Tokenized Guilds: Get the Best Out of Web3 Gaming

Published on:

Image Source

The gaming industry has come a long way since its humble beginnings of playing Pac-Man in a dimly lit corner of the arcade. These days, it’s possible to play with people from all over the world in massive, multiplayer games. From titles such as League of Legends and DOTA 2 to the increasingly popular battle royale games like Fortnite and Apex Legends – gaming has become an incredibly social experience.

Enter the concept of gaming guilds. These clans of like-minded players have become a popular way for gamers to socialize and show their skills while forming tight-knit communities, and it looks as though the power of Web3 technology is about to bring a whole new spin to the idea.

 

What are gaming guilds?

To put it simply, a gaming guild (also known as a clan) is an organized group of players that play together in the same game. They often have their own distinct identities and special features, such as logos and colors, that help set them apart from other guilds.

Guilds are a great way for players to meet new people, learn from each other, and compete against other guilds to prove their skills. They can also offer members rewards for playing together and taking part in events, while also uniting fans of eSports and other gaming-related content.

You can find guilds that are dedicated to just one game, such as those you will find on World of Warcraft servers, or larger guilds that operate across multiple games and genres. Here are some popular examples of the latter, all of which operate as professional eSport teams in the Web2 gaming world:

Read more:  Visa Committed To Crypto Sector, Crypto Daily TV 1/3/2023

 

  • Fnatic – A world-renowned eSports organization focused mainly on Counter-Strike Global Offensive, Dota 2, and League of Legends.

 

  • Team Liquid – A professional eSports team founded in 2000 and based in the Netherlands, with teams for nearly all major competitive games.

 

  • FaZe Clan – An American eSports organization that specializes in first-person shooter and battle royale titles such as Call of Duty, PUBG, Fortnite, Rainbow Six Siege, and Apex Legends.

Of course, there are also more casual Web2 guilds that are perfect for people who just want to hang out and have some fun without the pressure of competition.

 

The tokenization of gaming guilds

Web3 has opened up a world of possibilities across just about every industry, and gaming is no exception. As such, for the guilds that want to take things up a notch, tokenization offers some exciting opportunities.

By using blockchain technology, guild owners are able to create and manage their own digital tokens, which they can use to reward members for activities such as playing together, competing in tournaments, or even creating content. These tokens can also be used to buy and sell virtual assets, such as skins or in-game items, giving guilds a chance to generate their own revenue streams and create a secondary marketplace for their members.

This is an exciting proposition for gamers, as it gives them the chance to own a piece of something bigger than themselves and potentially generate some income from their favorite games. For guild owners, it can also be a great way to incentivize and reward their members, while also providing them with more control over how their guild operates.

Read more:  SEC qualifies 61 cryptocurrencies as securities in Binance lawsuit

 

How tokenized gaming guilds will function

At a basic level, tokenized gaming guilds will work in much the same way as traditional guilds. Members will join the guild and have access to certain privileges and benefits, such as being able to chat in the guild’s dedicated channels, access exclusive tournaments and events, receive rewards for playing together, and even earn digital tokens for their activities.

However, the key difference is that these tokens will be stored on a blockchain and will be transferable to other players or even outside exchanges. This means that members can use the tokens to buy and sell virtual assets, as well as earn rewards for their participation in the guild.

While this is still a relatively new concept, there are already some exciting projects that are exploring how tokenized gaming guilds could function. For example, Legendary: Heroes Unchained (LHU) is a brand new, play-to-own RPG game built from the ground up for blockchain by N3twork Studios.

Within LHU, which is set in the same world as the blockbuster mobile hit Legendary: Game of Heroes, players can join or create their own gaming guilds and earn digital tokens through events, tournaments, and other activities. With the help of blockchain technology, LHU’s in-game items are stored as NFTs (non-fungible tokens) on the Ethereum network, meaning that players can buy and sell their loot for real money. This raises the stakes for guilds and clans, as the game’s digital economy adds a whole new level of competition.

Interestingly, Fnatic also looks like it has its eyes set on establishing a presence in the Web3 space. The eSports team recently partnered with Hivemind Capital, a Web3 investment firm, in order to ‘accelerate Fnatic’s ability to partner as well as natively develop and scale web3 applications across its award-winning esports platform.’

Read more:  US commercial bank closes crypto service over regulatory concerns

Speaking about the partnership, the CEO and Founder of Fnatic, Sam Matthews, had this to say:

“The partnership with Hivemind represents a big step for us towards a world where every gamer owns their digital assets and most games have an app-store-like developer-user ecosystem that’s transparent, thriving and enables millions more gamers to make a living from gaming.”

 

Final word

With the introduction of Web3 to the gaming world, it will be interesting to see how tokenized gaming guilds develop. With the potential to earn rewards and compete in tournaments, as well as buy and sell virtual items, these new types of guilds could introduce a whole new level of social interaction and competition to the gaming landscape.

Only time will tell whether these guilds will become popular and stay around for the long haul, but there’s no denying that they could be a game-changer for the industry.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

Source: ryptodaily.co.uk

Related