Decentralizing Gaming: How DAOs on the Phantasma ecosystem can change the Web3 Landscape
NFTs, Blockchain, and the Future of Web3 Gaming
The world of gaming is evolving at an incredible pace, with new technologies and innovations emerging every day. One of the most exciting developments in recent years has been the rise of Decentralized Autonomous Organizations (DAOs). These organizations have the potential to revolutionize the way we play web3 games.
DAOs are autonomous organizations that operate on the blockchain and rely on smart contract rules that are originally built by a core team of DAO members and developers, coded in, and can’t be changed without voting on them. These smart contracts lay out the framework for how the DAO will operate and execute. They are completely decentralized, with no central authority or control. This can make them ideal for the world of gaming, where players are often looking for more transparency and control over their gaming experiences.
DAOs work more like town hall meetings than company boardroom meetings. In a boardroom, all decisions for the company are made there and behind closed doors and the people at the bottom of the pyramid (the workers) have no say. A DAO is run by governance (through tokens that represent voting power), like a town hall, and anyone with a good idea can be heard regardless of who they are and what qualifications they have.
Bitcoin could be considered the first-ever DAO as it’s the first fully autonomous protocol without the need for one person or a collective to keep it running.
DAOs are open source. They provide transparency due to blockchains immutability, security, decentralization (unlike centralized traditional crowdfunding sites that operate within political and geographical constraints), and efficiency as they negate the need for decision-making by middlemen, reduce paperwork and provide a trustless way of managing assets and ideas.
DAOs have one common interest. To make sure important discussions are proposed, discussed, and implemented with all of the communities’ consensus.
Within the Phantasma ecosystem, developers can use our native DAO smart contracts and unique voting system to create gaming experiences that are completely player-driven. Players can vote on decisions that affect the game, such as the allocation of resources or the development of new features. This creates a more democratic and transparent gaming experience and gives players a greater sense of ownership and control.
Our Phantasma smartNFTs can also play a significant role in the development of web3 gaming. Our unique programmable low-cost digital assets can be used to represent in-game items and assets, used for rewards and achievements, and can be bought, sold, and traded on the blockchain. This creates a new revenue stream for developers, as well as a new level of ownership and control for players.
Developers can use the Phantasma Blockchain to create innovative gaming experiences that are both unique and secure. This opens new possibilities for gaming, such as virtual reality gaming experiences and even gamified NFTs.
Web3 developers have a crucial role to play in this transformation, as they are the ones who will be creating the next generation of gaming experiences. By building on the Phantasma Blockchain and utilizing DAOs and NFTs, they can create gaming experiences that are truly player-driven and democratized.
The application of DAOs goes beyond just gaming. They can be used with an objective such as creating a movie, music, starting a charity, and more. DAOs are an organized but decentralized way to effectively collect the consensus of a community and translate that towards a greater chance of success in the objective.
There are however some concerns around DAOs that everyone should be aware of. They are generally unregulated at the moment and some could potentially run into legal issues in time. DAOs do not have a CEO or founder so there is no accountability if the DAO goes wrong once established and once a DAO gets overly busy there may be far less community participation due to the increased need for voting rounds.
Tools also need to be in place so that anyone interested in participating in a DAO can see the member count and vote participation. It is important to know the size and activity of the DAO before becoming involved. Forums and community channels need to be created to discuss and mediate proposals for the DAO and decisions for the DAO can often take several rounds of discussions before a proposal is approved.
It is important to remember that this is a new technology and an ever-changing space so we highly recommend you do your due diligence prior to launching a DAO.
In conclusion, DAOs on the Phantasma Blockchain can revolutionize the world of web3 gaming, provide a more transparent and democratic gaming experience for players, and new revenue streams for developers. NFTs and blockchain technology are playing a crucial role in this transformation, and web3 developers who embrace this change are sure to be at the forefront of the future of gaming.
If you are a web3 game developer, it’s time to start exploring the possibilities of DAOs on the Phantasma Blockchain. Research the Phantasma ecosystem, connect with our business development team to learn more, and start building the future of gaming today.