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The first wave The play-to-earn (P2E) gaming boom seems to be coming to an end. There are several successful multi-million dollar blockchain studios around the world, but competition for funding has intensified to the point where only standout projects win backers.
With grand strategy more important than ever, here are a few tried-and-true steps to help you identify when you need capital and are ready to take off.
Use experience in the traditional game studio sphere
The blockchain game market is full of developers who have crypto experience but have never built traditional games.
I am a prime example. Pegaxy is the first game I made and started. Like other Web3 games of the time, the mechanics and graphics were fairly basic at first. But while simplicity has been good with the Web 3 gaming crowd, it’s becoming increasingly clear that P2E needs to attract more traditional Web 2.0 players if it’s to scale, and those players want more. To please this demographic, developers need games that have it all: great graphics, solid mechanics, and a rich story.
You can have a great team and a great game, but without a solid monetization strategy, those mean little.
That’s why a founding team that combines an understanding of Web3 fundamentals with experience building and monetizing Web 2.0 games for mobile, desktop, and console platforms sets you apart in this market.
That’s why we founded Mirai Labs after Pegasi launched. We want to bring together a team of professionals to build games that appeal to the traditional gaming community.
Develop a clear, straightforward monetization strategy
Most traditional P2E games have simple revenue models based on user purchases and holdings of tokens that serve as in-game currency.
This means that when large groups join and play at the same time, token values and earnings will increase together. But when market conditions change – or players lose interest in gaming – there can be a large exodus of users. This is bad for revenue and could be disastrous for token values. Therefore, building a successful game in the long term means developing monetization strategies that combine the best of Web3 technology with proven Web 2.0 revenue models.
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