According to Chris Watkins, the CEO and co-founder of Digital Arms, a non-fungible token (NFT) marketplace, many of the Web3 games developed during the previous bull cycle lacked the crucial element of fun and were hastily executed, leading to their ultimate failure. Watkins also criticized the reliance on money-making incentives in a few successful games, stating that such an unsustainable model is not viable.
Web3 Gaming: A Lasting Trend
In response to questions posed by CryptokenTop.com News, the Digital Arms CEO emphasized that the industry has now refocused on creating games that offer unparalleled experiences and benefits, surpassing those provided by traditional gaming. Watkins confidently asserted that this shift indicates that Web3 gaming is only at its initial stages and is not merely a passing fad, as suggested by some critics.
Regarding the reported collaboration between Digital Arms and the firearms industry, Watkins explained that the involvement was facilitated by the fact that several of Digital Arms’ founding members, including himself, have extensive experience in the gun industry. Furthermore, Watkins expressed his anticipation of Apple’s augmented reality headset and its potential to revolutionize the Web3 gaming industry.
Below are the responses provided by Watkins to the questions asked via Telegram.
CryptokenTop.com News (BCN): What advantages do gamers gain when purchasing in-game non-fungible tokens (NFTs) as opposed to traditional in-game assets?
Chris Watkins (CW): The primary advantage lies in the true ownership and traceability of assets. As Esports and fanbases for popular leagues grow, one exciting use case is the potential to buy and trade firearms used by professional gamers.
BCN: A recent report by Polaris Market Research predicts that the global blockchain gaming market will exceed $1 trillion by 2032, up from an estimated $5.4 billion in 2022. What emerging trends do you foresee shaping the future of Web3 gaming?
CW: A prominent trend is the integration of real-world brands with the gaming scene, whether through advertising rights or branded playable assets. Blockchain technology acts as the crucial link, unlocking new revenue streams for game developers through NFT licensing rights. As this trend progresses, I anticipate a surge in games seamlessly incorporating NFTs, to the point where players may not even realize they are buying and trading these unique digital assets.
BCN: Web3 gaming has experimented with various models such as play-to-earn and play-and-earn, but a sustainable model that appeals to both players and developers has yet to be established. Why do you believe that Web3 gaming is more than just a passing trend?
CW: Games developed during the previous bull run cycle often seemed rushed and lacked the essential element of fun. The few successful games primarily relied on the allure of monetary gains, which is not a sustainable approach in the long run. However, I am witnessing many emerging game developers creating high-quality, enjoyable games with integrated play-to-earn features. The focus is shifting back to making games that are fun to play and offer unique experiences and benefits that traditional gaming cannot match. In my opinion, Web3 gaming is only in its early stages, and we can expect exciting times ahead!
BCN: Reportedly, Digital Arms is the sole NFT marketplace where gamers can buy, sell, and customize licensed digital firearms from leading brands. Could you explain why the firearms industry chose Digital Arms and why they cannot sell their intellectual property (IP) on other NFT marketplaces?
CW: The founding members of Digital Arms, including myself, possess over 25 years of experience in the firearms industry. We have established trust with leading brands, and they have chosen us to guide them into the blockchain and digital collectible realm. We hold their brand in high regard and ensure its representation aligns with their corporate image. No other marketplace or platform possesses our unique understanding of the firearms industry, hence the necessity for a distinct marketplace like Digital Arms. After all, one wouldn’t go to eBay or Amazon to purchase a firearm, right?
BCN: Customization has been an integral part of video games for a long time. The Web3 gaming realm seems to present an appealing opportunity for the firearm and hunting industries. In your opinion, what challenges do these brands face when introducing digital firearms to Web3 games, considering the heavy regulation of the firearms industry in most regions?
CW: Maintaining a positive public image is crucial for the firearms industry. The challenge lies in ensuring that game developers portray their products and branding respectfully. As for firearm regulations, this is the exciting part. We are dealing with digital assets, not actual firearms. Gamers in restricted regions can now own a piece of the brand. Digital Arms produces limited-edition, authentic IP-licensed NFT digital collectibles crafted from the original 3D CAD files used in the actual manufacturing of firearms.
BCN: Do you believe that Web3 gaming could become a lucrative revenue stream for firearms manufacturers and physical goods brands in general in the near future?
CW: Absolutely! It is already happening and is not limited to firearms but extends to various in-game items and equipment.
BCN: Apple recently launched the innovative augmented reality headset called Apple Vision Pro. Assuming these devices gain popularity among gamers, what role could they play in the evolution of the Web3 gaming industry?
CW: Apple is undoubtedly leading the way! This development will revolutionize how we interact and play games in the future. Augmented reality can create immersive gaming experiences, and the integration of digital items, such as our firearm NFTs, opens up a world of possibilities.
Please feel free to share your thoughts on this interview in the comments section below.
Frequently Asked Questions (FAQs) about Web3 gaming
Q: What advantages do gamers gain when purchasing in-game non-fungible tokens (NFTs) as opposed to traditional in-game assets?
A: The main advantage is the true ownership and traceability of assets. With NFTs, gamers can buy and trade unique digital assets, such as firearms used by professional gamers, offering a new level of fan engagement and potential value.
Q: What emerging trends do you foresee shaping the future of Web3 gaming?
A: One prominent trend is the integration of real-world brands into gaming through advertising rights or branded playable assets, unlocking new revenue streams for developers. Additionally, the seamless incorporation of NFTs into games is expected, with players unknowingly purchasing and trading these digital assets.
Q: Why do you believe that Web3 gaming is more than just a passing trend?
A: While some Web3 games in the past lacked fun and relied solely on monetary incentives, the focus is now shifting towards creating high-quality, entertaining games with unique experiences and benefits. This renewed focus indicates that Web3 gaming is just getting started, promising exciting times ahead.
Q: Why did the firearms industry choose Digital Arms as the NFT marketplace?
A: Digital Arms stands out as the chosen marketplace due to its founders’ extensive experience in the firearms industry and their ability to maintain the industry’s trust. No other platform possesses the unique understanding of the firearms industry that Digital Arms offers.
Q: What challenges do brands in the firearm and hunting industries face when introducing digital firearms to Web3 games?
A: One major challenge is maintaining a positive public image while ensuring that the portrayal of products and branding within the games remains respectful. Additionally, navigating the heavy regulations surrounding the firearms industry in different regions is a crucial consideration.
Q: Could Web3 gaming become a lucrative revenue stream for firearms manufacturers and physical goods brands?
A: Absolutely. Web3 gaming already presents an attractive opportunity for various brands, not limited to firearms. With the potential for in-game items and equipment, Web3 gaming can serve as a significant revenue stream for physical goods brands in the near future.
Q: What role could Apple’s augmented reality headset play in the evolution of the Web3 gaming industry?
A: Apple’s augmented reality headset, Apple Vision Pro, has the potential to revolutionize the gaming experience. Augmented reality can create immersive gaming environments, and the integration of digital items, such as firearm NFTs, opens up new possibilities for enhanced gameplay and engagement.
More about Web3 gaming
- Digital Arms
- NFT marketplace
- Web3 gaming
- Augmented reality
- Blockchain technology
- Gaming trends