The simplest way to look at Web3 is the introduction of blockchain technologies to everyday internet processes. As relates to gaming, Web3 is a fairly recent approach. It involves using blockchain technology to create a decentralized system that grants players autonomy over their in-game assets. Players are able to earn rewards and also trade them in the form of crypto or NFTs and benefit from the security the blockchain provides—that’s Web3 gaming in a nutshell.
Although starting with a clear direction, Web3 gaming has struck a fork in the road. Web3 game developers are conflicted about whether to adopt the relatively new play-and-earn model or stick to the familiar play-to-earn model.
The Play-to-earn (P2E) model should not be confused with crypto gambling, as you will find with Alan Draper’s listing of numerous new sites where players stake Bitcoin to play games in hopes of earning rewards. Beyond using the blockchain and players getting rewards in cryptocurrency, there are a few similarities between Bitcoin casinos and P2E gaming projects. Instead, it describes a DeFi gaming model that focuses mostly on earning while other crucial aspects like gameplay and mechanics take a backseat.
Initially a favourite among gaming enthusiasts because it offered them a chance at being rewarded for gaming, which was at the time a novel idea, it has since lost its way as players now only log in to these platforms for the promise of rewards and not for the gaming itself.
While the Play-to-Earn (P2E) model initially sparked excitement among gaming enthusiasts, its focus on economic structure over user experience led to a gradual loss of interest. The failure of this model was not unexpected, as most Web3 games struggled to find a balance. This underscores the need for a new approach in Web3 gaming.
With three in four GameFi projects dying, there was a pressing need for change. The problem was right in front of everyone’s eyes, and the solution was too—go back to the core, gaming, and that they did with Play-and-Earn (PAE) games.
The Play-and-Earn (PAE) model, in contrast, strikes a balance that was lacking earlier and removes the skepticism that surrounds Web3 games. By taking a more relaxed approach to earning rewards and focusing on key game design components such as gameplay and graphics, it’s easier to keep players engaged.
Play-and-Earn (PAE) embraces a more sustainable approach with the game developers prioritizing the player experience above all else, with rewards serving as a bonus rather than the main focus. This seemingly tiny shift is believed to be the key to winning back players’ interests that have been lost and keeping Web3 gaming afloat.
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