At the Bitcoin 2023 event, industry experts shared their insights on the future of web3 gaming and its potential to revolutionize the gaming landscape.
Brian Johnson, Head of Crypto Investments at Republic Capital, emphasized that web3 elements, including ownership and interoperability, are increasingly becoming standard and crucial for games. Johnson expressed his conviction that games lacking web3 components will be eclipsed by those adopting this technology. Additionally, he pointed out that web3 offers a fiat off-ramp, removing obstacles such as KYC and AML while allowing users to maintain control over their assets.
Furthermore, he mentioned that numerous gaming companies have already started embracing Web3, especially when it comes to creating decentralized versions of their games and exploring the potential for additional revenue streams through NFTs and marketplaces.
Tommy Quite, co-founder of Merit Circle, asserts that Web3 is essential for the future of gaming, emphasizing the subtle yet vital advantages that Web3 components offer, particularly in the area of ownership.
Tommy Quite emphasized the need to focus on features and the importance of removing the complexities of Web3 elements to provide a seamless gaming experience. The choice of blockchain should align with the game’s specific needs, he added.
Robert Fontaine, co-founder of Raremind and a notable chess player, highlighted the impact of Web3 on chess platforms, mentioning how established giants like Chess.com are recognizing the importance of Web3 and working to adapt their business models.
Fontaine also emphasized the potential of Web3 to empower users, distribute value more fairly, and address intellectual property issues surrounding game modifications. Additionally, smooth onboarding processes for Web2 users to transition to Web3 without friction are important.
Tekin Salimi, founder of dao5, explained that smaller independent studios would likely be the first to embrace Web3, followed by smaller publishers, and eventually the largest companies. Salimi emphasized that once the new market dynamic of Web3 gaming gained significant momentum, even the biggest gaming companies would have to adapt to the changing landscape.
The insights provided by industry experts illuminate the future of web3 gaming, which is heading towards a user-centric decentralized experience, powered by blockchain technology and web3 innovation.