Cryptocracy shows the unearned trust in Web3, NFT and Blockchain Gaming

It is impossible to ignore the absolute carnage taking place in the crypto market between crashing prices of Bitcoin, Ethereum and most other coins, stock market closures due to volatility without regulators to alleviate the panic, and reaching new layoffs at cryptocurrencies such as Mintbase.

Although I do not like to see anyone suffer job loss or income, this is going to be a pretty big “we told you so” moment especially from the gaming community. For most of a year now, we have been attacked on all sides by evangelists who said that web3, blockchain-based games and NFT-powered economies were the future of the industry.

Now, what is happening to the larger crypto industry should shatter any real argument that these ten-a-thousand projects are in any position to significantly affect the industry’s course. If they seemed unclear before, despite supposedly high market values ​​and high potential returns, it has become clear that they can disappear in an instant, and many of them have already done so.

There are a few different concepts for web3 games that have been pushed over the last year or so:

• The “play-to-earn” concept where game economies are set up to get players to paint to earn coins with a specific value. The prime example of this was Axie Infinity, but even before this current cryptocurrency, the feudal economy in that game almost completely collapsed.

• Then there is the web3 meta-verse, which lands around 200 PR pitches in my inbox every single day. This is based on shared virtual rooms like Decentraland that made headlines because they sold millions in virtual “metaverse” real estate, and again, these are games with simultaneous player numbers outside of the top 300 games on Steam (1200 people are currently in Decentraland as I write this), and you do not hear stories of almost as many high-profile purchases now.

• Then there was the concept of NFTs infecting more mainstream games, something that only Ubisoft really tried, and only in a small capacity in a game that has already stopped supporting after launch, Ghost Recon Breakpoint. Other companies that have previously expressed confidence in web3 and NFTs such as EA and Square Enix have already partially or completely reverted to these ideas, and in every “future of gaming” exhibit at Summer Games Fest, the E3 replacement as going on now, you hear nothing, absolutely nothing, about crypto, web3, blockchain or NFTs.

All of these concepts share the same core problem:

Web3 gaming continued with this idea that they could create sustainable economies involving currency, digital objects or virtual property, which would be a value-adding proposal for the gaming concepts themselves. But what the larger market has shown is that itself most established forms of crypto, the heavyweights like Bitcoin and Ethereum and the exchanges that support them, are still the Wild West and can swing wildly, if not collapse completely. If we can not trust the relative stability of Bitcoin with these massive crashes, why should we believe in Axies’ “Smooth Love Potion” or the land value of virtual property in Decentraland. You should not. You should never have done that. And most core players never did.

I can not imagine a web3 game project over the next few years that will trigger some degree of confidence that it will not go up in months. And even if the elements of making money and making money are trivialized, as they are already beginning to be, you are simply left with… games that are nowhere near as fun as NFT / blockchain-free offers from the rest of the industry. That was always how it would end.

follow me on Twitter, YouTube, Facebook and Instagram. Subscribe to my free weekly content newsletter, God rolls.

Download my sci-fi novels Herokiller series and The Earthborn Trilogy.