Web3 Gaming: Challenges and Solutions for Effective Tokenomics and Player Retention

A gaming model, web3, involves blockchain utilization to build a transparent and decentralized ecosystem for the players to have complete ownership over their in-gaming digital assets and economies. Web3 gaming platform allows users to access all the open marketplaces with new and better user retention and immersive experiences.

However, with lucrative web3 opportunities, one also has to overcome hurdles and barriers.

Despite an 18% growth rate, the most common blockchain gaming problem is the issue of retention. It is seen that 90% of these games tend to go inactive within 30 days. This is because most of the GameFi businesses focus only on graphics and a few elements of interaction, and miss out on the actual development of retention.

To acknowledge the stumbling block and strategies gone into the building of web3 holds utmost significance, and it is crucial in the future development of these games. The foremost step in ensuring the stability of the game’s economy is to first do a thorough test of the game before its launch. One should also be consistent with providing new gameplay once the games are out in the market.

But let us take an elaborate look at how to retain users.

Some of the best measures for user retention

Airdrop leveraging

Real-time monitoring of airdrops that is sending digital rewards to specific user wallets is the best form of blockchain marketing and it can be used as leverage to provide greater user value.

Combining internal and on-chain data to understand users better

The user data is centralized, and a portion of it goes to the Footprint Analytics Community. Using the information from the community along with a bit of user history, one can collect knowledge to understand their target users better.

Digital assets

Understanding player needs and focusing on a mechanism that encourages fan engagement is crucial. The use of relevant digital collectible goods to reward players on winning levels promotes a healthy gaming ecosystem.

Changing the Meta

Making changes in the meta of a web3 game according to the user’s age, needs, profession and relevance helps in retaining players. While there also might be some drawbacks to changing the meta, it can be solved by encouraging other plays to inherit the benefits of the new idea, by listening to their feedback, and also by attracting a new set of target audiences to the overall gaming design.

Tokeonomics for designing crypto economics

Often complex and confusing, Tokenomics for gaming is a fast-emerging trend in the rise of decentralized gaming. Abbreviated for the term token (crypto coin) and economy, this automates interaction between several blockchain technologies. The mechanics gone into building Tokenomics are nothing but tokens that is a value store for blockchain just like Bitcoin for BTC and Ethereum for ETH, and these are inclusive of securities, utilities, and non-fungible tokens.

Smart contracts are codes used to interact between coins and also fetch data from external sources. They allow users to make transactions using tokens and digital collectibles. Fungibility is another fundamental concept of swapping or exchanging in-game currencies with other coins without losing their value.

Having well-established Tokenomics is the building block for deploying any web3 gaming. It brings together billions of investors and aligns them with these decentralized gaming businesses. Tokenomics is a well-designed concept of the underlying play-to-earn model and the right tokenization brings great value to the game.

Conclusion

With fast evolving web3 games, the destiny of this sports and gaming industry lies in the hands of developers and their commitment to creating value for the masses is the key to shaping the future of gaming.

Potential gaming extends far beyond the virtual realm and becomes a force that creates a world where the players can benefit, earn, invest, and thrive. We can expect web3 games to be a catalyst for positive change.