Web3 represents the next evolution of the internet, a decentralized web built and sustained by the people that enhances connectivity around the world and empowers users to claim ownership of parts of it. Where the first iteration of the internet, Web1, we were able to read only. Web2 enabled us to read-write and now Web3 empowers us to read, write, and own parts of the internet in decentralized networks.
Web2 to Web3 Gaming:
There is no better marriage than between blockchain technology and gaming.
Where Web2 games have total central authority over everything game-related including the assets and information and use a pay-to-play model, Web3 gaming is more player-centric and offers true ownership and portability of in-game assets. Where value inside of web2 games can't be extracted out of the platform, web3 gaming allows for the potential earning and extraction of real-world value assets out of that platform.
Built leveraging blockchain technology, Web3 games have in-game digital currencies that are the lifeblood of the game economy. It’s used for transactions in various aspects of the game and is earned through gameplay or other meaningful value-added activities. As the game, player ecosystem, and currency utility grow, the value of the token and game assets grow as well. Web3 game economies have much to evolve with the future being sustainable economies that have a balanced rewards system.
Blockchain technology, web3, allows for a whole new level of gaming experience by decentralizing key components of the game, empowering gamers with ownership of valued assets, control over information, and enabling the ability to earn rewards in the form of digital currency that holds real-world value outside of the game.
Current gaming studios and projects have only scratched the surface of what’s possible in Web3 and UnCaged will constantly push the boundaries of quality, fun, and rewarding gameplay.
In MonkeyLeague’s case, UNKJD's first esports release of a franchise, Web3 not only enables the creation of an open ecosystem of entertainment and ownership of in-game assets by players, but it also empowers everyday players to become esports stars.
Current State of Web3 Gaming
For those in web3 from the beginning (we’re still early on!) it may seem like a long and arduous journey filled with volatility and unknowns — reminiscent of the ‘Wild Wild West’ of old America – but when you zoom out, the advances web3 is going through with technology is not dissimilar to technological evolutions in all industries, even previous ones within gaming.
The adoption of cryptocurrencies and Web3 is growing exponentially and reaching the Early Majority pillar, where numbers start to overtake that of Web2, isn't that far off. This is a critical point for Web3 gaming as it means it will then push through the Chasm, the current state of Web3 gaming, the tipping point. The point at which web3 gaming has overtaken web2 in terms of adoption. However, this is not a guaranteed result as it requires certain aspects to evolve.
Web2's evolution to Web3 opened doors of limitless potential for the gaming world as it redistributed ownership, empowered gamers to play to own their destiny within the game, and allowed for robust ecosystems to be created. However, in GameFi 1.0, just like in all raging new industries, the enthusiasm to catch the wave led to the quick release of lower production value games that focused more on the earning aspect and less on the entertainment value that games are meant to deliver. This gave birth to a stream of play-to-win and play-to-earn web3 gaming experiences that lack core gaming values, sustainable growth, and economies.
Simply put, the current play-to-earn gaming model is not sustainable-- an untamed rewards system coupled with low production and entertainment value. For Web3 gaming to succeed and go mainstream it needs to build on top of the best of Web2 gaming and not wander down a separate rebellious niche path.
Web3 Gaming 2.0
The popularity of games such as Axie Infinity has been difficult to ignore but as Web3 develops and evolves, increased competition and technological advances will provide web3 gamers with better entertainment value for their time. In addition, as more traditional, sophisticated gamers make the jump to Web3, the demand for higher production and entertainment-value games will increase exponentially. In addition, through 2022 the sustainability of such lower-quality games became apparent through major issues in their economies. These points amount to our mission that Web3 games should be building on top of the best of Web2 games and enhancing the experience with Web3 elements - most importantly sustainable economies that allow for the long-term lifecycle of a game.
The question all Web3 studios should ask themselves about their players is - if the players didn’t need the money, would they still play the game?
The answer to this question represents the core of UNKJD's gaming philosophy. A philosophy that fuels our vision for the future of GameFi 2.0.
Bottom line. Games should be fun and engaging first, regardless of rewards.
Fun and engaging gameplay, high production and entertainment value, and sustainable economies that have a skill-based rewards system are the keys to a foothold in the future of Web3 gaming and UnCaged is at the forefront, pushing the boundaries that define what is gaming.