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Can Web3 and dynamic NFTs unlock sustainable game monetization?

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The never-ending monetization debate rages on in the Web3 world, where many games focus their core mechanics on speculation, artificial rarity, and collecting.and GamesBeat Summit NextAlun Evans, CEO and co-founder of Freeverse, talked about three problems Web3 really solves.

“We believe the digital economy should be much bigger than just collectibles,” Evans said. “There’s a whole iceberg out there waiting to be revealed. I think it’s going to be done with live assets, using her NFTs that are dynamic.”

From speculation, rarity and collectibles, the focus should be on utility and earned value, the value of a token is what users do with it and how they engage with the ecosystem. Collecting and speculation are not sustainable, and booms and busts will only hurt the reputation of the blockchain gaming industry and the wallets of developers.

“There will never be a permanent influx of new users to drive the economy. The impact is why should we care about Web3. What is the real problem being solved here? eh?” said Evans. “By allowing NFTs to level up, we are able to reward players for their time. Not only does this improve retention, but it also improves monetization.”

For example, Goal Revolution on Freeverse’s platform allows users to train characters and upgrade their stats, essentially creating value in their tokens. Profit earned on sale is based on investment, not scarcity. Players are also motivated to maintain the value of their assets in and out of the game — characters lose skills and assets lose their monetary value if they are not consistently trained. mechanism has been successful enough to attract the interest of football IPs around the world due to launch next year.

Evans argues that user-generated content, which drives engagement by empowering gamers to customize their experience, should also not be immutable. If a player customizes something (sometimes even paying the developer for the raw materials), being able to sell it on the secondary market keeps that player in the game’s ecosystem and allows the game developer to sell it. You can also charge a fee for

“It’s also slightly fairer to gamers,” he added. “If I create something, why can’t I monetize it?”

Finally, you have the opportunity to combine the Web2 and Web3 worlds to build communities and spread your message. This not only improves retention, but also drives player acquisition. During his MetaBeat in San Francisco earlier this month, Freeverse announced his free MetaBeat NFT, which was also worthless. To level it up, the user can engage with his media socially in a variety of ways. Retweet the conference hashtag, collect likes on your tweet, or show proof of ownership at the conference door.

“Brands are engaging with their users on social media and rewarding their engagement in the Web3 world with tokens that can be upgraded to unlock rewards, features, prizes and more. It doesn’t matter if it’s real or not,” he explained.

By enabling users to extract value from the economy, more value is brought to the economy in the long run. This is a very powerful tool. So what is stopping a developer from using earned value in her Web3 world?

“Most people think of NFTs as immutable collectibles. “We are trying to create dynamic NFTs — we call them living assets — whereby user behavior affects the properties of the NFTs and thus their market value. What it does is change the argument: we move away from this passive activity of collecting and into active engagement with tokens and the underlying game. There is a huge opportunity there for the games industry, the metaverse and brands in general.”

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