In today’s rapidly evolving landscape of Web3 gaming, developers are constantly seeking new ways to stand out in a crowded space. Drawing from Economics Design’s extensive experience in designing, improving, and advising on Web2 and Web3 games, our aim is to help you explore exciting possibilities to monetize your games effectively. In this article, we provide developers with 3 actionable insights and suggestions on innovative monetization methods for your games, going beyond the traditional token and NFT models.
From the first step in the new player onboarding, through their final session, everything should be balanced and interconnected to create a player experience that will keep them coming back. An important part of the player’s interaction with the game is how they are able to spend money and provide the company value. If you don’t plan for your game to make revenue, then it’s more of a hobby, and not a sustainable business. While token and NFT models have gained some traction, the quest for innovative monetization methods continues.
Our goal is to present ideas on alternative revenue streams that developers can consider to maximize their earning potential. By exploring these options, you can go beyond the traditional approaches and find fresh ways to generate revenue for your game. Whether it’s through in-game purchases, subscriptions, or other creative methods, finding a balance between player satisfaction and financial sustainability is crucial. With our insights and suggestions, you’ll be equipped to navigate the challenges of Web3 game monetization and create a sustainable business model.
In-app purchases have proven to be a highly effective monetization strategy for developers, especially in the context of free-to-play (F2P) gaming. When determining the potential items to sell within your app, it is crucial to focus on a key aspect that can significantly impact player spending: time. Time serves as a compelling incentive for driving in-game transactions, and the strategic implementation of time gates can yield two notable advantages for developers.
Implementing a time gate extends the content of your game by preventing players from quickly grinding through its entirety. This not only encourages longer engagement but also creates more opportunities for players to interact with the game, fostering a deeper connection.
Secondly, time gating provides an avenue to sell items that reduce the wait time for players. Whether it’s offering faster energy recharges, unlocking reward boxes, or refreshing the in-game store at a quicker pace, enabling players to pay for accelerated progress allows them to play on their own schedule. Simultaneously, it establishes a recurring revenue stream for you as the developer.
By strategically incorporating time gating and offering corresponding items for purchase, you can enhance both player experience and revenue potential. This approach empowers players to progress at a pace that suits their preferences while providing developers with a sustainable monetization model.
The inclusion of advertisements within games is frequently met with apprehension among developers due to concerns regarding their potential to be intrusive and have a negative impact on the player experience. While these concerns are valid, it is important to note that there are strategic approaches available for developers to seamlessly integrate ads into games without compromising the overall user experience.
It’s important to recognize that you don’t necessarily have to run other people’s ads. Many ad networks offer the option to run your own in-house ads. This opens up opportunities to promote other games from your studio, showcase games from partnered developers, or even advertise upcoming events and sales. By utilising this approach, you can maintain control over the content and ensure that it aligns with your game’s overall experience.
Additionally, developers should consider the monetization potential of ads among players who may not be inclined to spend money within the game. For example, after a player loses a level or fails a mission, you could provide them with the option to watch a video ad in exchange for an extra life or additional mission time. By presenting this choice, the player willingly opts into the ad experience, and it offers an alternative means for those who may not want to make in-app purchases to contribute revenue. This approach allows you to tap into a broader player base and generate income from users who otherwise wouldn’t be directly monetized.
By carefully integrating ads in a way that respects the player experience and offers value, developers can leverage advertising as a viable monetization strategy while maintaining a positive relationship with their audience.
Developing a sense of FOMO (Fear of Missing Out) and fostering excitement is a highly effective strategy for enhancing revenue generation within your application. Implementing limited-time and special events serves to generate anticipation among your user community while also providing multiple avenues for users to engage in monetization opportunities.
One option to consider is implementing a competitive event in the game and then offering players a free entry. For example, you could design a race where everyone receives a complimentary pass to participate and aim for the best time. Players can engage with the event’s content and record a score, but if they are disappointed with their score or placement on the leaderboard, they have the option to purchase additional entries to try for a higher score. This approach, as demonstrated by the success of the Bored Ape Yacht Club (BAYC) in their Dookie Dash event, can drive engagement and revenue.
Another idea is to introduce seasonal events featuring limited availability holiday-themed items. Holiday sales have been a significant revenue driver for developers over the past decade. Offering players special items such as snowmen or jack-o’-lanterns during specific seasons tends to be highly popular and usually doesn’t detract from sales of regular in-game content.
By implementing engaging events and incorporating limited-time offers, you can create a sense of urgency and exclusivity that motivates players to spend money in your app. These strategies not only enhance user engagement but also contribute to a healthy revenue stream for your game.
The realm of Web3 gaming presents an abundance of possibilities for developers to transform the landscape of game monetization. By meticulously constructing interconnected ecosystems that prioritise the player experience, developers can establish a foundation for continuous engagement and revenue generation. This entails exploring unconventional monetization methods that extend beyond the conventional token and NFT models, while also capitalising on in-app purchases, advertising, events, and other avenues. Through the embrace of innovative strategies and a commitment to staying competitive, developers can captivate players within this immersive gaming frontier. As the industry progresses, the pursuit of novel monetization approaches will remain pivotal in forging a prosperous and sustainable path forward.