Disclaimer: The opinions expressed in this article are solely those of the author and do not represent the views of the editorial team at crypto.news.
The world of Web3 gaming has always been a topic of debate within the blockchain community, serving as a divisive sector in its own right. Its journey from prosperity to decline closely mirrored the broader crypto industry’s trajectory from 2021 to 2022. However, as the crypto market continues to expand and decentralized finance gains momentum, few anticipated that Web3 gaming would emerge as anything more than a small niche market.
Traditional gamers were quick to dismiss many Web3 games as uninteresting and overly complex, viewing them as a tedious way to stake seemingly valueless tokens and NFTs.
Nevertheless, in mid-March, the market cap of Web3 gaming tokens surpassed $30 billion for the first time since the previous bull run, when the sector reached its peak during the “play-to-earn” frenzy fueled by the COVID pandemic. In just 24 hours, the GameFi sector’s market cap experienced a six percent increase, outpacing the overall growth of the crypto market and indicating a shift in consumer behavior towards higher-risk investments.
While the average gamer may not pay attention to the fluctuating prices of tokens like Decentraland’s MANA or Gala Game’s GALA, the integration of AI in Web3 gaming demonstrates credibility and the potential to attract a larger user base. With the traditional gaming market projected to exceed $270 billion by 2024, Web3 games must appeal to gamers who are generally wary of titles that incorporate blockchain technology or mention NFTs in their marketing campaigns.
Web3 gaming projects have begun to recognize the need to appeal to traditional gamers through a new approach. The focus now lies on creating enjoyable games that closely resemble mainstream titles. To achieve this goal, Web3 gaming is bringing on board experienced developers and executives from the traditional gaming industry, while utilizing AI to enhance in-game features such as interactions with bots and creating immersive environments.
For example, Aptos Labs, the team behind the layer-1 chain, recently collaborated with Google Cloud to support the Aptos GameStack, a unified platform for integrating blockchain elements into games. By utilizing Google’s cloud infrastructure, Aptos is bolstering the Web3 gaming sector by incorporating analytics, AI, and machine learning tools, empowering developers to deliver a superior gaming experience.
Although the integration of AI-powered features and the involvement of traditional gaming experts indicate a maturation of the space from the play-to-earn era, there is still work to be done to attract mainstream players. A report from the Blockchain Gaming Association revealed that 55 percent of survey respondents identified the crypto onboarding process as a major industry challenge, particularly when players are required to set up a wallet to play.
Exverse, a first-person shooter game, is not directly addressing the issues within Web3 gaming but serves as a model for how the industry can appeal to non-crypto gamers. This free-to-play title with aspirations of AAA status prioritizes gameplay and compelling storylines while using AI to enhance interactions with non-player characters. Recently, Exverse garnered nearly 100,000 signups prior to its alpha launch, offering an easy entry point for gamers by allowing registration via email, Discord, Telegram, or MetaMask.
By highlighting the advantages of Web3 gaming, such as asset ownership, and leveraging AI to enhance game quality and simplify the onboarding process, Web3 gaming now has greater potential than ever to attract the world’s 3 billion gamers.