The post The Role of Rewards in Achieving Mainstream Adoption appeared on BitcoinEthereumNews.com.

Web3 gaming has surged in popularity following the debut of Non-fungible tokens (NFTs) and the Metaverse during the 2021 bull run.  According to the latest report by DApp Radar, the blockchain gaming sector accounted for the largest share of on-chain activity, with a 28% market dominance while the average number of daily active wallets stood at $6.8 million.  But despite the remarkable growth within the last three years, it is evident that Web3 gaming is yet to achieve the levels of adoption that stakeholders envisioned in the earlier days. For context, a popular Web2 game such as Fortnite has over 650 million registered players while Call of Duty (CoD) enjoys over 100 million monthly users as per the latest statistics.  So, what are Web3 games missing to achieve mainstream adoption? The most obvious shortcoming is the quality of Web3 games, but more importantly, are players getting the value that was initially promised in the concept of incentivized gameplays and can these rewards be redeemed for external value outside the crypto ecosystem?  Incentives: The Key to Mainstream Adoption in Web3 Gaming The Web 3.0 ecosystem is often touted as the incentivized economy; what this means is that participants are rewarded with value, often in the form of tokens or in-game items in the case of Web3 games. This model has seen pioneer blockchain networks such as Bitcoin and Ethereum achieve mainstream adoption for the simple fact that miners and validators are compensated with ‘valuable’ digital assets.  Similarly, the Web3 gaming ecosystem has an opportunity to bounce back to its glory by paying more attention to the lucrativeness and sustainability of the incentivization models. There have been several instances where games such as Axie Infinity that almost went globally viral became just another name in the industry. To provide some context, SLP,…

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Filed under: News - @ December 26, 2024 10:17 am