ultimately calls the shots on what they will and will not accept. Publishers are constantly searching for new revenue streams and monetisation models, which is no bad thing (we sometimes forget that this is a business after all) but forcing gamers to accept something they feel unseemly - that will simply never fly. Gamers have many options for where to spend their time and money, and long may that continue. All technology, including the likes of NFT’s, can be used in a variety of ways, it’s not necessarily a bad thing; it all comes down to how it is implemented and what it adds to the experience.


Kirsty Endfield, Swipe Right: As an industry it makes sense for us to explore new ways to finance games and build out their in- game marketplace. We’re also an industry that loves collectibles, so on paper NFTs should be received positively. But there are a number of concerns around security as there are no regulatory bodies yet (and that regulation is somewhat counter to the ideals of decentralisation). Part of the issue is the NFT market tends to still be largely speculative, i.e. people buying them in the hope they’ll increase in value, rather than actually deriving value from them… I think a lot of people who like collectibles traditionally collect because they derive value from them, and this speculation alienates these individuals. This combined with the environmental impact is driving a lot of the current backlash. While there have been some NFT successes, for those that went wrong it’s a general misread of their respective communities and a lack of understanding of just how deep people’s concerns are. Gaming and esports fans are typically early adopters but the NFT industry has been plagued by rogue companies and major organisations obviously wanting to make a quick buck. From a PR point of view anything NFT or crypto related is notoriously difficult to gain


coverage for. Press sentiment is not to cover it unless there is an epic fail.


Rana Rahman, Raptor PR: It was all to be expected: we’re seeing the predicted hype curve play out in front of our peepers. The bubble needed to burst in order to shed the shysters. Web3 technology is no different to any other potentially disruptive technology, and I had lots of deja vu with my formative dotcom PR days from 2001. At this moment in time, the Web3 gaming industry is in what’s called the ‘trough of disillusionment’, with an upturn expected into adoption.


A number of existing games industry brands fumbled their comms strategies, because players are not ready yet. The games are not here yet. ‘Gen 1’ Web3 games like Axie Infinity were test vehicles with scrappy gameplay and unsustainable economies, but exploded during lockdown, chiefly in southeast Asia. The ‘proper’ Web3 games made by experienced games industry people are in development right now, from both scores of indies, AAs and AAAs, working on new games which are experimenting on ways to create fun elements which can only be powered by Web3 tech. With the benefit of significant tech PR experience, I’m pragmatic but positive about the potential of Web3 gaming. It could transform gaming, and totally shift the power dynamics in the entire games industry, meaning the FAANGs no longer hold most of the revenues and our data.


Dean Barrett, Bastion: For an industry that is dominated by mainly young very bright people it’s sometimes surprising how conservative (with a small c) it can be. Crass pointless profiteering should never be part of what we do, but seeking new and innovative ways of funding the development of new games is unavoidable. Ultimately the market will decide what works. We need less burning torches in ’23 and a few more open minds.


“At this moment in time, the Web3 gaming industry is in what’s called the ‘trough of disillusionment’, with an upturn expected


into adoption.” Rana Rahman Raptor PR


January 2023 MCV/DEVELOP | 43


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