MetaJam Summit happened from the 26th to the 28th of July 2022. It is a phygital summit that will showcase a line-up of keynote speeches, debates, and sharing workshops hosted by leading personnel and speakers from the region’s Web3.0 space.
In this panel we had:
- Felix Sim, Salad Ventures
- Samson Oh, D.G. Ventures
- Ferris Frederick, Cryptobengz (Moderator)
To speak on what it takes to become a successful Web3 game, and why it could disrupt the whole gaming industry.
Also Read: It’s Time To Zoom Out – The Bull Thesis For Web3
Will Axie Remain No.1?
“It is very difficult to define what a successful project is in the Web3 space”, Felix notes, stating that Axie was also the first project and the biggest.
The factor imperative for Axie’s success was how fun it was, which helped retain their player base. Samson also notes that he is grateful for Axie because it kick started “mass adoption”.
“You need someone to disrupt it.”
Despite their success, the panelists state that P2E has become a taboo, which many projects struggle to move on from. Therefore, Web3 gaming needs to pivot from “earning” to “entertainment”.
Samson, particularly, takes a lot of insight for Axie using their platform to build a stronger community. “They are starting to move from a game to an ecosystem… and that is brilliant.”
However, they note that even “Axie is trying to reinvent themselves”. With so many projects trying to emulate their model, Web3 games need to innovate and find new ways to bring in gamers.
What will bring Web2 gamers to Web3?
“If the game is not fun, they won’t join”
The selling point for Web3 games is the ability to own your assets. Furthermore, many projects promised strong utility such as NFT interoperability and open marketplaces for selling items.
However, many of these things have not happened. “The biggest argument to play a Web3 game doesn’t even hold water.”
There are also many hurdles gamers need to overcome to simply enter the game. From KYC to setting up metamasks wallets, these steps are currently hindering adoption.
“To change behaviours… takes many many years”
While Web3 gaming has not achieved the mass adoption many of us hoped for, there is still light at the end of the tunnel. Projects that can bring in users organically instead of enticing them with monetary incentives have strong potential for success.
“All the gamers will come in, but we need time”
How Are Guilds Beneficial For Web3 Gaming
“Last year, there was this huge arguement… whether guilds are value providers or extractors”.
Felix, who runs the salad ventures, says it is now clear that “they were value providers”, as they provide resources to support players. However, he also notes that “guilds do not spend enough time with the game”.
They should not be just investors seeking a return, but provide insights for players, game design, and also tokenomics.
“The guild plays the role of giving advice, (that is) non-biased”
As both investors and players of the game, guilds are the best point for feedback and sourcing community inspiration. If the guilds approach one another as teammates instead of competitors, it could lead to Web3 games flourishing.
Closing Thoughts
While Web3 gaming has taken a backseat in recent times, the future looks bright.
With $5 Billion invested in the space just this year, creators have a huge warchest to build, despite the bear. Furthermore, we have barely scratched the surface of what crypto can do for gaming.
As Interoperability flourishes, Web3 games get more fun, and the user interface more seamless, Web3 gaming could very well be the future.
Also Read: MetaJam Summit: Will the Next 10 Million Users Come From GameFi?
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: Chain Debrief
