone counterparts.