If there’s one thing that the year 2024 will be remembered by crypto lovers for a long time, then that is the advent of blockchain based “play-to-earn” games.
Hailed as the most happening trend in crypto spaces, a new generation of play-to-earn Web3 games has emerged that has totally revolutionized the way gamers play.
The new Web3 gaming introduces the concept of players earning in-game tokens for completing challenges and beating their opponents, that might later be encashed after the token gets listed.
In this article, we will analyze the first and second waves of Web3 gaming and how they have fared in the gaming arena.
First Wave
The first wave of Web3 games that emerged in 2021 was met with incredible enthusiasm, with titles like Axie Infinity hitting the headlines after some players claimed to have been making hundreds of dollars a month simply from playing it often. The NFTs that are an integral part of Web3 games hit sky-high valuations, with one sale of nine plots of virtual land in the game generating a cool $1.5 million, making it one of the most expensive token sales of all time.
The initial success of Axie Infinity and other titles, such as Splinterlands, Gods Unchained, and Star Atlas opened the gates to a deluge of new play-to-earn games hitting the market, as developers and game studios raced to cash in on the enthusiasm.
The Fall of the First Wave of Web3 Gaming
However, the hype around Web3 gaming quickly waned as the crypto industry entered into a period of decline around the end of that first year. As token values dropped, so did gamers’ earnings, prompting many of them to give up playing, and that had a severe knock-on effect that exposed many of the shortcomings of the new genre.
As players began to leave games like Axie, its native token, and its NFTs were hit by a sharp devaluation – prices crashed, making the game even less rewarding, and criticism emerged of its “tokenomics” model, which was reliant on new players joining the game to prop up the value of its digital assets.
Moreover, the games themselves were found to leave a lot of players wanting. The graphics in most Web3 games were notably rather poor, and the gameplay itself quickly became extremely repetitive, with most players only persevering with it for the rewards on offer. There was little enjoyment to be had out of the game.
Second Wave: Play-to-Earn Reborn
The days of rudimentary graphics and repetitive gameplay have since been consigned to the garbage bin.
In the last year, Web3 gaming has undergone a major revolution, with some canny developers realizing that there’s still great potential in the concept. What that meant was designing better, more enjoyable games with slick graphics, sophisticated storylines, and a simpler onboarding process.
Some of the newest Web3 games to emerge this year can realistically hope to compete with famous titles like Grand Theft Auto, Call of Duty, and Resident Evil. We’re talking about a new generation of AAA Web3 games that not only deliver enthralling gameplay but provide real-world value to players.
This second generation of Web3 games has been built using advanced graphics engines like Unreal Engine and Unity, and they integrate some of the most sophisticated AI models and gameplay mechanics to enhance the user experience.
Why New Web3 Games are Catching Eyeballs? Improved Gameplay
In terms of gameplay, AMGI Studio’s newest hit My Pet Hooligan stands head and shoulders above the earliest Web3 games, providing an experience that’s more akin to Fortnite or Pub G. It’s a winner-takes-all ‘battle royale’ style game that boasts ace graphics, a complex storyline and adrenaline-pumping gameplay. Set in the wacky, rabbit-dominated world of Hooliland City, the game combines nonstop, guns-blazing action with a social aspect, AI-powered individual expression, and, of course, valuable rewards in the shape of KARRAT tokens, the native token of the Karrat blockchain protocol it lives on.
Players can earn KARRAT rewards by engaging in gun battles with their peers, but there’s a lot more to the gameplay than just fighting. Players make their way around the city on skateboards, and there’s numerous opportunities for them to showcase their skating skills and earn additional rewards.
Easier Onboarding
Another high-end play-to-earn game to emerge last year was Citizen Conflict, which aims to unite Web2 and Web3 gamers with its compelling gameplay and rich rewards. It’s built on the Unreal Engine 5 platform and boasts irresistible graphics along with a sustainable ecosystem and avid fanbase.
Like My Pet Hooligan, Citizen Conflict is an action-packed first-person shooter game that wants to democratize access to eSports by enabling everyone to earn in-game rewards, no matter if they win or lose.
Conclusion
In the future, we can expect to see yet more Web3 games emerge that place a higher emphasis on the actual gameplay and player enjoyment, with streamlined UIs designed to attract the class of gamers that have previously always snubbed the idea of blockchain entirely.
Although some Web3 games have yet to adequately address the wider industry’s sustainability challenges, we can expect to see the tokenomics models used by such titles to be continuously refined over time.
It seems reasonable to assume that Web3 gaming is here to stay, and if that really is the case then it’s likely that the genre will go from strength to strength in the coming years.