Vance Spencer and Michael Anderson discuss the potential resurgence of crypto gaming, the concept of ownership in games, the transition from DeFi to gaming, and the challenges faced by crypto games including fees, taxes, and regulations.
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Quick takeaways
The improved infrastructure and technology in crypto gaming have led to a resurgence in popularity, allowing players to truly own in-game assets and participate in the game's economy.
Monetization models in crypto gaming are shifting to balance in-game purchases and the ability to earn assets through gameplay, creating a dynamic and engaging experience with higher retention rates compared to traditional games.
Blockchain technology in gaming offers new opportunities for ownership and value capture, revolutionizing the industry and providing developers with new revenue models.
Deep dives
Crypto gaming is making a comeback
Crypto games are experiencing a resurgence in popularity as the infrastructure and technology have improved. The ability to truly own in-game assets and participate in the game's economy has become a major draw for gamers. The development of robust ecosystems and marketplaces, such as the Passport wallet on the immutable X blockchain, allows for seamless and user-friendly experiences. Additionally, the monetization models are evolving to balance free-to-play access with optional in-game purchases that enhance gameplay, rather than pay-to-win mechanics. The potential for user-generated content and the ability to sell creations within the game add further layers of engagement and monetization. While challenges such as regulatory considerations and integration with existing distribution platforms like the iOS App Store persist, the potential for sustainable and immersive crypto gaming experiences is promising.
The importance of ownership and monetization
Crypto gaming offers players the opportunity to truly own their in-game assets, providing a sense of ownership and agency. This ownership translates into the ability to sell or trade assets, creating a new form of value within the game's economy. Monetization models are shifting to balance in-game purchases and the ability to earn assets through gameplay, creating a dynamic and engaging experience. Early data indicates that the retention rates for crypto games are higher than traditional games, as players are incentivized by the potential economic rewards and tangible ownership of assets. By embracing user-generated content and the ability to monetize creations, crypto gaming offers new avenues for revenue generation and community participation.
The potential of crypto gaming
Crypto gaming has the potential to revolutionize the gaming industry, offering new opportunities for both players and developers. The evolving technology infrastructure, such as layer two solutions and unified wallets, is making crypto gaming more accessible and user-friendly. As more high-quality games enter the market, players will have a diverse range of experiences, from casual mobile games to immersive AAA titles. The success of crypto gaming will depend on various factors, including the balance between free-to-play and paid elements, the development of strong economies, and the ability to create compelling user-generated content. With the increasing interest and investment in the space, the crypto gaming industry is poised for growth and innovation.
Considerations and challenges in crypto gaming
While crypto gaming holds significant potential, there are challenges and considerations that need to be addressed. Regulatory frameworks and the role of platforms like the iOS App Store present obstacles to the integration of crypto gaming. Balancing monetization and player experience is crucial to avoid pay-to-win mechanics and ensure sustainable economies. The potential for speculative bubbles and boom-bust cycles within the crypto gaming space requires careful attention and the development of responsible monetization models. Additionally, the scalability and usability of blockchain infrastructure need further improvement to ensure smooth and cost-effective experiences for players. Overcoming these challenges will be critical for the long-term success and mainstream adoption of crypto gaming.
The Potential of Blockchain in Gaming
Blockchain technology has the potential to revolutionize the gaming industry by offering new opportunities for ownership and value capture. With the rise of NFT-based games like Axie Infinity and Alluvium, the use of blockchain in gaming is gaining momentum. This technology enables players to truly own and trade their in-game assets, creating a more immersive and decentralized gaming experience. Additionally, blockchain-based games provide developers with new revenue models, as they can monetize their creations through the sale of NFTs and in-game economies. As the gaming industry continues to embrace blockchain, it is likely to drive further innovation and growth in the coming years.
The Impact of Crypto Gaming on Block Space Consumption
Crypto gaming has the potential to create significant demand for block space in the Ethereum network and other Layer 2 solutions. With over three billion gamers worldwide, the adoption of blockchain technology in gaming could bring a large influx of users to the crypto ecosystem. As gamers engage with crypto games and earn in-game assets, they may become more interested in cryptocurrencies and blockchain technology as a whole. This increased demand for block space could have positive ripple effects on the Ethereum network, driving further adoption of DeFi and other on-chain activities. Additionally, the success of crypto gaming may lead to the development of more specialized gaming chains and NFT-specific blockchains, offering unique solutions tailored to the needs of the gaming industry.
Are crypto games making a comeback? Vance Spencer and his Co-Founder Michael Anderson join us today to answer that question.
We did a bunch of episode on crypto gaming last hype cycle – retrospectively, it was too early. But now we have cheap blockspace, better wallets, and games that are fun to play.
------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-crypto-gaming-2
----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT
00:00:00 Intro 00:07:19 Intro To Crypto Gaming 00:14:00 How Has Crypto Gaming Evolved? 00:17:39 Casual Vs AAA Games 00:21:10 The Current Gaming Experience 00:26:00 What Benefits Come From Blockchain? 00:32:47 Best Argument Against Crypto Gaming? 00:45:29 How Far Can This Go? 00:50:47 IOS and Taxes 00:55:11 Dealing With Regulators 00:59:01 Choosing a Chain 01:04:50 Are Traditional Studios Coming? 01:07:27 What's An On Chain Game? 01:12:20 Blockspace 01:18:58 Can This Pump Our Assets? 01:21:44 Closings and Disclaimers
------ RESOURCES
Vance: https://twitter.com/pythianism
Michael: https://twitter.com/im_manderson ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
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