Is It Possible to Bring the Xbox-Playstation Gaming Experience to Web3 Metaverses?
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Over the last year, there have been plenty of headlines about the surge in Web3 gaming, with metaverses and play-to-earn leading the way to the next generation of playing online. However, whether or not Web3 currently represents the next generation is perhaps debatable. The established video game market, dominated by consoles, operates differently and caters to a different market than many of the more decentralized alternatives for several reasons. But now that big tech firms like Microsoft are bringing their clout to the game, Web2 and Web3 gaming models could begin to merge.
The console game market has evolved to be a little like the movie industry, characterized by a small handful of studios with big budgets for development and marketing their blockbuster titles. Gameplay is heavily focused on user immersion using state-of-the-art graphics, compelling storylines, and engagement through interactivity.
In contrast, the Web3 model heavily favors economics and incentives over gameplay. Thanks to the decentralized approach to content generation, there’s a plethora of games to choose from, as anyone can join and start creating. While Web3 typically refers to the blockchain-based ecosystem of dApps and games, even centralized metaverses like Roblox have gone with a user-generated approach to game creation.
However, over the last few months, the tectonic plates have begun to shift. Big tech firms, led by names like Meta and Microsoft, are entering the metaverse and Web3 environment. On the other side of the coin, venture investors are pouring tens of billions into blockchain startups,
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