How to create sustainable revenue streams with your web3 games?

Reportedly there have been over $19 billion in VC investments in Web3 gaming projects since 2018.

With the advent of GameFi which creates a new and sustainable gaming economy, the opportunities to create new revenue streams are better than ever before. The in-game economy in Play to Earn (P2E) models incentivizes player participation in various activities. Games often use multiple smart contracts designed for specific functions, such as managing assets, rewards, and trading within the game's economy. The peculiar aspect of GameFi is that there is at least some kind of financial incentive for participation in a gamified manner. 

If you are a player here are already some of the reasons why you should capitalize GameFi to increase your income potential:

1. GameFi allows you to earn real money by playing, moving, or creating in-game content.

2. You can own virtual property in the form of NFTs that can be traded on the market.

3. Make your users participate in a strong community where they can connect, cooperate, and learn with fellow players.

4. Enhance entertainment by combining fun gaming with earning opportunities, increasing motivation to play.

In case you are a founder of a Web3 game and have landed this page looking for ways to grow the sales of your Web3 game the following are some thoughts that can help you in your next strategic move.  

Focus on the gameplay

Prioritize the game for what it should already be made for i.e FUN. Gamers want to have fun and feel the joy of playing the game purely for the gameplay and not for the rewards for crypto assets tied into the game. When developing the game, the best way you can stand out is by ensuring that there is a fun-to-play aspect to it, that a player can play without getting sucked into the GameFi. This will not only save you marketing $ but also help you in growing your audiences organically. Organic growth without a big marketing push is your best bet to sustain the business revenue growth YoY. 

Here are 5 tips that can help founders to maximize their revenue potential for their gaming ventures:

1. Create more downloadable content:

• Prepare extra content created for a game that has already been released

• Include new clothes, items, skins, levels, side quests, loot boxes, and storylines

  2. Microtransactions:

• In-game purchases, like weapons, cosmetic items, and level-ups

• Allow players to trade whenever their in-game items

  3. Subscriptions:

• This can create a monthly income source, but the players must find a compelling deal

• Start with offering a free trial or freemium version to attract players

  4. Advertising & Subscription Fees:

• Many mobile games now have in-app advertisements.

• Players can pay to remove ads or start a subscription.

• Ads can be subtle or obtrusive.

• Consider ads and subscriptions as additional revenue sources as your game grows in popularity.

• Be careful not to overwhelm players with too many ads or exploit their wallets.

• Find a balance that is fair to your players while still generating income.

The bottom line is that founders of Web3 games should focus on how to grow their sales, focusing on prioritizing gameplay, creating additional content, implementing microtransactions, offering subscriptions, and managing advertising and subscription fees effectively to maximize revenue potential.