Gaming Giants Embrace Era of Player-Owned Assets

The gaming landscape is shifting into Web3, with players like Microsoft, Sony, and others exploring blockchain technology and its applications.

Per Forbes, these moves signify a new era where digital assets could seamlessly move across various devices, from consoles to VR headsets. Sony’s recent filings outline methods for transferring blockchain-based assets across various gaming titles and hardware.

Sony filed digital asset patents and Microsoft documents hint at crypto wallet integration.

Are 228 million players about to sling around magic internet money?🧵(1/9) pic.twitter.com/SLK4M8JW04

— s4mmy.moca (@S4mmyEth) September 29, 2023

This venture could allow players to use their digital assets across Sony’s entire product range, heralding an era where gaming experiences are interconnected within a broader metaverse ecosystem.

Epic Games envisions its metaverse with interoperability at its core. The Metaverse Standards Forum, backed by giants like Meta and Nvidia, seeks to create an “open and inclusive” virtual world, promoting interoperability across the gaming industry. Electronic Arts and Ubisoft are also venturing into the realm of decentralized technology.

A paradigm shift for players and creators

Web3 gaming offers a compelling alternative to the current model of isolated gaming ecosystems. It promises asset ownership, cross-platform compatibility, and an interconnected gaming universe. This represents a shift from the traditional model, where players have limited rights over their digital assets.

By leveraging their massive console user bases, Microsoft and Sony actively participate in the gaming industry’s shift towards blockchain and Web3 technologies. Per reports, integrating blockchain technology into their consoles could make asset portability and digitally scarce items a norm in gaming, much like the ubiquity of mobile gaming today.

Conversely, the rise of cloud gaming, which allows users to stream games on almost any device, threatens traditional console gaming. Microsoft and Sony’s pivot towards Web3 gaming might respond to this challenge, offering a selling point that could differentiate them.

Major publishers like Electronic Arts and Ubisoft are not far behind, with EA exploring NFTs and play-to-earn models. Sega’s COO confirmed their interest in Web3 technologies, and Ubisoft’s partnership with Immutable suggests a shift towards Web3 gaming principles.

Asia-Pacific on Web3 gaming development

Asia-Pacific is emerging as a player in Web3 game development, with some developers based in the region. This trend is supported by the findings of Game7’s report, which highlights the resilience and growth of Web3 gaming investments.

According to the report, the Web3 gaming ecosystem, currently dominated by indie and midsize projects, has immense prospects for developing AA and AAA titles. The rise of blockchain networks and investment in various gaming genres indicate an evolving landscape that might soon see more high-profile Web3 games.

Microsoft’s imminent integration of crypto wallets with Xbox, along with similar moves by other industry giants, marks the beginning of a new era in gaming. This shift promises to empower players with actual digital asset ownership and create an interconnected gaming universe. As these companies navigate this transition with a focus on user empowerment and respect for the environment, the gaming world stands on the cusp of an open, creative metaverse replete with possibilities.