TL; DR
Full story
“It’s hard to get people to pay for something they’re used to getting for free”
— MKBHD2023 AD
This has been one of the biggest sticking points for web3 gaming.
Sure, we’re used to that pay for games – but not each time we collect an in-game NFT-based item, and certainly not at a sliding scale of costs…
Cause (ICYMI), during the last bull run (when NFTs first emerged) most of the trading activity took place on the Ethereum network. Which at the time involved transaction costs of $10 to $7,000 to $44,000.
(Serious).
But with the advent of cheap Ethereum Layer 2 chains and now smart wallets, costs are so low that gaming companies can subsidize any transaction fees.
This means players can now do the following:
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Collect free items
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Sell them on the in-game marketplace (take advantage of a game they love)
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While game makers can cut royalties from marketplace sales (generating a new form of recurring revenue)
The takeaway:
No one is as optimistic about smart wallets as they should be.
