Games NFT Archives

NFT Rebranding? Web3 Gaming Community CEO\’s Candid Take

Community Gaming Partners with Game7 for NFT Web3 Rebranding

In an interview with Decrypt at ETH Denver, Chris Gonsalves, CEO of Community Gaming, acknowledged the negative branding surrounding NFTs. He also suggested that game developers should refer to them as \”digital assets,\” \”digital collectibles,\” or \”legendary skins.\” Gonsalves argued that gamers are accustomed to purchasing skins and other in-game items, so they could embrace digital assets with a more positive outlook.

The 3XP Gaming Expo will take place in Los Angeles on June 8-9, ahead of the Electronic Entertainment Expo (E3) from June 13-16. The event will feature various discussions and exhibits showcasing the potential of digital assets in gaming. Additionally, the expo will provide a platform for game developers to showcase their blockchain-based games and other Web3 gaming products.

Through this collaboration, Community Gaming and Game7 hope to increase awareness and adoption of digital assets and Web3 gaming. As the gaming industry continues to evolve and embrace blockchain technology, events like the 3XP Gaming Expo could serve as catalysts for innovation and growth in this exciting new space.

The Challenge of NFT Mass Adoption in Gaming

According to Gonsalves, the slow uptake of Web3 games is attributable to low-quality experiences offered by some games and the prevalence of scams that have tarnished the industry\’s reputation. \”Let\’s be real,\” Gonsalves said. \”A lot of these games were not good, and they made promises they could not keep. We also had the profile picture craze, which created confusion. And gamers mistakenly believed that NFTs were only expensive animal art.\”

To rebuild trust in the industry and encourage more players to embrace blockchain-based gaming experiences, the gaming community must address these challenges. By partnering with the 3XP Gaming Expo, Community Gaming hopes to highlight the potential of digital assets in gaming and showcase some of the promising new Web3 games currently in development.

The Future of Web3 NFT Games

Chris Gonsalves believes that the future of Web3 gaming is bright, thanks in part to the entry of traditional game studio veterans into the space. Major publishers such as Activision Blizzard and Riot Games are creating Web3 games that prioritize gameplay over the hype around blockchain technology and tokenomics.

Gonsalves said that these game developers have the experience and expertise needed to create engaging games that can compete with popular titles like Call of Duty, Hearthstone, and Valorant. Unlike some previous Web3 games, which failed to meet gamers\’ expectations, these new titles are designed to provide a high-quality experience.

\”They know what it takes to build a game,\” Gonsalves said. \”They know how long it takes, and so they\’re not calling them NFTs and they\’re not leading with \’rah rah blockchain\’ and tokenomics.\”

The Future of Web3 NFT Games

As the gaming industry continues to evolve and explore the possibilities of Web3 technology, events like the 3XP Gaming Expo could prove instrumental in driving innovation and adoption. With the support of influential companies and industry players, Web3 gaming could soon become a mainstream phenomenon.

Chris Gonsalves, CEO of Community Gaming, believes that the future of Web3 gaming is bright, thanks in part to the entry of traditional game studio veterans into the space. According to Gonsalves, major publishers such as Activision Blizzard and Riot Games are creating Web3 games. These top gaming companies prioritize gameplay over the hype around blockchain technology and tokenomics.

\"NFT — NFT Rebranding Web3 Gaming Community CEO Candid Take

As the Web3 gaming industry continues to grow and mature, the entry of established game studios could help to bridge the gap between traditional gaming and blockchain-based gaming experiences. With a focus on fun and engaging gameplay, Web3 games could soon become a mainstream phenomenon embraced by gamers worldwide.

Conclusion

Web3 gaming has been facing challenges, including criticism from gamers, scams, and poor gameplay. Non-fungible tokens (NFTs) have received a lot of backlash and negativity. As a result, there have been calls for NFT rebranding to change the negative perception of digital assets in gaming.

Chris Gonsalves, CEO of Community Gaming, suggests that referring to NFTs as \”digital assets,\” \”digital collectibles,\” or \”legendary skins\” could help to change gamers\’ perception of them. He believes that the future of Web3 gaming is bright, thanks in part to traditional game studio veterans entering the space. Major publishers such as Activision Blizzard and Riot Games are creating Web3 games, and they prioritize gameplay over the hype around blockchain technology and tokenomics.

Web3 gaming could soon become a mainstream phenomenon with the support of influential companies and industry players. Events like the 3XP Gaming Expo, which aims to promote the benefits of digital assets in gaming and change the negative perception surrounding NFTs, could serve as catalysts for innovation and growth in this exciting new space. As the gaming industry continues to evolve and explore the possibilities of Web3 technology, the future looks promising for blockchain-based gaming experiences.

The Growing Popularity of NFT Gaming and Its Impact on the Web3 Industry

NFT Games and Web3: The Perfect Match?

NFT games are a natural fit for the Web3 industry, which seeks to bring decentralization and transparency to various sectors. NFTs, as unique digital assets, can be bought, sold, and traded on the blockchain, making them ideal for use in gaming. With NFTs, gamers can own unique in-game items, skins, and other collectibles that they can trade with other players, creating a new economy within the game.

NFT Gaming: A New Revenue Stream for Game Developers

Game developers can benefit greatly from the growing popularity of NFT gaming. By incorporating NFTs into their games, they can create a new revenue stream and offer players a new level of engagement. With NFTs, game developers can create limited edition items and exclusive content that can only be obtained through purchase or gameplay.

The Importance of Quality in NFT Gaming

The success of NFT gaming depends largely on the quality of the games and the in-game items. Low-quality experiences and scams have hindered the uptake of Web3 games in the past, and it is crucial for developers to focus on creating engaging and immersive games that can compete with popular titles like Call of Duty and Fortnite.

