Subscribe to our newsletter!
Editing by Nathaniel Cajuday
- In an exclusive interview with BitPinas, Web3 Games Collective (W3GC) declared that it will serve as a bridge for web2 popular games to come into web3.
- As per W3GC, the alliance formed can do this goal through the individual contributions of the members to collectively drive adoption.
In an interview with BitPinas at the time when it was first announced, Web3 Games Collective (W3GC) explained that the alliance’s goal is to bring mainstream gamers and “pave the way” for widely-played games to come into the metaverse.
The Web3 Games Collective (W3GC) is composed of Yield Guild Games, web3 gaming institution Game7, non-fungible token (NFT) marketplace Magic Eden, and web3 game publisher Fenix Games.
W3GC’s Plans to Address Web3 Games Adoption Collectively
As per the members of the alliance, each with their own area of expertise, they vow to drive the mass adoption of web3 games by solving the challenges faced by game developers trying to venture into the space, claiming that would address problems involving gaming communities, player liquidity, and discoverability.
“By formalizing a collective, we are bringing these subject matter experts together, unified under the same goal, to support great game developers. We recognize to move quickly to navigate these challenges; we are much stronger working together, yet the tight size and close nature of the group will allow us to operate efficiently,” they emphasized.
The alliance’s individual efforts include Game7’s project financing to encourage innovation among game development teams, YGG’s redefinition of game communities for web3 and generating player liquidity, and Magic Eden’s game-focused marketplace, which serves as a platform for players to explore new content and launch their own projects. With these individual contributions, W3GC is expected to bring these subject matter experts together with the same goal of supporting game developers.
How Will W3GC Be Different from Blockchain Game Alliance?
Prior to the establishment of W3GC, there was already the Blockchain Game Alliance (BGA) launched in 2019, of which YGG is also a member, and one of the BGA’s board members is YGG co-founder Gabby Dizon. The alliance advocates for the integration of blockchain technology within the gaming industry.
The existence of both the BGA and W3GC raises the question of how the two alliances will differ from each other. This is where W3GC expressed that it is looking forward to the possibility of collaborating with BGA in the future to enhance the support provided to the game development community.
“Our key goal this year is to focus on honing in on how the four organizations that make up our founding team can amplify each other’s efforts in solving these issues, and then disseminate educational resources and opportunities to engage with the broader w3gc to discuss possible solutions,” the alliance told BitPinas.
Unlike traditional games, blockchain games are video games that are built on a blockchain, a distributed ledger technology that allows for secure and transparent record-keeping. These games often utilize cryptocurrency, NFTs, or other blockchain-based assets as part of their gameplay mechanics and economies, which enables players to earn, buy, sell, and trade blockchain-based assets.
According to the list of Web3 decentralized app distribution platform DappRadar, there are currently 2110 blockchain games launched on different blockchain networks such as Ethereum, BNB Chain, Polygon, Tron, Hive, and more. Some popular examples of blockchain games include CryptoKitties, Axie Infinity, and The Sandbox.
DappRadar also monitored 50 networks and found that gaming activity made up nearly 50% of all blockchain activity during October and November. In November alone, there were 800,875 unique active wallets (UAW) engaging with games’ smart contracts on a daily basis.
In a recent study conducted by the BGA, it was revealed that gameplay improvements are set to be the main factor driving web3 gaming adoption this year.
In addition, a new study conducted by CoinMarketCap and web3 data intelligence platform Xangle has revealed that Asia has the largest number of gamers worldwide. With data from 2019 showing that 55% of the world’s total gamers, or around 1.7 billion players, are Asians alone and that the gaming industry in the Asia Pacific region has generated $72 billion, or approximately 52%, of the world’s annual gaming revenue.
With this data, the study then suggested that game developers who incorporate blockchain technology into their games could attract the adoption of web3.
However, while other firms are actively adopting blockchain, Valve, a prominent PC game store and the video game developer behind DOTA 2 and Counterstrike, has announced a ban in 2021 on all blockchain games featuring NFTs or cryptocurrencies on its digital distribution service, Steam. There is still no update on whether the firm will lift the ban or not.
This article is published on BitPinas: [Exclusive] Freshly Formed Web3 Games Collective States Goal to ‘Pave Way’ for Popular Games to Enter Metaverse
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.