This article discusses how web3 gaming can tap into a billion-dollar market by enabling cheaper in-app purchases through virtual currency. What’s the key to reaching the massive audience web3 gaming has yearned for?
Web3 games, with their focus on expensive NFT assets, have historically only catered to a small audience. This is an increasing problem even to this day, with numerous web3 games not attempting to break the norm when it comes to in-app purchases.
In contrast, famous casual games such as Farmville and Candy Crush have managed to tap into a global mobile gaming audience, harnessing over a billion users during the height of their popularity(even our moms were playing it back in the day!).
But what is the key to this alarming success, and how can web3 gaming studios and companies emulate this sort of success?
Emerging Markets in Web3
The fact is, NFT free-to-play games haven’t catered well to emerging markets. According to the CEO and co-founder of Paradise Tycoon,TimoYouth, in-app purchases (IAP) are less common in these regions, likely due to the low prevalence of credit cards and western consumption habits.
For example, third world countries such as India hold only a small number of people with access to credit cards. The westernized method of accumulating IAP leads does not allow the entire gaming market to be tapped due to these constraints.
Inclusive Web3 Gaming Experience
Players who don’t have ease of access for IAP thus have a less than ideal gaming experience, often leading them to quit these types of games. However, web3 gaming can reach a billion-user market by enabling the participation of the entire market through cheaper in-app purchases via virtual currency, making it much more accessible for the average person. This model is possible through low gas fees, creating a more inclusive gaming experience for a broader audience.
The potential of web3 gaming to tap into a wider audience is not just limited to emerging markets. In developed countries, many gamers are increasingly frustrated with the traditional in-app purchase model, where they are forced to buy specific items at a high price to progress.
Cheaper IAPs through inclusive platforms allow web3 gamers to enjoy their games, allowing them to experience the game at its full potential thus rewarded for their time and effort.
Final Thoughts
In conclusion, web3 gaming has the potential to tap into a billion-user market by offering a more inclusive gaming experience through virtual currency. By removing the barriers of high-priced in-app purchases, web3 games can appeal to a broader audience, both in emerging and developed markets. With the continued development of blockchain technology, we can expect to see more innovative web3 games that offer a more equitable and rewarding gaming experience for all players.