Building the future of consumer data ownership as the CEO & Co-Founder of Surf. Read Swish Goswami's full executive profile here.
Since the early 2000s, the video game industry has been steadily growing. Every year, more consumers join the gaming world, and a constant stream of new games gives players reasons to keep spending money. While it can feel like the industry has its formula down, I believe that everything is about to change.There is a big issue looming over the gaming industry right now: people are not compensated for the time they spend playing games.
Fortnite and PlayerUnknown's Battlegrounds are two great examples of this. These two games flipped the normal gaming model on its head, where instead of requiring players to buy the game, they gave their game away for free and charged players microtransactions to get in-game items. This new strategy has worked to the tune of billions of dollars, with PUBG raking in $1 billion-$2.
All of this will be handled in the blockchain, where each transaction can be made securely and with verification. Whether or not gamers are familiar with blockchain doesn’t matter because gaming will act as an onramp for them into Web3. Right now, in the current microtransaction model, once a player has purchased items for their game, there isn’t much they can do with them beyond that. If you spend money to get a new skin or gun in a game like Call of Duty, you have no way to recoup your costs.
But now, all of that has changed thanks to Web3, not only because the technology enables this to work in a secure way but also because of the mindset Web3 founders bring to the industry. According to crypto wallet, Web3 is “an umbrella term for the vision of a better internet; an internet with an added identity, money, and social layer. An internet built upon open protocols that value transparency and innovation.
There’s a valuable lesson here whether you’re a Web3 founder or not. Giving your users the ability to shape, mold and be rewarded for their dedication to your product creates lifetime fans in a way other products don’t.
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