THE SECOND WAVE FOR WEB3 GAMING
Web3 gaming was said to be the catalyst that will bring the masses to adopt blockchain technology. Introducing asset ownership of in-game items, providing easy transactions, and creating an entirely new economy of game monetization, Web3 games were set to change the gaming world. Over the last two years, we witnessed the first batch of Play to Earn games reach valuations in the billions of dollars. Axie Infinity, the darling of the first wave of blockchain games, made millionaires of many. It went from under $1 in early 2021 to a high of approx. $166 in November of that year. But things didn't quite pan out how Web3 game enthusiasts hoped for.
At first, P2E games became the sensation as people in lower income countries would play to earn more than what they would earn at their regular day job. Then the game assets, or NFTs, became too expensive for them to buy. This is when guilds came into the picture. A guild would lend the garners, known as scholars, the NFT assets so that they could play thegame, and in return, the earnings would be split with the guild. This was great until the market started to turn and the user base growth stalled. Now you had a lot of garners earning a lot of assets and not enough people to sell those assets to. This resulted in their tokens taking a beating. Many games and gaming platforms have lost 90-95% of their value over the last several quarters. Bad tokenomic design, lack of emphasis on gameplay, and poor gamer UT all contributed to the painful token price action.
The next wave of gaming projects have taken note of the errors of their predecessors. They now understand that they need to function like a business. There needs to be value addition in order to counter the value extraction imposed by garners and guilds. Score Milk is one such project that is building a gaming architecture to easily integrate and onboard Web2 and Web3 games while keeping in mind the importance of maintaining a sustainable business model. This business model needs to work in a bear market, a flat market, and a bull market.
Score Milk allows for garners to compete against each other while at the same time allowing game developers, the community that moderates the game, and the platform itself to create a flourishing and sustainable gaming ecosystem. Tokenomics is also important. Score Milk is implementing a staking mechanism that helps to counter the dilution that previous projects have endured. Score Milk, as of the time of this writing, is getting ready to launch. They are currently in their seed fundraising round and are also in discussions with Web2 and Web3 games looking to integrate with the platform. For garners, they are now giving Early Adopter status to those who join their Discord. This status will give access to perks such as their beta launch, free NFT mints, and whitelisting to future game launches and 3rd party NFT mints. Score Milk is supporting the next evolution of Gamefi for players and games.