The era of Non-fungible tokens (NFTs) dramatically transformed the landscape of blockchain gaming, emerging as a pivotal discussion point in 2021. Many saw it as a revolutionary step towards the future of gaming. Despite the initial excitement, the buzz around NFT-based games has significantly waned, with many such games either becoming dormant or losing their charm. For instance, the once-popular Axie Infinity’s Smooth Love Portion (SLP) token now trades at a staggering 99% below its peak price of 0.3997, witnessed during the NFT boom. Similarly, the value of rare cards in God’s Unchained has plummeted from around 10,000 to mere $100 in some cases.
This sharp decline in NFT gaming assets’ value has not only diminished the attraction towards blockchain games but has also sparked widespread criticism. Critics argue that blockchain gaming lags behind traditional gaming in several key areas, including gameplay quality, economic models, and accessibility for developers without blockchain expertise. Despite these criticisms, the post-NFT hype period has seen developments indicating that NFTs may have laid the groundwork for an even more transformative gaming era.
A Fresh Start for Blockchain Gaming
The crypto bear market has been a period of building and innovation, with the past two years witnessing significant advancements. This segment will explore three major trends reinforcing blockchain technology’s role in the future of gaming ecosystems.
Web3 Platforms Offering Publisher-as-a-Service (PaaS)
The technical barrier that once hindered game developers from entering blockchain gaming is being dismantled. Emerging Web3 gaming platforms like Funtico are democratizing access for both Web2 and Web3 developers. Funtico, a chain-agnostic Web3 gaming ecosystem, has introduced a comprehensive suite of development tools through its PaaS model. This includes a 360 studio aimed at simplifying the game development cycle and a creator’s studio for minting custom NFTs, making it easier for traditional developers to venture into blockchain gaming.
The concept of PaaS in blockchain gaming is paving the way for a more inclusive environment, making it easier to launch games and attracting top talent that previously hesitated due to the steep learning curve associated with blockchain technology.
Improvements in Game Design and Tokenomics
The initial wave of blockchain games, driven by speculative interest, often suffered from poor gameplay and unsustainable economic models, leading to high player turnover. However, recent developments show a shift towards games with more engaging and immersive gameplay. Noteworthy examples include the MMORPG World of Dypians and the action RPG SERAPH:In The Darkness. Additionally, the emergence of Telegram’s tap-to-earn games, with a market cap of $2.2 billion and titles like Lucky Funatic drawing in 400k monthly users, indicates a growing effectiveness in attracting new participants to the crypto space.
Engagement from Traditional Gaming Giants
The involvement of established gaming studios in blockchain initiatives is a testament to the technology’s potential. A 2023 Coingecko report highlighted that over 70% of the world’s leading gaming firms are exploring blockchain to some degree. Epic’s policy update to welcome back play-to-earn games and Konami’s blockchain venture are indicative of a broader industry shift towards embracing Web3 technologies.
Conclusion
While NFTs may not have sustained their initial hype, they have highlighted the potential for a gaming economy where players can truly own and influence in-game assets. As the industry moves beyond speculative interests, the integration of Web3 technologies is poised to revolutionize game development and player engagement.
