Sustainable Play-To-Earn Will Usher In a New Era Of Web 3.0 Gaming

Most Web 3.0 games often use an unsustainable Play-To-Earn economic model, but the ability to make money in a game without having to make an initial investment is more interesting to players.

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The year 2021 was not only a year of great appreciation for crypto assets and NFTs, but also a year when blockchain games experienced a large increase in users, to the point that it occupied more than 50% of all assets in the entire blockchain industry.

The vast majority of Web 3.0 games use the Play-To-Earn economic model, which is based on rewarding players for their time, effort and performance in the game in the form of NFT items and/or native platform tokens.

However, the current bear market has shown that this model is unsustainable and many companies have had to switch to a hybrid system that includes both NFTs and FTs (fungible tokens). This generation of Web 3.0 games, which has better liquidity due to the fungible economy, is being replaced by a revolutionary economic model that could help Web 3.0 games with a Play-To-Earn model become more sustainable.

Classic Play-To-Earn and its problems

Web 3.0 games that are built only for NFTs (sometimes referred to as Generation 0 games) are prone to problems with token liquidity, asset valuation, and low trading frequency due to their undeveloped economy. In such games, the low trading volumes of NFTs limit the added value of the game economies, which then has an even greater negative impact on the market capitalization of the original tokens. This design flaw, together with the bear market, results in many games becoming defunct.

A large number of Generation 0 games are mostly just tokenized versions of Web 2.0 games. These games operate off the blockchain, but in an attempt to attract users from Web 3.0, they use crypto-assets. This results in most of these games lasting only a few months, then leaving their users with NFT tokens that have no value. Therefore, there is a need to create games backed by strong economic propositions for the future sustainability of the blockchain gaming sector.

Creating a sustainable economy for Web 3.0 games

The first step in this journey has been the introduction of a new generation of Web 3.0 games that use immutable tokens to represent higher trading volume items and NFTs for higher quality in-game items.

A great example of this is the Star Atlas platform, which offers users the opportunity to experience life in space and explore the future aboard their own customizable spaceship.

By creating unmistakable tokens that are limited by lifetime and can be purchased in game with a native token, these projects can generate much higher transaction volumes and essentially maintain stable supply and demand metrics.

Agricultural Web 3.0 game, CrypBytes has announced that it will soon launch a service economy feature. This is an evolutionary feature that will introduce players to a truly self-driven economic model.

Innovative economic models

CropBytes has introduced ways for investors to participate in the Web 3.0 gaming sector, pioneering the concept of the service economy, in which players can earn revenue from the use of assets belonging to investors or merchants. Referred to by the company as "Get-Paid-To-Play," this new model will allow players to use their native CBX token to pay other users for services such as growing crops or feeding livestock on their behalf. Alternatively, it is possible to lend their NFTs to other players for a fee.

As players trade assets and collect in-game items that can be exchanged for CBX tokens, CropBytes is once again one step closer to harnessing the full potential of blockchain gaming and the power of crypto technology, ultimately leading to a sustainable and balanced economy.

Shaping the future of Web 3.0 gaming

Introducing the principles of the service economy can help Web 3.0 games increase transaction volumes and help generate the liquidity needed to create a game economy that could outlast the current long bear market.

CropBytes is among the first blockchain games to incorporate a service economy approach, and now, other large companies are following suit. Axie Infinity recently launched its Axie Homeland Alpha, which allows players to farm and breed Axie on their land, generate resources, then spend them in-game.

The introduction of management features will be the natural next step for Web 3.0. However, it will first require existing players to create large-scale services and interchangeable economies, which will then take them to a new level where investors, token holders and other stakeholders drive the broader game ecosystems.

Source: cointelegraph.com