In a crowded Web3 gaming market vying for adoption, a fresh approach suggests that industry players must surpass mere tokenization of Web2 elements.
The joy of playing video games began in the 1950s on large, analog computers. Since then, video games have become more accessible than ever before. German online platform Statistia, which specializes in data collection and visualization, reports that 27% of survey respondents in the United States spend 1 to 5 hours a week playing games, while 11% spend 11 to 15 hours.
While critics are quick to point out how much time people waste playing games, gaming has many cognitive benefits in moderation, according to the Economic Times. These benefits are hard to quantify when gamers don’t truly own their progress or have anything tangible to show for their efforts. These games typically exist on centralized platforms, where one party, typically a large conglomerate, owns the game data and assets rather than the player, giving them total control over the progress and outcomes of participation. As a result, the biggest limitation in the market noted today is striking a balance between providing tangible benefits from gaming that carry over into the real world and ensuring an entertaining experience.
Web3 gaming effectively became the solution by giving actual ownership through in-game assets and giving monetary value to rewards via cryptocurrencies that have value outside the game’s constructs. While this makes sense conceptually, it is the execution that is lacking.
The caveat is adoption
The current state of Web3 offerings demonstrates a significant shift in player experience and game development, creating a widening gap between Web2 and Web3 amid impeding widespread adoption.
However, Moxy, an on-demand esports competition-based gaming platform, seeks to confront this issue directly. Moxy defines itself as a game mode that implements an entry fee for participating players and generates a reward pool. At the end of the game, victorious players claim their share of the accumulated rewards, making it an inclusive esports experience. This is a unique opportunity, especially given the massive global gaming community of 3 billion players and 540 million esports viewers. Moxy allows for the transformation of these viewers into active participants who can reap the benefits of gaming.
Moxy calls for the lack of adoption between Web2 and Web3 games. The creators of Moxy highlight that implementing the platform to an existing game causes no fundamental change in the way the game is played or the overall experience, making it more adoptable than other Web3 solutions on the market.
Unlike other Web3 publishers of mainstream games, Moxy doesn’t tokenize anything on Web2 but creates a different experience that combines competition with fun and replayability. At the same time, it is also more accessible as esports gameplay is now available to a broader range of gamers rather than just a few professionals. With Moxy, gamers now have a chance to become professional esports players and enjoy that experience right from the comfort of their homes.
In a market full of Web3 games trying to break into the next gaming era, Moxy becomes a new category as a platform that enables blockchain properties in a mainstream way.
Bridging Web2 and Web3
Recently, on July 15th, Moxy hosted an event called “Battle of the Influencers," which attracted attention to a new approach. The event required participating players to pay an entry fee, creating a rewards pool that winners could claim at the end of the game. Through the event, the platform demonstrated how combining traditional Web2 gaming elements with Web3 features can elevate the gaming experience and bridge the gap between these two worlds.
What’s more, to further the development of Web3 gaming, Moxy.io’s co-founder Nolan Bushnell will be participating in the Hong Kong government-sponsored Digital Entertainment Leadership Forum (DELF) event. He will partake as a Keynote Speaker alongside Yat Siu from Animoca and Sean Hung from Chiron.xyz on August 25, 9:30 am HKT.
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