If you want a powerful illustration of why game asset ownership matters, just picture Vitalik Buterin, crying himself to sleep as a teenager. He was an avid player of World of Warcraft — but one day, Blizzard removed the damage component from his warlock's Siphon Life spell.
"On that day I realized what horrors centralized services can bring. I soon decided to quit," his bio once said. Buterin didn't get mad — he got even. Just a few short years later, he co-founded Ethereum. Unfairness in a video game inadvertently led to him creating the second-biggest blockchain on the planet. And unfortunately, this is just the tip of the iceberg.
Around the world, countless gamers are trapped in a one-way street. They're spending precious time earning in-game assets that have little to no real-world value — and in some cases, parting with their own cash to get them. Some of these rare and coveted items can't be transferred to other titles in the series. Their utility can suddenly change without warning. And there's no way of selling them onto other players who might use them.
Pokémon trading cards are transferable, and often auctioned off for tens of thousands of dollars. Collections of rare sports cards can be worth millions. Why should virtual skins and weapons be any different?
Blockchain makes all of this possible, and is ushering in exciting new use cases in the process. Rare characters exist in NFT form, unlocking exclusive traits. Plots of land in virtual worlds can be bought, sold and monetized. This technology is all about immutability and scarcity, with provenance and authenticity that can easily be verified.
The end result is simple. Not only does this increase engagement among players, but it unlocks exciting revenue streams for game developers, who can end up receiving royalties whenever assets are sold on secondary markets. These funds can then be reinvested into gameplay in order to make the user experience even better.
True ownership means that the billions of dollars already spent in Web2 games will count for something. And instead of assets being based on a server, they can belong in a player's crypto wallet, finally giving them freedom in deciding how they should be used.
Up-and-coming Web3 titles are taking this concept even further, by enabling gamers to create and monetize their own content. Not only is this an irresistible incentive, but it opens the door to imagination and innovation. True ownership also delivers sustainability — empowering users and guaranteeing that the titles they love become living, breathing ecosystems that grow and evolve over time.
It's been thrilling to see pioneering projects put theory into practice on HyperPlay, our game store from the future, and show the legacy giants what 21st-century entertainment could and should look like. There's breathtaking avatars in XOCIETY and Legions 2029, nifty upgrades that supercharge the appearance of plushies in Forgotten Playland, and plots of land in Medieval Empires that give players an all-important upper hand in a blockchain-powered historical world.
Done right, the collections within games can also boost a player's reputation, allow them to express themselves, and even serve as a slice of history. Just imagine truly owning one of the very first NFTs released by a title that went on to enjoy years of success. Proudly displaying it in your wallet would tell the world "I was there."
Think back to the video games you had as a kid. You've probably got fond memories of competing against friends, finally vanquishing a boss on your 20th attempt, or unlocking a dream skin you always wanted. Unfortunately though, you probably don't have anything tangible to commemorate all of this.
Web3 is here to make all of that a distant memory — and put you, the gamer, firmly back in the driving seat.
