What is Web3 Gaming? Octo Gaming Education Series
During the previous bull run, Web3 gaming, also known as play-to-earn (P2E), captured the attention of video game fanatics, top-tier gaming studios, and investors. The concept of Web3 gaming was as appealing as it is simple to understand: Play decentralized video games built on the blockchain for the chance to earn rewards in the form of NFTs and cryptocurrency. However, while in theory, Web3 gaming allows players to own the digital assets acquired in games, it does come with certain drawbacks. We’ll delve deeper into the advantages and disadvantages of P2E and illustrate why Octo Gaming is the one-stop solution for the shortcomings players currently face.
Own What You Win
In conventional gaming, a.k.a. Web2 gaming, players strive to collect as many in-game assets (i.e., skins, weapons) as possible. These tools increase a player’s chance of winning by leveling up their character’s attributes to make them more powerful, agile and recover health faster. However, if the day comes when a player decides to switch gaming platforms, those assets don’t go with them. Web3 gaming addresses this issue by enabling genuine ownership and platform compatibility.
Like Web2 gaming, P2E players also strive to purchase in-game assets such as skins and weapons but with one fundamental distinction: The rewards they earn are theirs to keep. Should a player decide to switch games, the assets they’ve acquired can be sold or traded on NFT marketplaces and cryptocurrency exchanges. Take, for example, The Octos NFT collection. These digital assets provide players with an access pass and game accelerator. You can also level up your Octos to improve your chances of earning rewards. But as an NFT holder, you have the right to sell or trade your Octo NFT — a benefit that Web2 cannot offer its players.
A Match Made in Gamer Heaven, Or So it Appeared
It seemed almost too perfect. P2E found its demographic instantly, as traditional gamers, on the whole, were already well aware of and, in many cases, invested in cryptocurrency. Some games, such as Axie Infinity and The Sandbox, hit the ground running, attracting players worldwide and catapulting them to billions in market cap. However, it was only a short time before these games suffered the same fate as so many other games, and this happened for a few key reasons, which can be summarized in one phrase: high barriers to entry.
Imagine trying to convince a fellow Web2 gamer to make the switch to Web3. You’ll first let them know they can play a video game to earn crypto and NFTs — an obvious selling point. But to do so, they need to spend anywhere between $500 — $1000 on NFTs just to get started. You’ll also have to inform them that their investment and the crypto rewards they earn could likely depreciate over time — as has happened with virtually every Web3 game that has ever launched. Furthermore, they will need to understand the method of selling NFTs on open marketplaces, as some Web3 games don’t have in-house marketplaces.
The further you explain the pillars of P2E gaming, the less incentivized your Web2 friend will be to jump ship, which is why you may want to tell them about Octo instead.
Hello Octo Gaming: Web3 Rewards that Make Sense
Octo Gaming features a Web2 and Web3 gaming app that has delivered tangible rewards and benefits to avid video game players for years. With Octo Gaming, players can bet on their skills as they compete against others for in-game cash, known as Golds, NFT, and physical goods.
Web2 players that have stacked up enough Golds can redeem fantastic prices from one of Octo Gaming’s partner brands. This includes Lenovo, Logitech, Amazon, Playstation, Google Play, and others.
The Web3 version of Octo Gaming provides players with an opportunity to earn in-game tokens ($OTK) and physical prizes. Users can also level-up their Octo NFTs to improve their chances of winning battles, using the $OTK they earn when playing. Octo Gaming delivers an industry first in blockchain gaming — it’s an all-in-one P2E ecosystem that strikes the perfect balance between Web2 and Web3. And unlike other blockchain games, Octo Gaming features a play-to-earn model built around incentivizing players for items that appeal to them, making it practical and rewarding.
About Octo Gaming
Octo Gaming is the first smartphone app that enables you to earn rewards while playing video games. The platform includes several in-app games. Octo Gaming’s dual reward system, Score-to-Earn and Play-to-Earn, has revolutionized the GameFi sector offering Web2 and Web3 players the opportunity to earn tangible goods, NFTs, and cryptocurrency rewards.
