When talking about Web3 products what will come across your mind in the first place?
The focus often shifts towards prevailing trends such as story-retelling, new technologies, economic models, decentralization, or data attribution. but a key aspect of business, namely revenue, appears to be underlooked. Most applications are created for the sake of commercial purposes. This is no exception in Web3. Nevertheless, there are limited discussions about how to enhance the revenue generation of Web3 applications.
Mobile First
For mobile games, revenue is generated through in-app purchases, in-game ads, and paid downloads. In 2022, in-app purchases accounted for 53.6% of mobile game revenue, and this percentage is expected to continue to rise. The game industry is one of the most maturely commercialized application categories, and is a good example to look at for consistently generating revenue on mobile platforms.
The entire process of acquiring, engaging, retaining, and converting customers has been seamlessly integrated into a single app. While Web2 apps prioritized mobile platforms and in-game marketplaces, developers of crypto game apps have struggled to keep up with the trend.
Despite the increased availability of Web3 apps on mobile platforms, many apps still struggle to provide a seamless experience for users. This is especially true when it comes to the links between the user and the asset marketplace. Then, What are some benefits for creating an in-game marketplace?
1. Mobile game marketplace can help projects to access the appropriate user group
Mobile game apps list crypto assets such as NFTs on third-party platforms like Opensea to serve the application itself. For example, game asset NFTs can be listed on trading platforms to enable users to exchange information through asset trading. This can generate income while enhancing user engagement and encouraging longer adherence to the game.
2. In-game marketplaces can help to increase user conversion and revenue.
From the user's perspective, any app follows a closed loop of customer acquisition, activities, retention, conversion, and there will be a churn rate between any of the two steps. If a Web3 application has a poor user experience, it can lose more than 50% of users in these steps, resulting in high customer acquisition costs.
Web3 apps face a challenge when users are interested in the content and willing to pay for it, but have to leave the app and go to another website to connect their wallet or link an account to make a purchase. This leads to cumbersome and understanding costs for the user, causing disconnect and distrust that can result in a decline in willingness to pay and application revenue.
Bottom Line
Given the high costs and limited control associated with using third-party marketplaces, it is becoming increasingly clear that building a self-owned marketplace is the way to go for blockchain game creators. Fortunately, with the rise of platforms, building and customizing a crypto marketplace has never been easier.
Not only does owning a marketplace allow for greater control over transactions and revenue, but it also provides an opportunity to create a more cohesive user experience that is tailored to the specific needs of the game. As the blockchain gaming industry continues to grow and evolve, investing in a self-built marketplace will become an increasingly important strategy for staying competitive and maximizing profits.
By leveraging the power of platforms like Mirror World, blockchain game creators can take the first step towards achieving greater independence, control, and success in the world of blockchain gaming. Learn more about how to create your own in-game marketplace: https://mirrorworld.fun/blog/all-in-one-web3-game-development
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