It is an underrecognized fact, but blockchain technology has revolutionized the transition from Web2 to Web3 gaming, particularly regarding in-game asset ownership, control, transparency, and security. In Web2 game development, the game publisher or developer controls centralized servers where game assets and data are stored. Players’ in-game progress and purchases are tied to the respective ecosystem, which means they can’t sell or transfer their assets outside the game.
Web3 games enable true ownership via blockchain technology as assets are held on a decentralized ledger. Players have more control over their investments as they can trade their assets outside the game.
Centralized Web2 game servers are vulnerable to data breaches and hacking. The game’s transactions and code are not transparent, leading to trust issues regarding data handling and fairness. In contrast, Web3 game and transaction data is recorded on the public ledger, reducing the risk of cyberattacks and ensuring the verifiability of game activities. Web3 makes ownership more secure and transparent.
The possibility of trading assets on Web3 enhances engagement
Players can explore and trade or use assets within the game’s ecosystem. They see real-world value, leading to higher engagement. For Web3 gaming platforms like Funtico, this means a more loyal and active player base.
Web3 gaming assets are often designed to work across games or platforms. A player could use an asset from one game, like a weapon or a character, in another, building a cohesive experience across titles and increasing asset value. In Web2 gaming, assets are often restricted to one game.
Players can trade assets on open marketplaces and monetize their contributions or gaming skills by providing other players with services or creating in-game content.
In Web2, the developer typically controls the assets, which are lost if the game shuts down. Web3 players remain engaged as their assets stay with them, ensuring secure and transferable ownership. This marks a transformative power shift from game developers to players.
Maximizing the potential of player-owned assets
There are many exciting use cases of player-owned gaming assets. Players purchase in-game items and assets in the Funtico marketplace in a process that aims to merge the convenience of Web2 and the ownership of Web3. In games like Lucky Funatic, players can win digital assets and NFTs as rewards for achievements and milestones. These assets can also serve as tickets to participate in high-stakes tournaments, where players compete for cash prizes and other rewards. A rare NFT character or item acquired in one game might be transferable or usable in other games within Funtico’s Entertainment Hub, allowing players to leverage their assets in various contexts and enhancing asset value.
Certain assets may unlock exclusive content or features. For instance, holding a specific NFT could grant specific players access to special game modes, areas, or events that are not available to ordinary players.
Gamification rewards and borderless play are valuable aspects of gaming, but they don’t offer the same depth of player control, autonomy, and potential for long-term benefits as outright asset ownership. Gamification rewards typically consist of points, badges, or virtual goods that exist within a game’s ecosystem but lack real-world value outside of it. They remain bound to the game or platform, and players don’t have full control over them. By contrast, outright ownership of assets on Web3 means that players have verifiable and transferable ownership of in-game items.
Borderless play enables players to participate in games from anywhere in the world, which doesn’t necessarily provide value outside of the specific game. True asset ownership in Web3 can bring cross-platform utility, where digital items, characters, or currency are used across games or platforms, allowing players to benefit financially from their investments in the game.
Traditional game developers can revoke, reset, or modify rewards and points at any time. Blockchain technology renders Web3 ownership immutable. Owners must consent to any changes or deletions of blockchain assets, providing them with a reliable and permanent asset record.
Player-owned assets on Web3 often come with governance rights in decentralized games, allowing players to vote on game modifications, rules, or development decisions. This creates a sense of empowerment and community ownership, where players feel they are not just consumers but also contribute to the game’s evolution. Gamification rewards alone don’t provide players with this level of influence, as they tend to be limited to enhancing in-game engagement rather than empowering players with governance rights.
The future of Web3 gaming and asset ownership
As Web3 gaming becomes more popular, digital assets hold the potential to appreciate. Just as rare or limited-edition assets become more valuable over time in physical markets, the worth of Web3 assets can increase as demand grows, especially if a game or platform’s popularity soars.
With asset ownership, players can even form businesses around their in-game holdings. In Web3, players can rent or lend assets to others. For instance, players who own expensive or rare assets could lend them out for a fee, enabling others to use them temporarily in competitive or collaborative gameplay.
Source: https://coincodex.com/article/53124/player-owned-gaming-assets-might-be-the-most-underrated-web3-innovation-today/