The Role of Rewards in Achieving Mainstream Adoption
With the debut of non-fungible tokens (NFTs) and the Metaverse during the 2021 bull run, Web3 gaming has soared in popularity.
According to the latest news Report According to data from DApp Radar, the blockchain gaming sector accounts for the largest share of on-chain activity, dominating the market with 28%, while the average number of daily active wallets is $6.8 million.
Despite significant growth over the past three years, it is clear that Web3 gaming has not yet reached the level of adoption that stakeholders early envisioned. For context, according to the latest data, popular Web2 games such as Fortnite have over 650 million registered players, while Call of Duty (CoD) has over 100 million monthly users Statistics.
So, what are the missing elements for Web3 games to gain mainstream adoption? The most obvious shortcoming is the quality of the Web3 game, but more importantly, do players receive the value originally promised in the incentivized game concept, and can these rewards be redeemed for external value outside of the crypto ecosystem?
Incentives: Key to mainstream adoption of Web3 games
Web 3.0 ecosystems are often touted as being incentivized economies; this means that participants are rewarded with value, often in the form of tokens or in-game items in Web3 games. This model has seen pioneer blockchain networks such as Bitcoin and Ethereum gain mainstream adoption because of the simple fact that miners and validators are compensated with “valuable” digital assets.
Likewise, the Web3 gaming ecosystem has an opportunity to return to its glory days by focusing more on profitability and sustainability of the incentive model. In many cases, a game like Axie Infinity that became a near-global hit becomes just another name in the industry. To provide some context, Axie Infinity player reward token SLP is down 99% from its all-time high.
Double shock and awe approach
The bright side is that innovators in the Web3 gaming ecosystem have the flexibility to experiment with more flexible incentive models. one double shock and awe approach is one of the effective methods that stakeholders in the field can leverage to achieve mainstream adoption. But what does this strategy actually mean?
In a nutshell, this means allocating significant funding towards life-changing rewards for participating in or completing Web3 gaming tasks, huge prize pools, and scalable infrastructure to match those of more advanced gaming ecosystems such as the esports industry. Incentive level.
A great example of the Web3 gaming ecosystem that has implemented incredible reward strategies Fentic. This chain-agnostic, full-stack platform aims to bridge the gap between fun and rewards by introducing a Web3 gaming ecosystem powered by incredible rewards.
At its core, Funtico prioritizes huge returns on Web3 games within its ecosystem. The platform offers a variety of tournaments, including branded tournaments, community tournaments, leaderboards, and private rooms, that organizations looking to host organized Web3 gaming tournaments can use to incentivize players.
Currently, Funtico is holding a tournament called “THE BIG BANTER SHOWDOWN Quarter Final” for its internal game Formula Funtico, with a prize pool of up to 5,000 USDT. Lucky Funatic, the platform’s click-to-earn game, also features a jackpot tournament where players can easily participate in the game with just a click, receive these rewards, and experience the excitement.
It’s also interesting to look at other Web3 games in the click-to-earn ecosystem that use incentive models to attract more users, such as Hamster Kombat. The TON-based game involves a gameplay in which players take on the role of a hamster tasked with running a cryptocurrency exchange to earn in-game rewards.
What’s more, the shock method doesn’t end with the initial reward. Many times, Web3 gamers hold devalued tokens, as is the case with Axie Infinity, not to mention that most Web3 game ecosystems lack a sustainable continuity model and therefore have no more incentives for users who have already joined. .
In order for Web3 game innovators to continue to reach new audiences, innovators need to adopt more sustainable incentive elements such as affiliate programs as well as advanced UI, transparency and superior game systems that not only compete with Fortnite and CoD Comparable to other games such as 》, participation can also be enhanced through rewards, which can be redeemed internally or externally.
wrap up
As mentioned in the introduction, the Web3 gaming ecosystem is one of the most active crypto sub-industries, but it is still far from the level of adoption it should be. While implementing more “incentive tokenomics” may seem like a cliché, the key is making these rewards sustainable.
The next era of Web3 gaming adoption will likely be defined by incredible rewards that aren’t limited to speculative narratives, but rather the value these rewards provide to players and the tools innovators use to retain their value longer. model, along with more incentive programs across the industry. Web3 game life cycle.
