My take on web3 games
Firstly, I'm just expressing my opinion. If you disagree on something, feel free to leave a comment.
Second, I try to not generalize as I'm not aware of all the games out there.
NFTs & Web3 Games
With the appearing of web3 & NFTs, developers saw the economic potential of NFTs and started integrating it into their games without giving time to learn and make sure that what they're doing is fully secure.
This is something that is very common on games and web platforms. Nowadays, anyone can create a website or a game and start advertising to get people to buy in-game items.
You can't just create a smartphone in a week and start selling. There is a lot of burocracy that you must go through. The product must be fully tested, must have all the certifications required by the target countries for the technologies and components used.
And this does not happen on web3 projects. Eventually, problems start appearing, you can see most of the projects being scams, suffering attacks or having bad tokenomics that isn't even able to sustain the game.
The P2E (Play to Earn) Concept
I believe the most dominant term for web3 are play to earn games. It's attractive, isn't it? Who doesn't want to play a game and earn some extra money on top of it?
There are many problems in this strategy and I will try to go through the most important ones.
Early Access Scams
Usually, these games work in a way that people who joined early have a huge advantage against others. If they buy an exclusive item, they can sell it later for a greater price.
With this in mind, everyone just try to get early on these projects to get limited edition items.
But everything is ok at that point, until the developers decide to just shut down out of nowhere. It's ridiculous how many projects are creating whitepapers and asking people to buy an advance subscription or item to fund the development.
Poor Tokenomics Design
When money is involved, a new layer is added to the game that must be well studied and planned. Most of these games are not ready for this. The have a small team of developers and artists which do not have experience in this area.
This causes the game to have super inflationary tokens and they must resort to do burning events so that people can burn their tokens for some useless low price item.
The Illusion
Most of the people are playing expecting to get some extra money, and these games are easilly getting people's money.
At the end of the day, games are still games, and people should play for fun. Nowadays, people just want to join these projects early so they can get early access, exclusive rewards and other attractive things.
There are plenty of impressive web3 games out there, but it's unfortunate that many of these games are not receiving the attention they deserve due to the reputation that web3 games are getting.
Final Thoughts
People should be more careful about these projects. They just see a lot of people joining a project, so they join it too, that's the "fomo" term in action here. At the start, these games have a lot of people investing money into the game, the token will rise and more people will join because it seems profitable. After some time, the early players start widthrawing the money and the token value starts decreasing.
And the early players withdraw the money because they know that game will not be profitable anymore. It's not a fun game, they just wanted to invest early to get some money.
So do not make drastic decisions. Evaluate the project properly and see if there is any point in the game other than the economic aspect.
The game should be fun to attract gamers, not investors! 😊
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Wow :P you gonna start blogging actively now.
Anyways what happen to not generalize :P. To be fair I think all or most projects have early access stuff to give benefits to the people that were willing to take the risk. As you said, there project are projects that could have failed or rugpulled. It could be worth less in the end. If rugpull, I think it's our fault for not researching enough about that project. Even non web3 games you may see kickstarter stuff and they do give lots of extras and benefits who gave money for the project early to have funds. I don't see this as a scam. Anyways I don't see anything wrong with this stuff. I'm just against inside trading or the people that develop the game to hold assets in the game they very well make decisions which could have economic impacts toward in game assets. I don't have time to go thru your other points but I will just leave this here
Hey shawn, wasn't expecting you here 😜
I understand your point. But the process behind Kickstarter is much more burocratic and you need to have a greater advance. The overall idea that players get is completely different. They understand that they are funding the game development and they will get something back. They do that because they like the game.
Usually that's not what happens on web3 games. Instead, people join early with the idea to make money, and many developers and other investors take advantage of that. There are many people saying this "I'm playing this game and in a week I made more money than what I invested". After listening to this, people go instantly blind and try to join as fast as possible. This is the reality. I agree with you when you say that everyone should be responsible for not researching enough, but this is still a scam.
Web3 games are still games, so the developers should be able to play, as they are with any other game. Of course it's wrong for them to buy certain items because they know that in the future they will make an update to buff those items, but that's another story. When involing real money, these things get so much different. But the way you see that is the reason I made this post, "people do not play these games to have fun, but to make money", this is the main problem that is causing all these other mini problems.
Fair enough but it's hard 😂. If you take out the money aspect it's just a normal game for the most part. I don't think it's an easy balance. Whenever there is money involved people will wanna make money I feel . I think it's normal but that's why I applaud games like skyweaver and cross the ages. These two games can be played for free and the game has non nft side so It can onboard web2 gamers and people can actually play the game for fun without buying anything. If they end up good they can play in tournaments and earn money as well. For the most part there was a lot of scams before but I think it's becoming less. Also Not as many people are blindly throwing money since we in a bear market but also they are more aware now of rug or pump and dump projects. It's unfortunate we have some bad people that wanna scam but this ultimately is due to the nature of web3 at the moment. As long as SEC doesn't give a shit and keeps giving excuses to not make laws to protect web3 companies and those investing in web3 assets. It'll be difficult for web3, to really make a boom. The technology is great and there's a lot of potential for gaming side to implement this but this protection is what's holding everything back.
Yes, it's a matter of time.
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Those are some good points. Play2Own is another important aspect though.Gamers want to own their ingame assets.