The Time to Embrace Web3 Gaming is Now

Currently, my social media feed is filled with people expressing their disillusionment with Web3 gaming. I understand their sentiment. With over $12 billion in venture capital invested since 2020, the expected mainstream success has not materialized. Even the most promising games have not achieved widespread adoption, token prices are declining, studios are shutting down, and the community is exhausted. However, evaluating Web3 gaming solely based on token prices is misguided, as it overlooks the substantial progress the technology has made and its future potential. It's akin to declaring the internet a failure due to the dot-com bubble, ignoring the real story. At its core, Web3 gaming is about granting players genuine ownership, not just of in-game items but also of their identities and achievements. Unlike traditional games, where players' investments belong to the publisher, Web3 gaming enables players to truly own their earnings, whether it's tradable items or non-transferable badges of reputation. This concept is not new; players have long desired more control over their in-game assets, as seen in the massive markets for CS:GO skins and World of Warcraft gold. However, these economies have been fragmented, restricted, or vulnerable to shutdown. Web3 gaming makes these economies open, interoperable, and player-driven. The industry is evolving, with a stronger focus on sustainable economies, better tokenomics, deeper gameplay, and long-term player engagement. Comparing Web3 gaming to traditional gaming is unfair, as the latter has had decades to refine its design, build massive player bases, and develop successful business models. Web3 gaming is still in its experimental phase, and despite significant investments, it cannot instantly replicate the success of traditional gaming. I've witnessed every major shift in the gaming industry being dismissed before it gained traction. Mobile gaming, free-to-play, and esports were all met with skepticism before they became incredibly successful. Digital skins were once considered worthless before they became a multi-billion dollar market. Web3 gaming is at a similar inflection point. When I first learned about blockchain in 2018, I was unimpressed, but CryptoKitties changed my perspective. The idea of digital ownership, where players could collect, trade, and truly own unique on-chain assets, excited me. As someone who has spent their life playing games and convincing others to do the same without receiving anything in return, the concept of digital ownership offered a new way of thinking. I invested in blockchain games, but the early days were challenging. There was little support, funding, or conviction. The market was in a deep bear cycle, and many teams gave up or ran out of money. However, some of us persisted, staying lean, experimenting, and learning from our mistakes. It feels similarly challenging now, but not as bleak as it was then. Looking back, I'm glad we didn't give up when success was on the horizon. When Axie Infinity broke through in 2021, everything changed. Web3 founders like Jeffrey 'Jihoz' Zirlin, Yat Siu, Sebastien Borget, and I went from being called crazy to visionary overnight. We became speakers at conferences, made news headlines, and were listed as 'Most Influential.' Investors who previously ignored us were now eager to invest. Then, in 2022, the market crashed, and we were once again labeled as crazy. But that doesn't bother me, as it's often the crazy people who achieve great things. Now, everyone's asking when the next big Web3 game will emerge. The answer is that good games take time. If you look beyond the current challenges and notice the progress we've made since 2018, you'll see the significant traction we're gaining: better infrastructure, growing communities, more sustainable virtual economies, and digital ownership. Those who doubt Web3 gaming today don't understand it. They missed CryptoKitties, Axie, and YGG, and they'll miss the next wave because they're focusing on the wrong metrics. Web3 is growing and innovating faster than any other sector in gaming. It's not time to quit; it's time to double down. Let them call us crazy or delusional; it doesn't change what we do. We've been here before, and we'll stay the course.