The concept of Web3 gaming has been touted as a revolutionary idea that promises gamers the ultimate ownership experience. However, despite its grand promise, the industry’s failure to deliver true ownership and interoperability has left many questioning the validity of this vision.
A Tale of Two Worlds: The Lore Behind Web3
The origins of Web3 can be traced back to Ethereum co-founder Vitalik Buterin’s disappointment with World of Warcraft. His experience losing his warlock’s Siphon Life spell, which was a unique and valuable item, sparked an idea that would become the foundation of Web3: ownership of digital things on the internet.
This concept is intuitively appealing to gamers who invest time, money, and emotional capital in their favorite digital characters and experiences. However, despite its intuitive appeal, Web3 gaming has failed to deliver true ownership and interoperability, leaving it lagging behind other parts of the Web3 ecosystem.
The Double-Spend Problem: What Makes Web3 Unique
Web3 technology addresses the double-spend problem by ensuring that digital assets cannot be duplicated. This fundamental aspect of Web3 makes it unique and valuable in an increasingly digital world where ownership of online assets matters immensely. With half of the world’s population engaging in video games, ownership in this space is crucial.
The Myth of Ownership: A Story of Non-Fungible Tokens (NFTs)
Ownership without interoperability is worthless. If players cannot use their digital assets across different platforms and games, they do not truly own them. Owning a non-fungible token (NFT) game item today is like owning a dog that lives in your neighbor’s garage – you can look at it, but you don’t really own it.
This situation parallels the arguments made by Bitcoin advocates about gold, which mostly resides in someone else’s vault, limiting true ownership. Similarly, most gaming NFTs today are like gold in someone else’s vault.
The Dirty Truth: True Ownership is Nothing Without Interoperability
Web3 gaming claims to provide that little bit of magic that is different – ownership of the items, characters, currency, and more. However, this promise remains largely unfulfilled. For the billions invested in Web3 gaming and metaverse companies, there is not a single hero example demonstrating the true value of ownership, which is interoperability.
The State of Web3 Gaming: A Scam or a Lie?
Owning a digital asset that can only be used within the same company’s ecosystem is no different from traditional gaming ownership. This lack of interoperability makes it difficult for gamers to use their assets across multiple platforms and games, rendering true ownership meaningless.
The Solution: A Three-Part Plan to Revolutionize Web3 Gaming
- Technology to Solve Interoperability Issues: Building a universal standard that allows digital assets to move seamlessly across different platforms, game engines, and experiences.
- Technology to Solve Economic Issues: Creating an economic model that balances openness with sustainable development, ensuring that all participants – developers, players, and businesses – benefit from the value generated.
- A Hero to Showcase it to the World: A pioneer who can demonstrate the power of true ownership and interoperability, inspiring others to follow in their footsteps.
The Challenge Ahead: Creating an Economic Model for True Ownership
The journey toward this future requires a clear focus on two main areas: technology and economics. Developing the necessary infrastructure to support true ownership and interoperability will be a long-term effort that requires innovation, collaboration, and vision.
Conclusion: Web3 gaming has failed to deliver on its promise of true ownership and interoperability. However, with a renewed focus on technology and economics, it is possible to create an industry where gamers can truly own and use their digital assets across multiple platforms and games.
The journey toward this future will be challenging, but the potential rewards are immense. As Aaron McDonald, co-founder and CEO of Futureverse, notes: "Achieving true ownership and interoperability could revolutionize the industry, offering gamers unprecedented value and transforming the digital landscape."
