Ownership: The Holy Grail of Web3 Gaming
The concept of Web3 gaming is built upon a promise that has been touted as revolutionary: the ownership of digital assets on the internet. This idea, rooted in the blockchain and distributed ledger technology, aims to grant users control over their digital property. However, despite the hype surrounding this promise, it remains largely unfulfilled.
A Look at the Lore Behind Web3
Ethereum co-founder Vitalik Buterin’s imagination was sparked by his frustration with World of Warcraft. The removal of his warlock’s Siphon Life spell led him to question the concept of ownership in digital environments. This anecdote highlights the importance of ownership in gaming, a notion that has been central to the industry from its inception.
Why Ownership Matters
For gamers, the idea of owning their digital assets and characters is intuitive and appealing. It’s natural for individuals to want to have control over their creations and investments. However, despite this, Web3 gaming lags behind other areas of innovation within the space.
A Double-Spend Problem?
The blockchain and distributed ledger technology underlying Web3 address the issue of digital property rights. By solving the double-spend problem and ensuring that digital assets cannot be duplicated, these technologies create a unique value proposition for users.
Half of the World’s Population Engages in Video Games
In an increasingly digital world, ownership of online assets is becoming increasingly crucial. With over half of the world’s population engaging in video games, the potential benefits of ownership in this space are substantial.
Ownership: The Differentiator in Web3 Gaming
In contrast to traditional gaming models, Web3 gaming promises true ownership and interoperability. Trading game items, virtual currency, and earning from playing games have been mainstays of gaming for over 25 years. However, the lack of meaningful ownership in Web3 gaming has led to widespread disillusionment.
Why Ownership Remains Elusive
The answer lies in a simple yet profound truth: there is no true ownership in most Web3 games. Interoperability, or the ability to use digital assets across different platforms and games, remains a pipe dream for many users.
NFTs: A False Sense of Ownership?
Owning an NFT game item today is akin to owning a dog that lives in your neighbor’s garage. You can admire it from afar, but you don’t truly own it in a meaningful way. This parallels the arguments made by Bitcoin advocates regarding gold.
The Dirty Truth About Web3 Gaming
Despite its promises, the current state of Web3 gaming falls short of its grand vision. The industry needs a hero to showcase true ownership and interoperability, driving innovation and adoption.
A Three-Part Solution
To achieve this vision, we need to focus on three key areas:
- Technology: Developing universal standards that enable seamless movement of digital assets across different platforms and game engines.
- Economics: Creating an economic model that balances openness with sustainable development, benefiting developers, players, and businesses alike.
- A Hero to Showcase It
Building the technology to make this work is hard, it will take a long time, and it has more risk. It would be much easier, quicker and cheaper to do what everyone else is doing and capitalize off the meme rather than to create something truly game-changing.
The Journey Toward True Ownership
Achieving true ownership and interoperability in Web3 gaming requires a clear focus on two main areas: technology and economics. By building a foundational infrastructure that supports true ownership, we can unlock unprecedented value for gamers and transform the digital landscape.
A Shift in Perspective
Developers and companies must recognize that true ownership and interoperability are not threats but opportunities to expand the gaming ecosystem. By supporting open systems, they can attract a broader audience and foster a more vibrant and innovative community.
Conclusion
The promise of Web3 gaming remains elusive, but it’s not impossible. By focusing on technology, economics, and showcasing true ownership, we can create an industry that truly delivers on its grand vision. The journey toward this future will be challenging, but the potential rewards are substantial.
