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The Metaverse > The History of gaming and its Web3 Future - Galaxy > Flashcards

The History of gaming and its Web3 Future - Galaxy Flashcards

1
Q

What was the global gaming market cap?

A

In 2021, the global gaming market reached $199bn, more than film and music industries combined ($99.7bn, $26bn, respectively)

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2
Q

What is the gaming market projected to reach?

A

The rapidly growing gaming space is projected to reach $260bn by 2025

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3
Q

How many gamers are in the world? What is it projected in 2023?

A

There are 2.5bn gamers worldwide, projected to be 3bn by 2023

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4
Q

What was the US gaming revenue projected to hit?

A

US gaming revenue is projected to hit ~$90bn in 2022

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5
Q

What is the market share for gaming devices?

A

Mobile games make up about 50% of gaming revenue, with consoles making up ~30% and PCs making up the remaining ~20% of the market

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6
Q

What was Ubisoft’s reaction to web3?

A
  • Ubisoft has walked back on their initial bullish comments towards NFTs
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7
Q

What did Apple do in web3?

A

30% tax on in-app NFT purchases, high likelihood to limit web3 adoption on its platform

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8
Q

If a developer chooses to deploy on a siloed layer 1 with permissioned validators, many of the benefits of web3 will be minimized. Why?

A
  1. Decentralization: One of the main benefits of web3 is decentralization, which refers to the distribution of power and control across a network of nodes. If a developer deploys on a siloed layer 1 with permissioned validators, the network may not be as decentralized as it could be, as the validators may be controlled by a small group of individuals or organizations. This can make the network more susceptible to censorship and other forms of centralization.
  2. Security: The security of a blockchain network is largely dependent on its decentralization. If a network is more centralized, it may be more vulnerable to attacks or other forms of manipulation. By deploying on a siloed layer 1 with permissioned validators, a developer may be sacrificing some of the security benefits of web3.
  3. Interoperability: Web3 technologies are designed to be interoperable, meaning that they can work together and communicate with one another. If a developer deploys on a siloed layer 1 with permissioned validators, the network may not be as interoperable with other networks as it could be, which could limit the potential benefits of web3.
  4. Scalability: Another benefit of web3 is scalability, which refers to a network’s ability to handle a large number of transactions or users without degrading in performance. If a developer deploys on a siloed layer 1 with permissioned validators, the network may not be as scalable as it could be, which could limit the potential benefits of web3.
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9
Q

What does the early data indicate where developers are building web3 games?

A

Majority of game development is congregating towards permission, siloed layer 1 blockchains like BNB Smart Chain and WAX.

It will be especially interesting to watch for web3 games that are built on protocols with very strong permissionless ecosystems unrelated to gaming such as DeFi, NFTs, DAOs, etc.

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10
Q

What are meta games?

A

Meta games are games built on top of other existing games

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11
Q

What is a bridge?

A

A bridge is a tool / mechanism that enables the transfer of assets or information between two different blockchain networks. A bridge can be used to facilitate the exchange of tokens or other assets between different networks, allowing users to take advantage of the unique features and capabilities of each network.

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12
Q

Why are bridges important?

A

Bridges are an important part of the cryptocurrency ecosystem, as they enable interoperability between different networks and allow users to take advantage of the unique features and capabilities of each network. They also enable the development of new applications and use cases that can leverage the strengths of multiple networks.

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13
Q

What are the four most popular chains?

A
  1. Cross-chain bridge
  2. Interledger bridge
  3. Sidechain bridge
  4. Ethereum-based bridge
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14
Q

What is Cross-chain bridge?

A

Enables the transfer of assets or information between two different blockchain networks that use different protocols or consensus mechanisms.

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15
Q

What is interledger bridge?

A

Facilitates the exchange of assets between different ledgers or payment networks.

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16
Q

What is sidechain bridge?

A

Connects a sidechain to a main chain, allowing assets or information to be transferred between the two chains.

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17
Q

What role does bridges play in mainstream adoption for gaming?

A

Bridges will be key to mainstream adoption.

Currently, game developers are building games on top of dozens of competing, non-interoperable blockchain networks.

In this multi-chain crypto gaming future, bridges will be necessary to support cross-chain interoperability.

Although there is a possibility that game developers consolidate into one ecosystem with built-in interoperability features, such as Cosmos, this seems unlikely as the web3 gaming space currently stands.

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18
Q

How will the choice of Layer 1/blockchain ecosystem impact the composability of in-game digital assets?

A

The choice of Layer 1/blockchain ecosystem will impact the composability of in-game digital assets. Choosing a siloed Layer 1 with permissioned validators will minimize the benefits of web3.

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19
Q

What role will non-transferable NFTs play in web3 games?

A

Non-transferable NFTs will likely be a key primitive for web3 games, allowing player achievements and unified logins to be tracked across different platforms and game environments

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20
Q

What type of games will be popular in the web3 gaming space?

A

Meta games, or games built on top of other existing games, will be popular in the web3 gaming space. Platforms like The Sandbox are encouraging this approach by providing infrastructure and intra-platform composability.

21
Q

What will be necessary for cross-chain interoperability in the multi-chain crypto gaming future?

A

Bridges will be necessary to support cross-chain interoperability in the multi-chain crypto gaming future. Publishers may also adopt a semi-open game economy model where tokens/NFTs can be used across their titles, but money cannot leave the broader ecosystem.

