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While the Web3 gaming industry has long been advertised as an important driver for blockchain adoption, Web3 games themselves require new development ideas to remain attractive to both existing user bases and new Web2 users.
One potential step in blockchain-based games is Movie, a source of traditional games once explored. Filming a movie into a game was once a powerful and time-consuming formula. Think Dune, RoboCop, The Matrix, Spider-Man, and Lord of the Rings. However, despite the explosive growth of Web3, this powerful connection is hardly explained by both the blockchain gaming project and the film industry.
The gap between studios and game developers needs to be bridged once again. This time we used the new frontier and Web3 for fan engagement, interactive storytelling, and the next generation of gaming economy.
And this synergy is something you need to go back to the film industry. Amidst rising streaming and a decline in cinemas after Covid-19, the industry’s revenue model has shifted to alternative sources such as products, licensing and integrations. Bringing IP licenses to Web3 games is a Win-Win-Win strategy. Millions of new users have joined the blockchain, energizing interest in the gaming, and is an additional revenue stream for film studios.
Game integration is not a novel concept. Think about all your digital concerts and brand placement at Fortnite or Roblox. From launching a playable world on Netflix on Roblox to Marvel’s rivals, which cements Steam’s top three position, titles like this have been extremely successful in merging cinemas and games. Taking traction and revenue generation a step further is an intuitive concept, but licensing is complicated.
License IP remains a major obstacle
Licensing the game’s IP has always been a slow, expensive and opaque process. Traditional licenses are multi-stage negotiation games. This is because it establishes a lasting relationship to navigate the nuances of the complex contract between the judiciary. Despite obvious mutual benefits, this IP license remains a bespoke procedure with extreme barriers to entry. World Intellectual Property Organizations seek to standardize the use of intellectual property, but their guidance is limited by a lack of enforcement practices. Even frequently asked and regulated jurisdictions cannot deal with fringe copyright violation cases. What should be said about regulatory development and ambiguous contract interpretations?
Putting ambiguity aside, even contracts that have been simplified and understood are still plagued by them. Long-term negotiations significantly delay product time to market, reducing legal and administrative fees to profits for both studios and developers. Disputes regarding revenue distribution and rights management, limit royalty payments, and ads – lists can continue.
Is blockchain useful?
In theory, blockchain can easily solve these problems. From standardized, audited smart contract licensing to immutable, transparent revenue tracking and automated payments, intellectual property monetization becomes easier when taken in the chain. Consider unlocking managed resources that are currently chained by the need for constant supervision. Isn’t this optimization of efficiency in pure form?
The problem is that the regulatory environment is lagging while technology is ready. Yes, blockchain will ultimately become an easily available solution to streamline intellectual property management, but only if the entire legal system is overhauled to support it. This also requires a global enforcement system and a set of court precedents in major jurisdictions as a textbook of basic interpretation. This is a very complicated problem with many moving parts, so IP licenses will not leave the off-chain contract domain, at least in the near future. However, this does not mean you should not be ready for takeoff. It will certainly come then.
There is another virtue that blockchain can bring to the game besides IP management: ownership of in-game assets. If there were no tradeable skins, is counter strike extremely popular? I doubt that. It is a multi-million dollar economy with its own high-frequency trader, market maker, collector, valuation and third-party platforms. Now, think about all the slippage and lack of fluidity. Complete non-lawful ownership is the solution.
This unofficial digital ownership can be extended beyond the limits of a single game or platform. Imagine a world where skins, weapons, avatars, progress within the game, or an entire game world can be seamlessly transferred from one game to another. This may become a reality faster than you think, as Epic Games CEOs promote Unreal Engine 6 as a potential way to connect Fortnite, Roblox and Minecraft to a single interoperable metaverse. Join the Marvel Universe game. Integrate them through Web3 ownership. What you get is a universe similar to the Infinity War, a blockbuster Marvel movie hit.
Synergy is the only solution
GameFi can activate games, IP licenses can attract new audiences, get tired of the same repeating game franchise, craving new but recognizable plots and gaming experiences. Both IP licenses can be performed on Web3. This is a rare opportunity for symbiosis that is currently ignored by all stakeholders, including the film industry, the gaming industry, and blockchain.
Especially when tracking basic game rules in this area, prepare to look forward to more partnerships between game developers and film studios as they explore opportunities for shared IP. Furthermore, as Crypto regained its widespread acceptance and popularity, the stigma of the Crypto partnership, once established by FTX, has gradually faded. Trump has millions of non-cryptic people in the field of digital assets, and films can do the same. Finally, the growing awareness of blockchain by large audiences means that blockchain is likely to appear in films.
