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By Adrian Krion, Spielworks CEO and Founder of Spielworks
With a few trillion dollars erased from the crypto ecosystem, it would be safe to assume that games relying on blockchain technology and tokenomics would be completely upended. So the fact that blockchain gaming has stayed relatively stable is probably quite a shock to industry outsiders.
But its location in the eye of the hurricane is indicative of the strides the industry has taken in recent years. Can it maintain that position?
Why is it stable now?
Not too long ago, blockchain games with an enjoyable storyline and user experience were assumed to employ poor tokenomics. Conversely, games with robust in-game economies were typically dull or exploitative. And in the eyes of most traditional gamers, they were nothing more than a scam, to begin with.
But if you last checked in on blockchain games during the volatile play-to-earn (P2E) era, the landscape has certainly shifted since then. Games have become more fun to play and tokenomics have become less convoluted, as in, you no longer need an economics degree to win a game. Making these games more approachable has reflected in strong figures for unique active wallets participating in blockchain games, according to a DappRadar report.
Those figures also indicate ongoing investor interest in the industry. For instance, although the metaverse commanded tech headlines in 2022, blockchain gaming projects still attained $4.5 billion in funding, more than doubling the $1.9 billion in funds raised for metaverse-related projects.
And to be clear, many aspects of the industry did need urgent improvement. Many blockchain developers suffered from being unable to strike the delicate balance of gameplay and tokenomics. An onslaught of copycat titles that poorly mimicked successful gaming models during the P2E peak only exacerbated the stigma of blockchain games being exploitative.
But the fact that blockchain gaming is, at its core, still gaming, has also contributed greatly to its relative stability. Games have an inherent appeal and built-in audience outside of crypto. With that in mind, projects that have been able to stay afloat in the harsh market now are well poised to build a Web3 industry cornerstone in more optimistic market circumstances.
Closing the gap
The blockchain games leading its industry-wide rebrand are doing so because they have both invested in enhancing their existing products and building new and improved games. There’s no substitute for building quality games, and that can only happen when projects take that aspect seriously.
We’re now witnessing a maturing blockchain-gaming industry that creates novelty, diversifies its gaming styles, integrates new mechanisms into existing titles, and focuses on the oft-overlooked pillar of community relations. After all, the community factor remains a staple of the wider crypto landscape.
A new generation of blockchain games that feel like traditional games have now emerged to capture audiences’ imagination, duly noting the industry’s harsh criticism. Illuvium, a new blockchain game franchise with cross-demographic appeal thanks to its expansive gameplay, rich graphics, smooth integration of crypto elements, and interoperability completely embodies this new approach.
It’s not only new developers that are leading the charge. And many other blockchain games battle-hardened by the bear market will be essential to transform the industry from a $4.6 billion market in 2022 to $50 billion in 2025, according to predictions from Naavik and BITKRAFT Ventures.
Developers that highlight gameplay, community relations, and interoperability bring a revamped approach to the sector, providing both hardcore gamers and crypto enthusiasts with what they crave. And as new DeFi solutions become widely available, they will also be applied to the blockchain-gaming sector, striking the ideal balance of gaming and crypto.
Blockchain-game developers will always be faced with the challenge of blending gameplay with a solid economic framework. But by focusing on the user experience, the industry is ready to bridge the gap between Web3 and traditional gaming, creating a more stable crypto ecosystem as we traverse an uncertain economic climate. With so much progress made in such a short period, it’s safe to say that the blockchain gaming rebrand is already underway.
About the author:
Adrian Krion is the CEO and Founder of the Berlin-based blockchain gaming startup Spielworks and maker of the user-friendly gaming wallet Wombat. Having started programming at age seven, Adrian has been successfully bridging business and tech for more than 15 years, currently working on projects that connect the emerging DeFi ecosystem to the gaming world.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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