A new era in Web3 gaming
More “Game,” less “Fi” — A new era in Web3 gaming, A new massively multiplayer online role-playing game shows that the people who make blockchain games know how important it is to make their games fun.
A new era in Web3 gaming
Oath Of Peak
NFT collectors will benefit from this animal racing game
This soon-to-be-released NFT racing game has already integrated several other NFT IPs, and its collectibles have all sold out.
Bringing the NFT and blockchain gaming communities closer together has been an ongoing issue for crypto supporters and programmers.
All the major NFT collections are working to further integrate utility and provide holders with perks. Full-fledged game development is generally beyond the financial means of such endeavors, though.
In contrast to blue chip NFTs, gaming artifacts rarely become as sought after or valuable. The question then becomes how NFT collectors, who own digital assets, might put those assets to use in other Web3 endeavors, such as dynamic gaming environments. One initiative has implemented the fix and is rapidly growing in popularity as a result.
NFT collections join the race
PetaRush is a cutting-edge racing game in development where NFTs stand in for human players. As excitement for the new platform grows, the project has sold out both its whitelist and its public auction.
What’s even more remarkable is that PetaRush has built a framework that lets people use popular NFT collections in contexts other than games. Owners of PhantaBears, for instance, can enter their Bear NFTs into a virtual race against PetaRush heroes. The development team is always hard at work adding new NFT features.
PetaRush has a leg up on other blockchain racing games thanks to its unique ability to contribute value to NFT collections. Furthermore, the game may interest players who have never tried Web3 games before. Last but not least, this ground-breaking initiative is reaching out to consumers outside of the crypto sector to bring them into the blockchain gaming space.
Open Web3 space to all
PetaRush is not just about providing NFT collectors with more value. Getting the general public interested in one of the blockchain gaming industry’s toughest obstacles. PetaRush has decided to welcome users from all walks of life in an effort to combat this issue.
No non-existent floating point tokens or cryptocurrency wallets are needed to play. Whitelist invitations and NFTs are among the incentives a player can earn as they progress through the game. But there’s no cost to jump into the Martian-themed racing tracks.
PetaRush’s ability to focus on several IP addresses and its scalability put it in a prime position to revolutionize the Web3 market. Bringing the most in-demand NFTs into the blockchain gaming ecosystem while welcoming consumers who are new to crypto is a positive step toward mainstream adoption of Web3 games.
Video games with NFTs form a perfect union
In 2022, there was a big rise in interest in the NFT industry, which got a lot of media attention. Meanwhile, At the end of the year, gaming is counted for almost 50% of all blockchain activity.
As these two industries come together to make the next wave of Web3 businesses, more and more people will start to use crypto.
Anyone interested in learning more about PetaRush and its most recent NFT integrations can do so by playing the game on the site. PetaRush is a free, publicly playable beta game now in its second phase of testing.
Web3 gaming enters a new era with the viability of Play-to-Earn
Even though the Web3 gaming industry sometimes uses play-to-earn economic ideas that can’t last, a service economy lets players make money with little or no initial investment.
Cryptocurrencies and non-fungible tokens skyrocketed in 2021. (NFTs). However, the blockchain gaming sector also increased and currently accounts for more than half of industry activity.
Play-to-earn (P2E) economic models pay players for time, effort, and advancement in most Web3 games. Most pay-to-play (P2P) Web3 games use NFTs or the platform’s native tokens (NTs) to purchase in-game goods.
While promising, this model has proved unsustainable in weak markets, pushing Web3 game entrepreneurs to transition to a hybrid system that uses NFTs and fungible tokens. (FTs). Fungible economics makes this new generation of Web3 games more liquid, which might help the P2E Web3 gaming sector become viable.
Challenges facing Play-to-Earn gaming
Generation 0 (Gen 0) Web3 games have economies that aren’t fully formed; hence, they have problems with token liquidity, asset valuation, and low trade frequency.
Low NFT trading volumes reduce the value added to the game economy, which in turn lowers the value of the native tokens’ market cap. When a negative crypto market is added to this game’s fundamental design problem, it’s easy to see why so many of them fail.
To add insult to injury, many of these Gen 0 games are tokenized versions of Web2 games, operating independently of a blockchain while nevertheless making use of crypto assets in an effort to attract Web3 gamers.
Unfortunately, most games fail within the first few months after release, leaving players with NFTs that have little practical purpose beyond the confines of the game. For the blockchain gaming industry to thrive in the long run, compelling game experiences that are backed by solid economic designs are essential.
Sustainability over NFT-driven economic models
The emergence of Web3 games that use fungible tokens representing high-demand products and NFTs for premium virtual goods is the first step in this approach.
The Star Atlas platform is a good example because it allows users to build their own personal spaceship and experience what it might be like to live and travel in space in the future of our world.
Such projects can achieve significantly greater trading volumes and effectively maintain steady supply and demand metrics with the introduction of fungible tokens that have a limited life and can be acquired using the native token within the game.
However, the next evolutionary stage that will introduce players to a truly player-driven economic model may occur soon, as the Web3 crypto farming game CropBytes has announced the forthcoming launch of its Service Economy feature.
Long-term economic model innovation
CropBytes was the first to come up with the idea of a Service Economy, which lets players make money by using the assets of investors or traders. This makes it possible for more Web3 investors to invest in the Web3 gaming sector.
CropBytes’ new ‘Get Paid to Play’ model will enable players to pay for in-game activities such as crop cultivation and livestock feeding with the platform’s native CBX token. They might, alternatively, charge other players to use their NFTs.
CropBytes is getting closer to realizing the full promise of blockchain gaming by utilizing the power of crypto to build a sustainable, balanced virtual economy as players exchange assets and gain in-game goodies that can be redeemed for CBX tokens.
Indicating the way forward for Web3 gaming
When applied to the Web3 gaming industry, the ideas of the service economy could increase the number of transactions and create the liquidity needed to build gaming economies that could survive long crypto winters like the one we’re in right now.
CropBytes, one of the first blockchain games, was the first to use the service economy model. Now, major players in the sector are adopting it.
Axie Infinity just released the Axie Homeland Alpha, which lets players grow and populate their Axie lands to get and spend in-game resources. In the rapidly developing world of blockchain-based video games, service economy ideas are quickly becoming the norm.
Also, the next step that makes sense for the sector will be to add governance capabilities. To get to the point where investors, token holders, and other stakeholders rule the larger gaming ecosystems, however, current players must first create large service economies and fungible economies.
NFT Collection History
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You may now possess a piece of history in the same way that you might have in the past by collecting news from GameDaily.com Look for articles that have become cultural touchstones or keep an eye out for breaking news scans that may turn them into new features. Create a historical NFT collection of your own with gamendly.com. We have provided brief detailed information about Web 3 & NFT.