Why do gamers and developers need a universal web3 wallet?

In the ever-evolving world of web3 gaming, the concept of a universal wallet has emerged as a transformative solution that offers numerous benefits, especially considering the fragmented landscape players are currently faced with.

What if gamers were able to access gaming experiences, manage and trade collectibles, and interact with different communities through a single, universal wallet? And what if developers already had the solutions at hand to make this a reality?

Read on as we highlight some of the significant benefits that make universal web3 wallets the go-to solution gamers ask for.

1. A universal web3 wallet leads to unified gamer experiences

In the traditional gaming landscape, players often find themselves juggling multiple accounts across various gaming platforms, such as Steam or Origin, or even single titles, such as Fortnite or Roblox.

Each of these may require its own unique credentials and registration process. This has led to a fragmented and cumbersome experience. Managing passwords, remembering usernames, and dealing with account recoveries can be frustrating and time-consuming. 

This disconnected approach limits the potential for a unified gaming experience, which has always been a dream among players. What if gamers had a single login for all their game experiences? No convoluted signups, no time wasted remembering passwords, just more time for gaming. 

Traditional gaming also locked hard-won digital items like cosmetics or trophies within each game account or platform. Migrating these items between games over time, or trading them for real-world money has been neglected or even banned.

What if players could own and store their digital items through the years, no matter if a game server shuts down? Or what if they could sell or transfer their collectibles to other players at will, without fear of retaliation?

Unfortunately, many new web3 games have inherited traditional limitations and even added new ones, which in turn has hindered the opportunity for gamers to access blockchain-powered experiences at scale.

A universal web3 wallet tackles all these challenges at their root.

It allows players to access their favorite games in just a couple of clicks, with no new usernames or passwords to remember. It also enables the storage of all owned digital items in one place. Any character cosmetics players purchase, any epic weapon dropped by tough end-game bosses, or any trophy won from a PVP tournament. All of these can be accessed altogether, whenever, and from any device. 

A universal web3 wallet also allows players to connect and interact with the whole web3 ecosystem. That means it’s not just new games they want to try, but also with non-gaming dapps and platforms. All with the same, seamless experience.

Developers wanting to offer their players such experiences can do so thanks to easy-to-implement universal web3 wallet solutions (like Sequence) that do not require any in-depth web3 expertise. Ultimately, this will not only benefit their players but also internal development teams, who will now face much less hassle integrating with different web3 platforms and blockchains.

2. A universal web3 wallet facilitates liquidity and spending power

Being able to access different gaming experiences through a universal wallet also means higher liquidity for players - meaning they are able to access their items and funds faster -  and potentially also higher spending power.

Imagine two types of players.

One of them has funds scattered around different web3 wallets. Not only do they have to login into every single one of them, but they also have to top up regularly to pay for gas fees and to purchase or trade items. The funds available are “locked” as each wallet can only be used in specific games and experiences. Plus the time wasted topping, managing, and transferring funds and collectibles is much higher. This follows traditional web2 gaming patterns where players have to fund their Steam or Origin. accounts and therefore also end up with funds across multiple games or game platforms. 

On the other hand, you have a group of players who hold all their funds and items in one place, which they use across multiple games and platforms, rather than needing to fund multiple accounts or wallets. If they get bored of one game, they can quickly sell collectibles and use the funds to buy items in a few other titles they are enjoying, all in a few clicks. The potential for liquidity available to each player is then much higher, while the opportunity cost for spending is much lower as compared to the first group.

Which player category do you think is happier and is also likely to spend and engage more overall with your game? The one with multiple collectibles and funds spread out on several wallets, or the one where all is managed from a single source?

3. A universal web3 wallet enables increased interoperability

One of the most compelling advantages of a universal web3 wallet is its ability to enhance cross-platform interoperability. Traditionally, transferring achievements and items between different gaming platforms has been a challenge, if not impossible. However, with a universal wallet, this barrier is broken down, enabling players to seamlessly navigate between games.

Players could take their hard-earned achievements, skins, and items across various games if given a chance, fostering a cohesive gaming experience transcending individual titles.

Now, as a developer, think about it in terms of business potential. What if you would like to acquire new players from titles other than your own and be able to reward them or boost them as soon as they enter your game for the first time? Or what if you could assign collectibles to players from specific guilds that established business partnerships with you, or players who played one of your previous games? Or what if you could give access to exclusive experiences only to players who are part of specific partner loyalty programs? 

Think about all the different initiatives you could run just because you use the right web3 tool.

Overall, a universal web3 wallet facilitates partnerships because it breaks down the barrier to entry and enables cooperation between gamers, developers, and service providers. Players can engage with games and brands, who in turn can integrate and establish partnerships with other brands to enhance and evolve the player experience. It is a win-win-win situation.

4. A universal web3 wallet improves user onboarding

The first web3 wallets only allowed their users to transfer cryptocurrency across a handful of blockchains and through a clunky and complex process. They were not meant for players, they were meant for traders. Their gaming capabilities were then very limited, even when digital collectibles became popular.

As a result, the player onboarding experience suffered from these limitations - how many players gave up on playing a web3 game just because they did (or still do not) understand how to set up or use a wallet? And how many because they needed to pay gas fees to play free-to-play games, or because they were exposed to scams? The magnitude of the challenge increases if we think about the majority of players nowadays residing in emerging markets, where purchasing power is lower in comparison to other parts of the world. But fortunately today, with universal wallets gamers can truly focus on having fun without worrying about completing what seems like a never-ending quest just to start playing.

Thanks to advances in wallet technology such as account abstraction - an innovative approach that allows, among others, to bundle transactions and avoid wallet holders paying for gas fees - not only wallets have become faster, more efficient, and more secure, but they have also expanded the services they traditionally have offered.

For example, web3 wallets today allow users to access game experiences on any browser and across devices, buy and trade collectibles by paying with a debit or credit card, and visualize digital collectibles portfolios in full detail and on demand. All these new capabilities (and many others) do not come today at the expense of the onboarding process, but rather they evolve it.

5. A universal web3 wallet fosters growth

Say you are a developer who has recently finished an alpha of a next-generation FPS, and you want to acquire players as quickly as possible, to get traction and valuable feedback for your future growth.

Which approach would you choose to ensure the best return on acquisition? Choosing a wallet solution that only a few are using, or that is not well integrated, or is compatible only with a handful of blockchains? Or a wallet that provides universal access to the majority of games, dapps, and blockchains currently available?

Believing in and choosing a universal web3 wallet solution means also adopting an approach that is likely to facilitate player acquisition for your game, especially in the early stages of development. A new player is likely to sign up and test your game if the wallet you are using is well-known and well-integrated with the web3 gaming ecosystem, especially if registration is hassle-free.

The ability to integrate and partner seamlessly with many other games and dapps, as we have seen previously, also gives your game higher retention potential.

In short - why a universal web3 wallet?

The emergence of a universal web3 wallet in the realm of web3 gaming presents a transformative solution with multiple advantages.

It streamlines the gaming experience, removing the need for managing multiple accounts and login credentials. It also offers higher liquidity and spending power to gamers and enables interoperability by allowing players to transfer funds, collectibles, progress, and achievements seamlessly between platforms. Finally, thanks to account abstraction, it evolves the number of services provided to players without compromising the onboarding experience.

For developers, adopting a well-integrated universal web3 wallet solution opens up new avenues for player acquisition and retention, fueling growth in the competitive gaming market. 

Ultimately, this unified approach benefits both gamers and developers, creating a win-win situation for the entire web3 gaming ecosystem.