NFT Gaming and the Entry of Traditional Game Studios

The entry of traditional game studios into the NFT gaming space is a significant development. Major publishers like Activision Blizzard and Riot Games are creating Web3 games that prioritize gameplay over the hype around blockchain technology and tokenomics. By leveraging their experience and expertise, these game developers can create engaging games that meet gamers\’ expectations.

\"NFT — mobile gaming, blockchain games, NFTs, Web3, play and own

NFT Gaming: A Catalyst for Innovation and Growth

The growing popularity of NFT gaming is a catalyst for innovation and growth in the Web3 industry. The 3XP Gaming Expo, launched by Community Gaming and Game7, aims to promote the benefits of digital assets in gaming and change the negative perception surrounding NFTs. By showcasing the potential of digital assets in gaming and providing a platform for game developers to showcase their blockchain-based games and other Web3 gaming products, events like the 3XP Gaming Expo could serve as catalysts for innovation and growth in this exciting new space.

Conclusion

In conclusion, NFT gaming is a growing trend in the gaming industry that has the potential to revolutionize the Web3 industry. With NFTs, gamers can own unique in-game items and create a new economy within the game. Game developers can benefit from the growing popularity of NFT gaming by creating a new revenue stream and offering players a new level of engagement. The success of NFT gaming depends on the quality of the games and the in-game items, as well as the entry of traditional game studios into the NFT gaming space. Events like the 3XP Gaming Expo can serve as catalysts for innovation and growth in the Web3 industry.

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NFTs In Games Inevitable

NFTs in Video Games is Inevitable: Here\’s Why You Should Embrace it

Despite the reluctance, there is an apparent shift from conventional gaming to NFTs and Blockchain-based Web3 games. The world of gaming has changed a lot in the last decade or so. The introduction of NFTs and in-game finance has revolutionized the gaming experience, attracting the masses that weren’t that much in the gaming world. People were hesitant over spending money on in-game items even before the introduction of NFTs. Just 23% of gamers buy in-game products according to a recent survey. However, developers might use this business model effectively given the amount of money that is accessible to companies that offer in-demand game assets.

But why is NFT gaming the future of video games? There\’s an evolutionary reason behind it, let\’s find out.

Pay to Access In-Game Accessories

It all began with the introduction of buyable horse armor in The Elder Scrolls 4: Oblivion for $2 in 2006. It was the beginning of downloadable content (DLC) after full access. Despite the criticism and reluctance, this was the start of a major shift in the games industry and its business structures, opening the door for in-game assets and downloadable content. From pay-to-play, the gaming industry moved to free-to-play and then towards DLC.

Since then, some of the most popular video games have made use of in-game purchases a lot. Free games, like League of Legends and Fortnite, made a hell lot of fortune despite being free to play. The micro-transactions took the market size to around US$67.28 billion. Diablo 3 by Blizzard, had the players’ trade, bid on, and purchase items features, but failed owing to criticism and fan backlash. In 2022, they faced criticism again for the mobile version of Diablo – Diablo Immortal, which had an in-game hero up-gradation feature, costing up to 300000 US$.

Gamers Not Buying the Idea of In-Game Purchases, So Why NFTs?

The common criticism was that buying downloadable upgrades and bonuses rendered the game\’s purpose moot. However, what if the downloadable content served as the foundation for a market that enhanced rather than detracted from the intricate worlds that players inhabit in such games? These assets frequently disappear along with the games they were bought or won in. The problem with these conventional games was that gamers may invest hundreds of hours to collect these in-game assets or spend real money, only to have those assets lost or digitally forgotten when it\’s time for a new game or a sequel or if the gaming company closes.

The Introduction of Blockchain and NFTs: The New Era of Gaming

We are currently witnessing technology advance to a level in which players have total control over their in-game assets. Developers and studios can support actual gamer ownership of in-game assets by utilizing cutting-edge technology like blockchain. Game ownership gives a lot back to gamers for their time and resources, and, of course, loyalty. A gamer\’s portfolio of in-game assets means a lot to the gamer as well as the community. So, owning it adds a lot instead of beginning again from scratch when playing a new game or a sequel of an existing IP.

On the blockchain, the skin is exchangeable as an NFT, or non-fungible token. NFTs are a particular class of blockchain token that cannot be exchanged for another, making them perfect for in-game assets since the legitimate owner can unquestionably demonstrate ownership. This implies that any breach, hack, or attempt to remove the weapon skin by the game platform will be ineffective.

An asset\’s potential and usability dramatically rise when bought as an NFT. It no longer depends on the game it came from. For the first time, players could really take assets off the gaming platform with this guaranteed proof of ownership. This opens up a potential cash stream for developers and players alike because it means that in addition to being utilized in another game, the item may also be placed for trade or sale on NFT marketplaces. Despite the rise of the technology, only 2% of studios are actively implementing blockchain technology in their projects, and the majority claimed they have no interest in doing so.

NFTs and the Future of Gaming

Evolution in the gaming sector is the need of the hour, if we are to maintain the micro-transaction market for the gaming industry. Giving players actual ownership over their in-game possessions not only fosters a sense of increased agency on their part, but it may also open up new revenue streams for game studios and creators.

Educating the extremely vocal gaming community about how blockchain and Web3 might improve their gaming experience presents a problem. While the GDC research may indicate that 61% of developers are reluctant on implementing blockchain technology in games, organizations that pay attention to their users\’ requirements have a more upbeat outlook. But, for those who do, the advantages will ultimately work in their favor and serve to enhance players\’ gaming experiences. However, there will always be a segment of the target market that will refuse to spend any money on in-game things.

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