Gaming guilds have become a major force in the world of Web3 gaming. These organizations are typically composed of gamers and investors who are passionate about exploring the potential of this exciting new technology. Many guilds have pooled their resources to amass a vault of valuable gaming NFTs, which they then rent or loan out to members of their community. These loans, often called "scholarships," provide players with the tools they need to play Web3 games and earn rewards.
The scholars who receive these scholarships are often able to play web3 games that they may not have been able to access otherwise. The guilds provide them with NFT characters and in-game tokens, which can be a significant expense for players who are just starting out. In exchange for the use of these assets, scholars are asked to share a portion of the rewards they earn while playing. This creates a symbiotic relationship between the guilds and the players, as both parties benefit from the arrangement.
For gaming guilds, this arrangement is a way to generate revenue and support their operations. As the guilds grow and acquire more assets, they are able to offer more scholarships to their community members. This helps to create a more diverse and inclusive ecosystem for web3 gaming, as more people are able to participate and contribute their skills and expertise.
Gaming guilds are an exciting development in the world of web3 gaming. They are a testament to the potential of this technology to create new and innovative ways for people to come together and collaborate. Whether you are a gamer, an investor, or just someone who is interested in exploring the possibilities of Web3, joining a gaming guild is a great way to get involved and start making a difference.
Benefits of Joining a Web3 Gaming Guild
Joining a Web3 crypto gaming guild can be an exciting way to enhance your gaming experience. Not only can you meet other players who share your passion for a particular game, but you can also learn more about the game and its mechanics.
But that's not all. As a member of a Web3 crypto gaming guild, you can earn various rewards for your participation. Some guilds offer weekly or monthly incentives to their members, such as virtual currency, items, or even tangible prizes. These rewards can motivate you to stay engaged and level up your skills, adding an extra layer of fun to your gaming experience.
However, the benefits of joining a web3 crypto gaming guild don't stop at in-game rewards. By being a part of a guild, you can also stay up-to-date on the latest news and advancements in the world of cryptocurrencies and NFT gaming. You'll have access to exclusive information about new projects, services, and products that are emerging in the space. By keeping yourself informed, you can make better decisions about your investments and stay ahead of the curve.
Functions of the Web3 Gaming Guild
Investing in Web3 games: Gaming guilds function as venture capitalists for the gaming industry, scouting for new crypto games and investing if they see potential. They pool their resources together to invest in NFT assets and in-game tokens, which are then used by other members to play and earn shared profits. Investors who want to invest in games but don't have time to play can invest in guilds and distribute scholarships to their members as well. By doing so, gaming guilds can help investors indirectly invest in games through them without taking on the risks and responsibilities of direct investment.
Scholarship programs: One of the biggest barriers to entry for play-to-earn games is the cost of purchasing NFTs and in-game tokens. To address this, guilds have created scholarship programs. Within the guild, NFT asset owners (managers) can lend out their assets to other members (scholars) for use in the game. Scholars can then use these digital assets to play and earn in the crypto game. Afterwards, the profit is shared among the guild. The distribution of revenue varies depending on the guild, but generally, 10% is paid to the guild as rent, 20% to the managers, and 70% to the scholars. Other guilds split the profits in half. Scholarship programs have had a great social impact, granting access to gameplay experiences and earning opportunities to players who may not have had access otherwise.
Educational content creation: Web3 games provide an innovative new experience for players, but the process of getting started can be daunting for non-crypto users. Accessibility is an important factor in driving the gaming industry forward, and it's important that there are sufficient educational resources available for newcomers. Gaming guilds play an indirect role in supporting non-crypto gamers to access the market by providing resources such as how to create a crypto wallet, how to deposit and withdraw funds, how to secure accounts, and how to learn more about gameplay mechanics and reward systems. The more non-crypto gamers know about the market, the more likely they are to become involved in the GameFi sector, which contributes to the long-term growth of the market.
Vetting games: With the surge of the gaming sector, many projects are vying to bring the next innovative gaming product to the market. However, this also means that there are fraudulent projects looking to take advantage of the play-to-earn hype. It is the guild's responsibility to prevent their members from being exposed to scams or rug pulls. Top gaming guilds carefully research and analyze the economic systems of the projects they invest in, playtest and evaluate the game, and only then award scholarships to their members. By doing so, gaming guilds act as gatekeepers to prevent fraudulent projects from gaining a foothold in the GameFi sector.
Some of the popular guilds you can join right now
Hands down, one of the best in the business. RedayPlayerDAO is one of the most forward-thinking DAOs on the market right now. They have realized that the things that worked in the past won’t necessarily work now and are pivoting from the traditional guild model to a more hybrid one. Check out and participate in RPD to stay on the cutting edge of Web3 gaming.
This is a new one, folks. MMG apparently aims to create a Gala Games-like ecosystem in mobile gaming. They have already raised $5 million through their token presale and are ready to build some truly unique stuff. You’ll have to buy a token to get access to the community. We would suggest giving MMG a closer look as they can get quite big in the coming months.
YGG is the original guild in Web3 gaming; they are the pioneers of this field. Although they stumbled on the play-to-earn debacle, YGG is still the biggest in the business. They have the best investors, thought leaders, connections, and reach in Web3 gaming. Plus, they have invested in and supported some of the best games in this space. It's definitely worth checking out.
We hope that you have gained a comprehensive understanding of the role, benefits, and functions of Web3 gaming guilds in this industry. Try joining some of the projects we have recommended and testing them out firsthand. If you liked this piece, make sure to check out other articles on our blog. See you next time!