For years, video games have featured microtransactions and downloadable content. These provide studios and publishing firms with a self-sustaining income stream for each game they make, granting them greater longevity. However, gamers have expressed their frustration with this business practice for a number of reasons.
Firstly, there are games which require you to unlock characters and/or equipment through loot boxes. Unfortunately, each box randomly decides what you’ll receive. And to make things worse, you usually can’t trade what you get with other players. Therefore, you must spend more cash or in-game currency on additional boxes.
Crypto Web3 wallets like aelf’s Portkey help mitigate this pain point while advancing the innovation of this Web3 business model.
But first, let’s find out what else gamers are frustrated with when it comes to game monetisation in the Web2 world.
The Pitfalls of Traditional Game Monetisation
Something common across every video game now is that you don’t own the characters and/or equipment you purchase. This extends to cosmetic enhancements, such as outfits and paint jobs. If the video game company deems fit, they can confiscate any in-game asset you bought.
Furthermore, the Web3 in-game assets you purchase are only for a specific title. They cannot be transferred to its sequels. This restriction applies to other titles that the game company has, even if they feature the same characters. This greatly reduces the utility and value of your Web3 in-game assets.
Lastly, video game companies may tend to engage in predatory sales tactics. The easiest way to execute this would be through the loot boxes mentioned above. They can lower the odds of obtaining the rarest items to ensure players spend more. This is especially unfair if the items lend a huge advantage in the game.
Why Web3 Wallets Represent a New Era for Gamers
Web3 crypto wallets are the next innovation in game monetisation, not just for the companies producing video games, but gamers too. Here’s why:
True ownership: When Web3 in-game assets are minted as NFTs, they grant owners complete control. The video game company may have created the asset and minted it on the blockchain, but you own your unique edition of it. The firm cannot confiscate it from you or delete it from privately owned servers.
Play-to-earn opportunities: There are Web3 games which transform their in-game currency into an actual cryptocurrency. Additionally, several Web3 game NFTs are actively traded on marketplaces. This empowers players to turn their hobby into another income stream.
Greater security and control: Whether you select a software or hardware one, Web3 wallets are highly secure. You own the public and private keys of your assets. What’s more, many Web3 crypto wallets support the latest security features to better protect your digital assets.
Real-World Examples of Web3 Wallets In Action
Given the wealth of Web3 games vying for your attention, it can be argued that real-world examples are easy to find.
You just need to connect your Web3 wallet to a Web3 game after all. However, there are two specific Web3 wallets we’d like to highlight:
Sequence Embedded Wallet
This service from Web3 game development platform Sequence allows studios to build a Web3 wallet feature in their games. To be precise, players can create and use EVM-compatible wallets within the game.
The best part? The Web3 wallet owner can access their Sequence Embedded Wallet in other games from the same studio sporting this feature.
Telegram’s Wallet for Mini Apps
Through this Mini App in the Telegram instant messaging platform, you can directly access the TON blockchain in the TON Space tab. It automatically creates a Web3 wallet for you, allowing you to transfer TON and NFTs minted on the TON network. This makes it a breeze for you to access the selection of Web3 games on Telegram.
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Portkey, Web3 Account Abstraction Wallet: Built for Web3 Gaming and More
Portkey is aelf’s Web3 AA wallet, offering users a seamless Web2 experience to ease them into the wide world of Web3. It’s powered by aelf’s high performance Web3 AI infrastructure, enabling businesses and developers to seamlessly integrate it into their products and services.
This is a boon for Web3 games and gamers alike, especially with its support for multiple blockchains. aelf, Ethereum, and EVM networks are just the tip of the iceberg. You can easily manage your assets and unique identities on each blockchain, so you’ll never mistake one Web3 gaming token for another.
Hunt for your next favourite Web3 game in Portkey today! All it takes is one click to connect to any dApp, and discover the leading ones in each category.
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Choosing the Right Web3 Wallet for Gaming
If you’re seeking out the ideal wallet for Web3 games, here are three key pointers to take note of:
The wallet needs to be highly secure. Check its audit history and track record of security breaches.
Ensure the wallet is compatible with the blockchain that the game is built on. Same goes for the NFT standard for the title’s in-game assets, if any.
Lastly, the wallet needs to be easy to use. If its user interface is cluttered and navigating from one menu to another is tough, steer clear of it.
Now that you know what to look out for, here’s a quick overview of the different types of Web3 wallets you can choose from:
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In Closing
Web3 wallets aren’t just important for Web3 games, they’re integral in moving video game monetisation forward. They address the gripes gamers have with how businesses can potentially implement sales tactics, which only serve to bolster their bottom line.
As Web3 wallet functionality and user friendliness improve, so do Web3 games, and more people would naturally use them.
For one, because of their success on Telegram, Mini dApps are starting to appear on other instant messaging services like LINE.
Don’t forget other emerging trends like AI agents in Web3 games. These serve to improve the value and utility of game monetisation, creating a win-win situation for everyone!
*Disclaimer: The information provided on this blog does not constitute investment advice, financial advice, trading advice, or any other form of professional advice. aelf makes no guarantees or warranties about the accuracy, completeness, or timeliness of the information on this blog. You should not make any investment decisions based solely on the information provided on this blog. You should always consult with a qualified financial or legal advisor before making any investment decisions.
About Portkey
Portkey: Zero-Barrier Entry Into Web3
Portkey simplifies your connection to the Web3 world with its cutting-edge ZK social logins and ZK social recovery, offering a zero-barrier entry for users. Integrating into the Telegram ecosystem, Portkey seamlessly bridges Web2 users to Web3 through blockchain, leveraging advanced zero-knowledge technologies for privacy and security without compromising convenience.
Built on the high-performance AI layer 1 blockchain platform aelf, Portkey provides a smooth transition and an enhanced user experience, setting new standards in the realm of Web3 digital wallets.
Stay connected with the Portkey community at:
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