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Issues & Limitations
While NFT gaming has garnered a lot of attention recently, there are several limitations that have been experienced by players on other platforms. One of the major issues with Web3 gaming is scalability. Many Web3 games have struggled to handle large numbers of players, resulting in slow transaction times and a poor user experience. Additionally, the development of Web3 games has been slow, with many projects failing to deliver on their promises.
Another issue experienced is that many Web3 games tend to be shallow or boring to engage mainstream or casual players. This has led to a lack of adoption of Web3 gaming and a limited player base. Moreover, the user experience of many Web3 games has been poor, with clunky interfaces and confusing mechanics.
In contrast to the above, traditional game companies have been highly successful at monetizing their user base through "pay to play" models, add-ons, and expansion packs. According to a report by Newzoo (1), the global games market is projected to reach $217.9 billion in 2023, with a significant portion of this revenue coming from microtransactions and in-game purchases.
However, Web3 gaming has the potential to disrupt this model by providing true ownership to players. With NFT digital ownership, players can truly own their in-game assets and transfer them between different games or platforms. Additionally, the use of NFT marketplaces like Agora, Vulcan Forged's NFT marketplace, empowers players to buy, sell, and trade their in-game assets for potential monetary value.
While Web3 gaming has its limitations (2), the potential benefits of NFT digital ownership and NFT marketplaces are significant. By providing players with true ownership and a way to monetize their in-game assets, NFT gaming has the potential to disrupt the traditional gaming industry and empower players.