Web3 Esports: The Convergence of Guilds, Competitive Gaming and Community
Gabby joins John Lagman from Bloomberg at SCB 10X’s REDeFiNE TOMORROW 2023 event to discuss the evolution and current direction of web3 gaming.
REDeFiNE TOMORROW 2023 is the 4th annual global DeFi and web3 virtual summit presented by SCB 10X. Partnering with leading global business and financial information provider, Bloomberg, the event took place on May 25-26, 2023, bringing together industry experts, visionaries and enthusiasts from around the world to discuss the latest advancements in DeFi, blockchain, web3 and more.
In the session “Redefining What It Means to Win in Web3 Gaming,” YGG co-founder Gabby Dizon joined John Lagman, Bloomberg’s APAC Crypto Lead, to talk about how esports holds the key to the future of engagement for web3 games. They also delved into the significance of guilds and the increasing influence of content creators in web3 esports, highlighting the growing interconnectedness between the future of gaming and the digital economy.
The following is an excerpt from Gabby and John’s discussion. Listen to the full recording on YouTube.
Redefining What It Means to Win in Web3 Gaming
John (09:21): YGG has been a very big driving force in the web3 esports scene. I’ve noticed this since last year, 2022. What inspired you guys to make that move into web3 esports? What's your vision for the future in that area?
Gabby (09:43): I think guilds and esports are close cousins. If you examine what makes guilds and esports function, it's all about player passion and community driving a specific game.
Esports revolves around people competing at the highest levels, while guilds welcome anyone willing to play the game. So, as web3 games gain mainstream popularity, esports and guilds will likely merge and become indistinguishable.
Traditional esports organizations are entering the web3 space, and they will eventually all appear the same when the most popular games worldwide are web3 games.
John (10:33): What are the main differences between web2 and web3 esports on the gaming side?
Gabby (10:46): For web2 esports, finding a sustainable business model has been challenging. Unlike traditional sports, which generate significant revenue through broadcast rights, there is limited interest in paying to watch an online stream of a favorite game. Perhaps ticket sales are an exception, but it's rare for teams to receive a share of game-derived revenue.
However, I believe web3 esports has the potential to address this issue by establishing a closer connection between game-generated revenue and the communities organizing tournaments, for instance. This is an area that greatly interests us, and we are collaborating with competitive web3 games set to launch in the coming year or so. Our aim is to develop a viable esports model within these games.
John (11:39): Do you find that web2 and web3 competitive players are the same group of people?
Gabby (11:49): All web3 gamers were previously gamers in web2. As long as the games are enjoyable at a high level, player bases will emerge over time.
John (12:10): I see. Obviously, there's a lot of opportunity for the professional players. What do you see for potential content creators and game developers in the web3 esports area?
Gabby (12:25): Content creators are closely related to esports. You have web3 content creators streaming their favorite web3 games, and they are usually watched because of their competitive ability.
They are still a small segment compared to traditional content creators streaming the largest games, but it's a rapidly growing area. There's an opportunity to align incentives between creators and the games by having creators own assets and feel like they're part owners of the game, rather than just being paid to stream it.
You can listen to the full discussion on the SCB 10X YouTube.
Follow Gabby and John to learn more about the web3 space.
Join the YGG Discord or follow us on Twitter for future updates.