OKX chief innovation officer Jason Lau believes a Web3 variant of digital game distribution platform like Steam is essential to facilitate the growth of the crypto gaming ecosystem.
The company initiated OKX GameSphere in July as part of its endeavors to expedite Web3 gaming. The platform enables developers to incorporate Web3 elements, such as cryptocurrencies and non-fungible tokens (NFTs).
Jason Lau, the chief innovation officer of OKX, stated to Cointelegraph that developers have been receptive and have appreciated the assistance with Web3 mechanics, user experience, liquidity, and distribution since the company’s inception.
Despite Steam Ban, crypto games thrive
Steam is a highly regarded digital gaming marketplace with multiplayer and messaging features. It allows players to connect with their peers and engage in online gaming.
We anticipate the platform will generate $8.8 billion in revenue by 2028 and attract millions of active users daily, with peak usage exceeding 34 million.
Lau stated that Steam has effectively distributed Web2 games but lacks Web3 elements when asked why Web3 requires a platform similar to Steam. Lau asserts that the platform “established a high standard” for Web2 gaming but lacks decentralized economies and genuine digital ownership. Lau elaborated:
“This prevents game developers from creating new gaming experiences, implementing innovative business models and building deeply engaged communities.”
Valve, the company responsible for Steam, removed blockchain-based games from its platform in October 2021 and advised users to refrain from publishing content on crypto or NFTs.
The video game developer has implemented regulations that prohibit the use of applications that generate cryptocurrency or NFTs on its platform.
The ecosystem thrived on Web3-native platforms despite Steam’s prohibition of crypto gaming. Since its inception, Lau stated that GameSphere had accepted Web3 titles, including a Web3 massive multiplayer online role-playing game (MMORPG) and a football simulator.
The executive also stated that it will continue enrolling MMORPG games incorporating Web3 mechanics and games based on The Open Network (TON).
On July 29, Ronin, a blockchain that revolves around gaming, achieved a daily active user count of two million, surpassing all other active blockchains.
Jeffrey Zirlin, the co-founder of Sky Mavis, previously stated to Cointelegraph that this increase in activity indicates the “hardcore community” that the company has established since the introduction of its popular play-to-earn game, Axie Infinity.
Web3 gaming is still in its infancy
Despite its widespread success, Lau maintains that Web3 gaming is still in its infancy. According to the executive, games have yet to capitalize on Web3 elements completely. Lau elaborated:
“While there have been breakout hits, progress has not been steady, and engagement has come and gone. Games haven’t really found the right balance on how to surface and take advantage of Web3 elements.”
Lau thinks that the success of Web3 gaming is contingent upon the ongoing experimentation and emphasis on distinctive game mechanics that render game content engaging and enjoyable. This would enable games to establish a sustainable community that deviates from the Web2 game paradigm.
Lau also suggested that developers should concentrate on developing communities by educating participants on the advantages of Web3 technology.
