2024 is gearing up to be an exciting year for not only crypto, but the development of different blockchains as well. The problem with a majority of games today is that they are liabilities, once you spend your money you’ve essentially lost the money and time you put into the game. However, as more resources and time go into web3 gaming, these games can turn into an asset.
Web3 Gaming?
Web3 is the idea and stage that the internet is going towards in which users are connected to a decentralized network, meaning no one party owns everything, and each player has access to their own data. The problem with most digital entities is they have all the power. Popular social media companies own and sell your data and privacy, banks own your money, video games own your skins, characters, cards, etc. However, with web3, the control goes to you.
The best part of web3 gaming is the ability to have true ownership, or as close to true. Owning more in-game content could result in a higher governance percentage(i.e. deciding where funding goes), a marketplace where you can sell your in-game content for real currency, or even selling your stats and data to large companies. YOU get to decide.
Key terms to know about Web3
- Blockchain Technology: Blockchain technology is a decentralized and distributed ledger system that enables secure and transparent recording of transactions across multiple computers. It consists of a chain of blocks, each containing a list of transactions. These blocks are linked and secured using cryptography, making it difficult to alter historical transaction data.
- NFTs (Non-Fungible Tokens): NFTs are distinct digital assets created with blockchain technology that signify ownership or provide evidence of the legitimacy of a certain object or piece of content. Distinctive and non-replicable, each NFT differs from fungible assets like cryptocurrencies like Ethereum and Bitcoin.
- DeFi: DeFi stands for Decentralized Finance. It refers to the rapidly growing ecosystem of financial applications and services built on blockchain technology, primarily on the Ethereum network. DeFi aims to disrupt traditional financial systems by offering decentralized alternatives to centralized financial institutions.
- Play-to-Earn Models: Web3 gaming often embraces play-to-earn gaming models, where players can earn cryptocurrency or other valuable rewards by participating in the game. This is in contrast to traditional gaming models where players spend money on in-game purchases without the ability to truly own or trade those assets.
- DAOs: DAO stands for Decentralized Autonomous Organization. It’s a relatively new concept in the world of blockchain technology and cryptocurrency. Unlike traditional organizations with a centralized leadership structure, DAOs operate on a decentralized basis, meaning they are not controlled by any single entity.
- Smart Contracts: A smart contract is a self-executing agreement that has its terms encoded directly into computer code. The agreements and the code are spread via a decentralized, distributed blockchain network. Transactions are trackable and irreversible, and the code governs how they are carried out. Smart contracts eliminate the need for intermediaries and can be used for various applications such as financial transactions, supply chain management, and decentralized applications (DApps)
Disclaimer
None of the information in this article is financial advice and should only be used as insight into the field. There is also no guarantee that the developers will fully release any of the games. Always do your own research before making any final decisions.
The web3 and crypto space may sound scary at first, but listed below are some tips you should follow to vet these projects before investing.
- Only follow the official accounts.
- A sense of urgency to a website can often lead to a scam.
- A doxxed team doesn’t always ensure authenticity, but it helps.
- Read the whitepaper or project roadmap, make sure the price is worth the product.
- If it’s too good to be true, it probably is!
- If possible, spreading assets across multiple wallets (where you store your items (NFTs, currency, virtual land, etc) may be a good idea.
Top Crypto Gaming Projects of 2024
Star Atlas
- Virtual gaming metaverse set in space
- Using Unreal Engine 5
- Built on Solana
- 2 tokens: Atlas (utility token) and POLIS(governance token)
Illuvium
- ILV is the native token
- RPG with an open-world adventures and pet battles
- The beta is already out with more developments to come this year
- Build on Immutable X
Helix
- Different collections of NFTs including PFPs (Profile Pictures), apartments, and weapons.
- Open world action game similar to Grand Theft Auto
- Uses Unreal Engine 5
- Uses NFTs on Ethereum
- LIX will be the native token
MetalCore
- Play test ended in December 2023
- 3rd person combat game involving infantry, aircraft, and vehicles
- Craft gear, recruit pilots, develop land, sell and trade, and more!
- Build on Immutable X
Torque Drift 2
- Your car is your collectible
- A competitive car racing and drifting game
- Full release expected this year
- Built on Polygon
Decimated
- Native token DIO
- 3rd person RPG set in a post-apocalyptic world
- Built using Unreal Engine 5
- Built on Solana
- Currently in a closed alpha test
Hytopia
- Native token TOPIA
- Minecraft inspired game
- Built on its own chain called TopiaChain and Ethereum
- Already released a few collections of NFTs
Nifty Island
- Native Token ISLAND
- Content creation metaverse world
- Built on Ethereum
- Owning a Legendary Palm NFT gives special benefits to holders
- Launched on January 17th, 2024
Shrapnel
- Early access to come in the year
- First-person shooter
- Set in 2038, an exosolar asteroid collides with the moon forming Saturn-like rings around it pelting Earth with lunar meteorites.
