When it comes to cryptocurrencies, play-to-earn games have riled up traditional gamers, but Nolan Bushnell, the founder of Atari, believes that Web3 gaming and blockchain-based virtual worlds have a bright future. According to Bushnell, the development of destructive play-to-earn games is to blame for the gaming community’s disdain of Bitcoin.
According to Bushnell, cryptocurrency and nonfungible tokens (NFTs) have come under fire from “real” gamers for obvious reasons. “Play-to-earn games have exploded in popularity, and that’s where it all starts,” says one.
“Serious gamers despise the grind because it is tedious,” he continued. Unfortunately, play-to-earn games rely heavily on the “greater fool theory” to function, which runs counter to what players truly desire: enjoyment.
While claiming the invention of video games may appear ambitious, Bushnell’s impressive career includes inventing Atari, a pioneering gaming system, and Chuck E. Cheese, a popular American dining business. He can also boast that he formerly worked for Steve Jobs.
Nolan Bushnell Advocates Virtual Worlds Over Play-to-Earn Games
Bushnell sees the future of Web3 gaming shifting away from play-to-earn dynamics and toward immersive virtual worlds created with virtual reality (VR) and augmented reality (AR) technologies.
According to Bushnell, widespread adoption of these new digital realms is dependent on humanity’s innate desire for sociability and a lasting sense of “place and time” in the burgeoning virtual world economy.
“Where and how do you meet people? These questions are the connective tissue of Web3 and the metaverse. When we can provide a genuine sense of place and real-time interaction in virtual worlds, that’s when we’ll truly have something groundbreaking.”
Bushnell’s Three Critical Categories blockchain can Change and Improve Gaming
Bushnell is currently the Chief Knowledge Officer at Moxy, a pioneering esports firm that uses blockchain technology, and is at the forefront of a game-changing movement. His sharp thoughts point to three critical categories where blockchain has the potential to change and considerably improve the modern gaming landscape.
First and foremost, Bushnell emphasizes the importance of secure and seamless fund transfers to turn gaming into a robust competitive platform. “To foster genuine competition, we must enable simple and secure fund transfers,” he explains.
Secondly, smart contracts, in Bushnell’s view, hold immense value, not just in games but in all aspects of human interactions. “Smart contracts are not limited to gaming; they apply to various life scenarios where relationships are established and the terms of those relationships matter.”
The third significant area is the secure storage of digital asset values in the form of currencies and tokens.
Bushnell’s introduction to cryptocurrency came through Tether co-founder Brock Pierce when Bitcoin was trading at around $50. Initially, he didn’t pay much attention to crypto, but like many others, his perspective changed as Bitcoin’s value surged. He began to see the potential in the world of blockchain.
Bushnell admits that he has avoided making major investments in cryptocurrencies due to their inherent volatility. However, he derives an optimistic conclusion from the fact that when a large number of people recognize the value of something, it usually indicates a bright perspective for the future. In other words, while he is not significantly involved in the cryptocurrency business, he feels that widespread interest in and acknowledgment of cryptocurrencies will lead to beneficial developments and growth in the long run.