Web3 Based NFT Gaming and Its Future
The gaming industry, known for its rapid evolution, is undergoing a transformative shift with the integration of Web3 technologies and NFTs. The rise of blockchain technology has introduced the concept of decentralized gaming and is taking center stage. More and more traditional gaming studios are venturing into web3, changing the gaming landscape forever.
What is Web3 Gaming?
Web3, often termed the decentralized web, represents a new paradigm for applications on the internet. It is the next generation of the internet that proposes a model where users control their data, identities, and transactions. In the context of gaming, Web3 allows for a decentralized gaming environment. But what does this mean for the average gamer?
Imagine playing a game where the rare items you earn or buy are truly yours. You can trade, sell, or even showcase them outside the game's environment. This is made possible through NFTs (Non-Fungible Tokens), unique digital assets verified using blockchain technology, ensuring each item's rarity and authenticity.
It means that items, characters, or even pieces of land in a game can be bought, sold, or traded on various decentralized marketplaces, adding a new dimension to the gaming experience.
How Does Web3-Based NFT Gaming Work?
At its core, Web3-based games utilize the blockchain to manage in-game assets. These assets, be it a mystical sword, a character skin, or a piece of land in a virtual world, are tokenized and represented as NFTs. Unlike traditional in-game assets, which are controlled by game developers, NFTs represent true ownership. This means players can transfer, sell, or even hold these assets as a form of investment, giving them real-world value.
For example, if you purchase an in-game item in a traditional game, it remains within that game. However, in a Web3 game, you could sell that item in an open marketplace, trade it for another item in a different game, or even showcase it in a virtual gallery. This intertwining of gaming and real-world economics revolutionizes how we perceive online gaming.
Top Gaming Studios Building NFT Games
The potential of Web3 gaming hasn't gone unnoticed. Several renowned gaming studios are venturing into web3-based NFT gaming space, bringing their unique approach and vision.
Square Enix: A renowned name for any gaming enthusiast, Square Enix, known for series like "Final Fantasy," has been proactive in the Web3 space. They have been exploring NFT games since 2019. In 2021, they released a collection of Ethereum-based NFT trading cards. Their upcoming game, "Symbiogenesis," is a blend of traditional gaming with blockchain elements and will be released on the Ethereum sidechain network, Polygon.
Electronic Arts (EA): EA, the giant behind franchises like "Madden NFL" and "FIFA," has signaled its interest in NFTs. They have collaborated with Nike's. Swoosh platform suggests EA will bring NFTs into their future games.
Ubisoft: One of the early adopters, Ubisoft has already launched NFTs for "Tom Clancy's Ghost Recon Breakpoint." Ubisoft remains committed to its Web3 vision. This year, their release includes NFTs based on the "Rabbids" game IP and the innovative "Champions Tactics: Grimoire Chronicles."
Zynga: Known for "Farmville" and "Words With Friends, Zynga is a titan in the casual gaming sector. Zynga's foray into Web3 indicates the widespread appeal of this technology. Zynga is developing games that incorporate NFTs which is a testament to their belief in the longevity of this trend.
Bandai Namco: The creator of "Pac-Man" and "Tekken, Bandai Namco's exploration of Web3 is particularly exciting. Their recent release, "RYUZO," a virtual pet game based on NFTs, offers a glimpse into the potential of combining traditional gaming mechanics with NFTs.
Besides these big studios, several other big gaming names are also continuously involved in NFT-based Web3 gaming, including —
Nexon: The South Korea-based video game publisher is developing a new game, "MapleStory Universe," which will leverage Polygon NFTs, showcasing their commitment to the blend of popular MMORPGs and blockchain.
Wemade: This Korean game publisher recently released "World Fishing Championship," a play-and-earn game, and has plans for more blockchain games, emphasizing their belief in the potential of crypto gaming.
Krafton: Known for "PUBG," Krafton is venturing into the NFT-enabled metaverse with their upcoming game "Migaloo," which is expected to be a "create-to-earn" system.
Zynga's parent company, Take-Two Interactive: The firm behind franchises like "Grand Theft Auto" and "Red Dead Redemption," they've shown interest in the Web3 domain, especially with their investment in Web3 game developer Horizon.
NCSoft: This Korean game publisher, known for "Guild Wars" and "Lineage," has invested heavily in blockchain firms and has plans to develop NFT games on the Sui blockchain.
Risks and The Road Ahead
While integrating NFTs in gaming offers numerous opportunities, Web3 gaming has its own challenges. Regulatory concerns and the volatile nature of cryptocurrencies are big hurdles. Also, the broader acceptance of NFTs in gaming is still a contentious topic among many gaming communities. Major platform holders like Apple and Sony are also hesitant to engage in crypto-related transactions.
But simultaneously, the potential and momentum behind Web3 gaming are undeniable. As more gaming giants enter the fray and as the technology matures, the integration of blockchain in gaming will likely become more refined and accepted, and it's only a matter of time before Web3 gaming becomes the new norm.