As a seasoned crypto investor and gaming industry veteran with over two decades of experience under my belt, I’ve witnessed firsthand the meteoric rise of free-to-play (F2P) games-as-a-service (GaaS) models in the video game sector. However, the challenges facing this business model are becoming increasingly apparent: shrinking margins, an oversaturated market, and rising user acquisition costs. In response to these issues, I believe that web3 technology, with its promise of revolutionizing game monetization, offers a potential lifeline for the industry.

As a researcher studying the entertainment industry, I’ve discovered that the video game sector is an unstoppable force, generating more revenue than music and film industries combined. By 2027, this sector is predicted to reach a staggering market size of $363 billion. Traditional video game models, such as Games-as-a-Service (GaaS), have been the industry’s crown jewels for quite some time. However, we cannot ignore the challenges that lie ahead, demanding groundbreaking approaches to ensure continued growth and success.

Historically, the Game-as-a-Service (GaaS) model in its free-to-play (F2P) form has prospered by enabling users to obtain a fundamental game at no cost and generating revenue via in-game purchases like cosmetics or enhanced gameplay features. The allure of F2P gaming for players is evident: with zero initial investment and consequently no financial risk associated with an uncertain gaming experience, as previously experienced, there’s minimal deterrent to experimenting with novel games.

Over the last decade, the success of the Game-as-a-Service (GaaS) Free-to-Play (F2P) model has been nothing short of remarkable, making it a standard practice in the gaming industry. This trend is evident from small-scale casual games to major publishers. GaaS F2P titles have become indispensable.

The promise of web3

In the face of mounting difficulties, blockchain technology is viewed as a potential savior by many in the industry. Its ability to transform game monetization through web3 is seen as groundbreaking. Initially, the focus on web3 gaming was on NFT collectibles. However, this approach had a major drawback: these games relied heavily on a constant influx of new players to survive. While intriguing, this model proved unsustainable for the long haul.

The second wave of web3 games built upon the foundation of NFT collectibles by introducing play-to-earn (P2E) and tokenomic features. Regrettably, these advancements didn’t address the need for new users in NFT collectible games and introduced fresh challenges. P2E games morphed into pay-to-win (P2W) scenarios, discouraging most players and negatively impacting retention. Moreover, concerns arose about tokenomics systems due to their gambling-like characteristics, with random rewards distributions diverging significantly from conventional gaming experiences.

In the realm of web3 gaming, this chasm persists. The player base is segmented into two groups: investors, drawn to the financial rewards of Play-to-Earn (P2E) models and aiming to transform gaming into a commercial endeavor; and conventional gamers, who are growing disenchanted with monetization tactics that favor Pay-to-Win (P2W) structures. These traditional players yearn for genuine entertainment value rather than being left wanting in the current offerings.

Bridging web2 and web3 gaming

Expanding further, the vast gaming populace, encompassing billions globally, is largely ignorant or indifferent towards web3 games. To most, web3 represents a futuristic landscape, an unexplored Wild West brimming with untapped potential that only the most daring choose to traverse. It’s essential to acknowledge that there exists a substantial disparity between the current caliber of web2 games, the existing manifestation of web3 games, and the untapped promise of blockchain technology in gaming.

At Games For A Living (GFAL), we aim to close the gap between traditional web2 gaming and next-generation web3 gaming by introducing a unique business strategy. Our GFAL model concentrates on collectibles from our games and transforms them from in-game items into real-world assets. We accomplish this by emphasizing ownership, assigning value based on seasons, and implementing standardization.

At GFAL, we allow players to gain title to the in-game items they obtain as the initial component of our business model. Put simply, once a player mints or buys a GFAL game collectible, they receive authorization to leverage its intellectual property (IP) rights. Consequently, players have the freedom and potential profitability to employ these collectibles outside the gaming realm, if desired, in novel and unexplored manners.

In my analysis, all GFAL games should adopt a “Battle Pass” system akin to those commonly used in Game-as-a-Service platforms. This approach keeps the games engaging, fresh, and constantly active. However, GFAL introduces an innovative twist by integrating fusion mechanics. On a practical level, this implies that players must utilize their existing collectibles to create new ones, thereby fostering a vibrant exchange in the cross-game marketplace and averting inflation within the game economy.

In our business model, the third component, standardization, facilitates the operation of collectibles ownership and the seasonality system with fusion mechanics. For every game collectible, there’s a necessity for a uniform system that records and assigns rarity and level according to time commitment within the game. This approach generates distinct collectibles complete with their own unique histories, granting each in-game item an equitable and transferable value across all GFAL games.

Beyond the business model

This trailblazing business strategy, which combines elements of ownership, variability, and uniformity across various games, addresses several prevailing issues in the video game industry. By cultivating a balanced, reliable, and long-term gaming experience for both players and developers, this innovative approach could be the key to propelling blockchain gaming beyond its current niche following and into broader acceptance.

Yet, it’s essential to recognize that a successful business model isn’t the only requirement for video games. Instead, these creations need to deliver an extraordinary gaming experience in their own right. Developers must stay dedicated to creating engaging games, where blockchain components function as enhancers rather than overshadowing the core gameplay.

To reinforce this, we’re building a strong platform encompassing a unique personal ID system and a versatile multi-game marketplace. These elements aim to foster a communal gaming atmosphere, promoting interplay and involvement that extends beyond the games themselves. This extensive ecosystem, accessible to external parties, is part of GFAL‘s tactical plan to minimize obstacles for players moving from web2 to web3, thereby facilitating the seamless adoption of emerging technologies within familiar gaming landscapes.

Preparing to introduce fresh gaming titles this year, I acknowledge the keen interest from the industry. It’s no secret that many are eagerly anticipating if our innovative approach will establish a new benchmark for gameplay, ownership, and monetization. As a forward-thinking analyst, I envision this shift as ushering in an era where the boundaries between web2 and web3 become indistinguishable. This merging of worlds promises a unified gaming experience that respects both the rich history and exciting possibilities of gaming culture.

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2024-07-14 13:54