The Future of Web3 Games: Challenges and Opportunities Coexist

During the Hong Kong Web3 Carnival, I had the opportunity to participate in several discussions about blockchain games. Although there hasn't been a phenomenal product in this sector yet, I still have high hopes for the future of Web3 games. History has shown that games often serve as a bridge for emerging technologies to enter the consumer market. Whether it was the early Atari game console driving the development of the chip industry or Nvidia starting out with gaming graphics cards, games have played an important role in technological innovation.

However, the current development of Web3 games seems to have encountered a bottleneck. The main reason lies in the fact that the industry is still in its early stages, and the development direction has somewhat deviated. Since the rise of Axie Infinity in 2021, the blockchain gaming industry has only a short history of just a few years. In comparison to the development history of the traditional video game industry, we can see two major transformations from hardware to software, and then to mobile, each requiring a considerable amount of time to complete.

Web3 games may represent the third transformation. Compared to Web2 games, the core advantage of Web3 games lies in the convenience of payments and transactions. However, most projects currently focus too much on the "Play to Earn" model, neglecting broader possibilities. If the first hit blockchain game is a casual competitive game that emphasizes circulation and payments, the industry may present a different development trajectory.

Achieving smooth circulation and payment in Web3 games is not an easy task. It involves complex economic model design and requires balancing multiple factors. Based on my personal opinion, I believe that a successful Web3 game economic model should consider the following points:

1. Moderate centralized control is needed in the early stages to protect the fragile ecosystem.
2. As the ecosystem matures gradually, one can choose to engage more deeply in the economic cycle or adopt a strategy of a small government and a large market.
3. The ultimate goal is to eliminate circulation barriers, establish a decentralized consensus mechanism, and keep pace with the technological innovations in the gaming industry.

Despite the numerous challenges currently facing Web3 games, I believe that the real opportunities have yet to arrive. For entrepreneurial teams aspiring to enter this field, now is an excellent time. The next blockbuster Web3 games are likely to achieve unprecedented innovations in some aspects, bringing new breakthroughs to the entire industry. Let's wait and see as we witness the next golden age of Web3 games.