P2E Gaming Projects Taper kling The Barriers To Web3 Mass Adoption
Categories: Crypto News US
As the decentralized and more democratic iteration of the internet, Web3 has a strong value proposition. Many expect the mass adoption of the new web to start with the NFT-powered blockchain gaming space, for which last year’s colossal rise of the non-fungible token sector paved the way.Blockchain gaming supercharges non-fungible tokens via the Play-to-Earn (P2E) model by empowering users to earn, trade, and use them as in-game items with complete, verifiable ownership through the distributed ledger. Although, while P2E games have been dominating blockchain activity and reached an all-time high in April 2022 at 1.23 million unique active wallets (UAW), the niche hasn’t yet lived up to the mainstream. The sector still faces significant issues, such as mediocre concepts, lack of catching gameplay, poor UX, weak and unsustainable in-game economies, oversupply of in-game NFTs, incomplete ecosystems, high entry barrier, and others. Until these issues are solved, blockchain gaming won’t be able to fulfill its role as a primary facilitator of Web3 adoption. Let’s see some examples of innovative P2E projects which offered their solutions to some of the industry’s most burning problems.Players have to purchase tournament tickets to get a chance at winning BTC rewards, which is another necessary mechanism to ensure the long-term sustainability of the game economy. At the same time, accessibility can be enhanced by the participation of gaming managers, who can delegate their tickets to talented players unable to afford them. And, given the immersive gameplay and brain-computer interface (BCI) integration, the metaverse will hardly be struggling for new gamer blood. The Oversupply of In-Game NFTs Even though NFTs were meant to be one-of-a-kind digital assets, many P2E solutions face an oversupply of in-game non-fungibles. With the number of non-fungible token minters surging from 500 in Q1 2021 to 1.2 million by early 2022, NFT hyperinflation of assets might eventually create an artificial bubble that will fuel a significant market crash after it pops.To avoid drowning the demand, the P2E racing game Roach Racing Club introduced the Run-or-Die concept, which burns the non-fungible tokens of inactive players. This mechanism helps achieve a balanced in-game econo Lack of Value for Traditional Gamers When it comes to the crypto space, blockchain games have a relatively low entry threshold. However, for traditional gamers, it’s still a gated market. For the time being, the Play-to-Earn space struggles to create the value that would enable traditional gamers’ mass adoption of blockchain gaming solutions. New mechanisms, complicated models, too much information on the backend (while the player wants to keep to the frontend and just enjoy the ride), and low levels of trust – are just a few factors that stand in the way. Reaching Web3 Adoption Through Innovative Concepts From the oversupply of NFTs and weak in-game economies to the inability to connect various market participants and the lack of value for traditional gamers, the Play-to-Earn sector is facing multiple issues that hinder its ability to reach the general public.While early projects kickstarted the adoption of the technology, it is up to promising P2E startups to tackle the challenges of the blockchain gaming market by demonstrating out-of-the-box thinking and leveraging innovative concepts.Achieving success in this field is crucial, as the Play-to-Earn sector has great potential to serve as a key catalyst for Web3 adoption.