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Web3 games don’t need to tempt people with monetary rewards, says Justin Kan

Top crypto venture capitalists continuously try to promote online games as the most persuasive use instances for blockchains. Arianna Simpson, an Andreessen Horowitz associate who prompted the company’s funding in crypto video game Axie Infinity, provided numerous press conferences quoting the play-to-earn framework as a crucial driving force in luring many players into the world of web3.

Axie, the most well-known play-to-earn game, was the victim of a significant crypto hijacking to this day back in March. North Korean cyber criminals Lazarus Group stole $625M from the video game’s Ronin blockchain system ever since trading volumes have experienced a significant price drop followed by regeneration in the last month.

Kan stated that although there are approximately 3 billion players worldwide, which includes those who engage in mobile games, only a few have purchased or mingled with any blockchain-based video game resource.

Kan believes that developing digital products and increasing taxes for everyone for all financial transactions is a perfect model.

In certain aspects, web3 gameplay was developed in reaction to the accomplishment of games like Fortnite, which enabled videogames production companies to activate a remunerative path via micro-transactions from consumers purchasing personalized goods such as attire and armaments. Web3 game designers anticipate taking that perspective a step forward by allowing players to transfer custom digital products around games, transforming videogames into an integrated, interactive ecosystem, according to Kan.

Money would not be the only reason

Kan perceives blockchain-based video games as simply a somewhat more financially interactive variant of the online gaming e-commerce platforms which already operate. He does not believe consumers will come in droves to blockchain solely to earn money.

Rather than concentrating on developing financial advantages under a play-to-earn framework, he believes that the expansion in web3 videogames will be pushed by development companies creating sincerely interesting games with blockchain technology.

Kan anticipates that the industry will develop the same way mobile games appear to have, with a small number of companies taking off at first. Notwithstanding their reservations about the new tech, their accomplishment will inspire large video game companies to utilize their established IP and join the battle five years from now.

Nonetheless, the budding industry of blockchain videogames has a long way to go to garner public attention.

Ali Raza

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