22
Q

What is a compelling use-case for permissionless NFTs/fungible tokens? What is the recommended mix of on-chain and off-chain assets for web 3 games?

A

Web3 games should use a mix of on-chain and off-chain assets, as on-chain transactions can be costly and most gamers do not spend money in-game.

23
Q

What should web3 game developers consider when it comes to the user experience?

A

Web3 game developers should consider the user experience, including the costs and complexities of interacting with the blockchain.

24
Q

What is the likelihood of legacy game developers adopting web3 and its associated risks?

A

Legacy game developers will be hesitant to adopt web3 and its associated risks, but smart web3 gaming operators can capitalize on this by building killer gaming applications that convince users of the benefits of crypto/NFTs.

25
Q

Why is the gaming industry a natural fit for web3 products and protocols?

A

The gaming industry is a natural fit for web3 products and protocols, as new economies can be instantiated using tools such as fungible tokens and NFTs.

26
Q

What is the primary purpose of in-game economies?

A

The primary purpose of in-game economies is to serve as vehicles through which players exercise their free will to transform from their initial state to their desired state.

27
Q

What are the potential impacts of web3 primitives like NFTs and fungible tokens on game design and player enjoyment?

A

Web3 primitives like NFTs and fungible tokens have the potential to unlock new economic tools for video games, but they can also negatively impact game design and detract from player enjoyment.

28
Q

Why is it important to have a thorough understanding of game economies?

A

It is important to have a thorough understanding of game economies to determine where web3 fits into the gaming landscape

29
Q

What is liquidity in relation to web3 gaming?

A

Liquidity refers to the ability of gamers to buy and sell digital gaming assets. Web3 enables global, permissionless liquidity through DeFi applications.

30
Q

How do web3 blockchains enable scarcity in gaming?

A

Scarcity is created through the use of non-fungible tokens (NFTs) on permissionless blockchains. These NFTs can be used to represent scarce items in games and are trustlessly verified on the blockchain. The global, public nature of blockchains also allows players to take their scarce items with them to other applications.

31
Q

How do web3 wallets enable self-custody in gaming?

A

NFTs and fungible tokens are custodied by players in their own web3 wallets. As long as the player controls their own private keys, they also control their NFTs and/or tokens. This means that players have full control over their digital assets and they cannot be taken away from them by a central authority.

32
Q

How does web3 enable on-chain reputation in gaming?

A

Web3 allows for an accountless internet model where applications can be accessed through a single sign-on using a web3 wallet. This means that a player’s reputation from one game can be read by another game due to the openness and persistence of on-chain data.

33
Q

What are the potential benefits of web3 for gaming?

A

Web3 gaming has significant potential due to the innovations it unlocks from an economic standpoint, including liquidity, scarcity, self-custody, on-chain reputation, permanence, auditability, decentralized governance, payments, business model innovation, and composability.

34
Q

What are the challenges of web3 gaming?

A

Web3 also brings challenges, including user acquisition and retention, scalability, regulation, and intellectual property.

35
Q

How can web3 gaming be categorized?

A

Web3 gaming can be grouped into four categories: meta games, tournaments, social games, and traditional games.

36
Q

What is the key to success for web3 games?

A

Successful web3 games will likely focus on specific use cases, rather than trying to use web3 for everything.

37
Q

How will web3 gaming grow?

A

Web3 gaming will likely grow through experimentation and iteration, rather than a single killer app driving mass adoption.

38
Q

How does permanence apply to web3 gaming?

A

NFTs and fungible currencies exist on the blockchain forever, even after the game’s server shuts down.

39
Q

How does auditability impact the authenticity of in-game items in web3 gaming?

A

An item’s provenance is recorded on the blockchain, allowing for the authenticity of in-game items to be verified.

40
Q

In what ways can players participate in the decision-making process of a web3 game?

A

Players can participate in the decision-making process of a game through the use of DAOs, councils, and guilds.

41
Q

How can crypto be used in web3 gaming to facilitate payments?

A

Crypto can be used to facilitate seamless in-game payments with minimal friction.

42
Q

How does web3 enable innovation in the gaming industry’s business models?

A

Web3 allows for new economic models to be tested in the gaming industry.

43
Q

How does composability enhance the potential of web3 gaming?

A

Interacting with different games unlocks new use-cases that were previously not possible.

44
Q

What was the first video game console released by Atari?

A

The Atari 2600

45
Q

What was the primary business model for video game arcades during the 1978-1983 era?

A

Players inserted quarters into arcade machines and played the game until they ran out of lives.

46
Q

What is the hallmark of game design that remains today from the 1978-1983 era?

A

Games were easy-to-learn and difficult to master in order to optimize the time spent at the machine and the lifetime value of an arcade gamer.

47
Q

How much revenue did video game arcades in the United States generate in 1981?

A

Approximately $5 billion, or more than $16 billion in today’s dollars.

48
Q

What caused the video game industry crash between 1983-1985?

A

Licensing difficulties, an overabundance of developers, and consumer dissatisfaction with the quality and substance of video games.

49
Q

How does the video game industry crash in 1983-1985 parallel the current situation in the crypto space?

A

The oversaturation of NFTs, licensing issues, decline in NFT trading volume, and crypto asset cycles.

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