How Web3 is Used to Revolutionize the Gaming Industry?

• By Derek T Belford
• 14-12-2022
• Technology

The globe is changing! Everything has changed, including how we interact, communicate, make money, and even play games. Science and technology are essential to this transition.

Another such technological development that is quickly gaining pace is Web3. The technology makes use of the blockchain's ability to produce value. Notably, this technology is ushering in a new revolution across all business sectors. All businesses use technology, and the gaming industries are one of them.

As a result, this article will introduce you to every facet of web3 gaming and describe how it differs from conventional traditional games.

What Is web3?

Web3 is the new idea for the internet that uses decentralized, essentially anonymous resources. It's distributed among users rather than being retained by powerful tech companies. It is the subsequent development after Web1 and Web2.

Features of Each Revolutionary Stage:

Web1

Open-source software and open standards were key components of the first World Wide Web. Some of the most significant internet businesses, including Amazon and Google, climbed to prominence.

Web2

With a stronger emphasis on user-generated content, web2 gave rise to the era of blogs, social networks, and wikis. It supported social connections and content production and used some of the same Web1 features.

Web3

The updated Web3 uses a value-exchange approach instead of an information-exchange model. Self-sovereignty and a significant decentralization of the internet are also included.

How is Web3 Changing the Gaming Industry?

Possession and Compatibility

Web3 development gives players the most opportunities because it lets them own their games and play with others. This is possible with NFTs or blockchain. NFTs are the new face of web3 gaming, which has become increasingly popular in the market. They allow you to own almost any in-game asset, which you can't do with other game models.

In traditional games, a player would buy an item that was only used in that game. What happens if a player switches to a different game? The thing you purchased and the money you used to buy are both wasted. Imagine how many games are being wasted right now because of virtual reality.

In web3 gaming, interoperability is essential. Players should be fine with losing money because the items above can be shared among different games. Players now have more control and can switch between games at will. If you don't wish to utilize the object, you are not required to keep it close by. To make them an investment rather than a one-time purchase, you can convert them into in-game NFTs that you can sell on secondary marketplaces.

Availability and Transparency

Web3 gaming stands out because it highlights the dispersed nature of the system. Contrary to centralized games, you are not reliant on a single server. Voting agreements can be used to expand blockchain-based games with new features. More open web3 games may now be developed as a result. The web3 gaming environment is also autonomous and runs without interference from any centralized authority, which guarantees outstanding availability.

Individual Experiences

Leading web3 game developers show how the success of the new gaming business depends on personalized experiences. Numerous prominent Web3 games place a high priority on giving players the finest incentives. One game that demonstrates how players can earn money while playing games is called "play-to-earn." An illustration of a play-to-earn web3 game is Axie Infinity. This well-known NFT play-to-earn blockchain game enables players to profit from their gaming prowess and contribute to the ecosystem's improvement.

Earning Potential

Players can make money playing their favorite games wherever they are due to next-generation gaming systems. On the blockchain, players may also be able to trade and sell in-game tokens. Play-to-Earn gaming platforms will enable players to transcend economics and turn it into a product. The chance to upend the gaming business is enormous. Play to Earn provides a new source of income for players having financial difficulties.

Democratization of the Gaming Sector

The gaming industry has seen a huge transformation by utilizing blockchain and metaverse technologies. It decentralized the gaming industry by eliminating centralized game managers and platform owners. Web3 gaming uses cutting-edge technology like blockchain, DAO, the metaverse, and other advanced technologies like AR and VR to support the financial health and viability of the game business.

Although this sector is still in its infancy, there are many things to discover. Large gaming firms like Zynga and Ubisoft started looking into this sector. You can anticipate a sharp spike in demand once AAA-caliber web3 games are published.

Play-To-Earn Games

Play to Earn gaming differs from traditional gaming because it emphasizes decentralization. This indicates that the game's creators do not influence the result. Taking part in the game's in-game economy can benefit both gamers and game producers.

A few examples of play-to-earn games are:

• Splinterlands
• Silks
• Alien Worlds
• Axie Infinity
• Walk-to-earn

Walk-to-earn games are another category of GameFi. The idea behind these games is simple: instead of playing games, you walk and earn digital assets. This new way is to reward players for doing simple things like walking. Many companies offer games based on this idea, but Walken and STEPN are two of the most well-known ones.

Conclusion

Although web3 gaming is still new, it has enormous promise and is anticipated to only improve with time. According to experts, more gamers will adopt web3 technology and the contemporary business model. Web3 game development companies are also significantly advancing the overall sector because players and owners will receive more equitable compensation.

The major features of modern web3-based games are the strong support of blockchain, the availability of NFTs as in-game assets, and the creation of enormous communities known as DAOs. Anyone familiar with the excitement around web3 can predict that decentralized gaming will become more immersive, social, and connected than ever.