- Built on Avalanche- holders of the NFT gain access to the game
- Earn Shrap, giving you the ability to convert it into cryptocurrency or fiat
Popular Chains for Crypto Gaming
Ethereum (ETH)
Ethereum is a decentralized platform that makes it possible to create and run decentralized apps (DApps) and smart contracts. It introduced the concept of programmable blockchain, allowing developers to build various applications on its blockchain.
Key Features
- Smart Contracts: Ethereum introduced the use of smart contracts.
- Decentralized Finance (DeFi): Ethereum is a significant player in the DeFi space, hosting a variety of decentralized financial applications and services.
- NFTs: Ethereum is the primary blockchain for the creation and trading of non-fungible tokens (NFTs), representing ownership of digital or physical assets.
Avalanche (AVAX)
Avalanche is a decentralized platform that aims to provide fast and highly scalable blockchain solutions. It utilizes a consensus mechanism called Avalanche Consensus to achieve high throughput and low latency.
Key Features
- Subnets: Avalanche allows the creation of custom blockchains or subnets, which can be public or private, enabling flexibility and customization for various use cases.
- Interoperability: Avalanche is designed to support interoperability with other blockchain networks, facilitating the transfer of assets and data across different platforms.
Polygon (MATIC)
Polygon is a platform for building Ethereum-compatible blockchain networks. It aims to address some of the scalability and usability issues of the Ethereum network by providing layer 2 solutions and sidechains.
Key Features
- Scalability Solutions: Polygon offers various layer 2 scaling solutions like sidechains and Plasma, allowing for faster and more cost-effective transactions.
- Ecosystem Support: Polygon is known for its support of a wide range of decentralized applications, particularly in the gaming and DeFi sectors. Some of the dApps include Celer cBridge, allowing users to exchange cryptos for others with low costs, Optix, a trading platform allowing users to leverage up to 10x, Instadapp which creates users a unique smart wallet with advanced features, and many more.
Solana (SOL)
Solana is a high-performance blockchain platform ideal for cryptocurrency ventures and decentralized apps. Proof of History (PoH), a special consensus technique, is used to provide quick transaction times and cheap fees.
Key Features
- High Throughput: Solana is known for its high throughput, capable of processing thousands of transactions per second, making it suitable for various applications requiring quick confirmation times.
- Decentralized Applications: Solana has gained popularity for hosting a diverse range of decentralized applications, particularly in the DeFi and Web3 spaces.
Immutable X (IMX)
Immutable X is a layer 2 scaling solution for Ethereum designed specifically for NFTs. It aims to provide a gas-free and environmentally friendly environment for NFT trading and ownership.
Key Features
- Gas-Free Transactions: Immutable X uses layer 2 scaling to enable gas-free and instant transactions for NFTs on the Ethereum network.
- Carbon-Neutral: It emphasizes environmental sustainability by being carbon-neutral, addressing concerns about the energy consumption associated with blockchain networks.
Each of these blockchain cryptocurrencies brings its own unique features and focuses on addressing specific challenges within the blockchain space, contributing to the overall development and evolution of decentralized technologies.
Benefits of Web3 Gaming
As previously mentioned, the best part of web3 is the sense of true ownership through blockchain technology. Players can create their wallet which comes with a unique recovery phrase. Instead of a single, easy-to-guess password, it’s like having a super secure lock with 10-24 unique keys (words) that only you know the combination to.
Another benefit of switching to web3 gaming is the scarcity of in-game items. Through the use of blockchain and NFTs, developers can implement true scarcity and rarity when it comes to in-game items. This scarcity enhances the value of rare items, creating a more dynamic and potentially lucrative gaming environment.
Web3 empowers you to actively shape the game world with DAOs (Decentralized Autonomous Organizations). In a DAO, decisions are made through consensus mechanisms and executed through smart contracts. Members of the DAO often have voting rights proportional to their stake or holdings within the organization. DAOs can be used for a variety of purposes, such as managing funds, making collective decisions, or governing decentralized applications. This can include voting on new features, changes to the game economy, or other aspects of game development.
Web3 gaming aims to enable interoperability between different games and platforms. Players could potentially use their in-game assets across multiple games that support the same standards, creating a more seamless gaming experience.
The Future of Decentralized Gaming
While it’s hard to gauge what the future holds for web3 gaming, assumptions could be made based on the business model and who’s involved. As more and more large gaming companies enter web3, this makes room for everyone to benefit. This includes more funding that goes into both the users and the company’s pockets.
Web3 games can create virtual economies where players can engage in economic activities such as trading, investing, and building businesses within the game. These economies can be driven by player-generated content and decentralized marketplaces. This can give players the ability to monetize their land, being able to earn when someone views, enters, or interacts with it. People can create an ecosystem if they can find people to support them.
Because these games would be using blockchain technology, users’ safety can be increased if the proper measures are taken. While it may take some time to reach mass adoption, getting an early start will help bring the power to the gamer.
There are challenges to overcome, such as scalability, user experience, and regulatory considerations. However, the potential benefits of decentralization, ownership, and community engagement make Web3 gaming an exciting frontier for the gaming industry.
Read More: The Latest Crypto Gaming Trends in 2024
