Web3 gaming needs more player-centric projects with smooth onboarding to bolster mainstream adoption, according to Herbert Sim, chief operating officer of the hybrid cryptocurrency exchange Websea.
He told Cointelegraph in an exclusive interview:
“GameFi projects need to put players at the forefront. At Websea Labs, we’re looking at projects enhancing user experience and gameplay, with eSports being the biggest thing in the market, even within crypto.”
Web3 games have been widely criticized for their lack of gameplay and user experience. Many previous Web3 games have grown in popularity simply based on their promised economic incentives for users despite having poor overall user experience.
However, today’s Web3 games will need to have both a sustainable economic model and a user-centric approach, according to Sim:
“Building sustainable economics is very important for the longevity of projects. So we only invest in projects that have longevity and put players at the forefront.”
Both the GameFi and decentralized finance (DeFi) sectors are seeing increased institutional interest, according to Sim, which will bolster mainstream user adoption:
“We’re focused on GameFi and DeFi because all the institutions are looking at this. Capital is flowing in along with a lot of technological innovation that are crucial for driving market growth and maturity in these sectors.”
Websea’s ecosystem investment institution, Websea Labs, launched a $100 million fund focused on incubating GameFi and DeFi projects at the end of March. Websea Labs was launched in October 2023.
According to Sim, the growing list of institutional participants will bolster the adoption of both sectors:
“More institutional involvement [in GameFi] helps raise awareness and credibility. So with this, more users and developers are joining the games […] we see this happening for both GameFi and DeFi.”
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Web3 games are becoming “playable”
An array of AAA-grade Web3 games are emerging from stealth in 2024, offering a combination of gameplay-focused user experience with high-quality graphics for the first time.
Among the most anticipated games is Solana-based space exploration role-playing game (RPG) Star Atlas, built on the popular Unreal Engine 5.
While Star Atlas is still in development, over 335,000 X followers are anticipating the game’s release, which will come in separate modules over the next five years.
Showcasing the interest in Web3 games, Web3 RPG game Big Time generated over $100 million in revenue within the first six months of its pre-season without selling a single token, according to a March 28 X post by Mario Nawfal. He wrote:
“This is a game-changer, proving that Web3 Gaming is not just the future — it’s inevitable. After all these years of traveling the world talking about the use cases around Web3 Gaming, I’m glad it’s all finally coming to fruition!”
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