How is Web3 Gaming empowering the end-user community?
When the blockchain came over with the concept of decentralization, it took its time to get the attention it deserved. After all these years, people recognize blockchain as a futuristic technology that will show its dominance in every industry possible. The dominance of blockchain invaded the Gaming industry and brought a new range of gaming platforms. The Non-Fungible Tokens on the blockchain replaced the in-game items and were traded on NFT trading platforms. This brought a lot of play-to-earn NFT games into the market, opening the gates for the end users or gamers to get involved in the development and updates of the gaming platform. What has been happening in the gaming industry since the introduction of blockchain? What should you know about this new web3 gaming? Here is a blog to tell you everything before it is too late.
Introducing web3
Blockchain technology is something that works without centralized control. It came out to bring decentralization and anonymity. Though it all started with finance and cryptocurrency, it is now making changes everywhere, including the gaming platforms. Today the gaming platforms that are incorporating NFTs and blockchain opened a whole new economic model to the gaming industry.
Web3 is a concept that compensates the users for the time they spend on the blockchain or web3 platform. This way, play-to-earn games emerged. This not only gave the gamers a chance to earn but also opened the gates to getting involved in the game governance directly.
Blockchain in games
Initially, blockchain entered the gaming platforms with Non-Fungible Tokens. They gave tradeable ownership to the in-game items, which are usually digital data stored on the game server. With NFTs, these digital data and their ownership is stored on the blockchain. Gamers can buy and sell these items on the NFT trading platform. Since the blockchain supports transparency, anyone can view the details of the items stored on the blockchain.
Cryptokitties is the most popular and one of the first in this range of gaming platforms. With the introduction of Web3, play-to-earn NFT games entered the industry like a storm.
In these P2E games, the gamers could earn as they play the game. That is, They get compensated or paid for the time they spend on the NFT game they play. Gamers get paid in cryptocurrency or a stable currency for every point they score, task they complete, or game they win. This way, these platforms are the place for fun and finance at the same time.
Decentralization in gaming
Decentralization and blockchain go hand in hand. When blockchain can bring a change in the world economy with blockchain, then why can’t it bring a change in the gaming industry? That is when game developers decided to bring decentralization of gaming platforms.
The concept of bringing decentralization into games gave the opportunity to the end users, the gamers, to get involved in the governance and development of the game. With a token on the blockchain, gamers can take part in the voting and decision-making process of the game.
Web 3 gaming- The future!
In a decentralized Web 3 game, there exist two tokens, a utility token, and a governance token. By playing the games, gamers can acquire both of these tokens exclusively, or they can even get them from cryptocurrency exchange platforms.
The gamers can use the utility tokens to buy NFTs in the NFT gaming marketplace, level up NFTs, and even exchange them for fiat money in crypto exchanges. Utility tokens are usually of unlimited supply. On the other hand, Governance tokens are of limited supply, and the players with governance tokens can take part in any decisions making with respect to the game development and updates. It is also important for the governance token holder to hold a particular volume and should have participated in the game in order to take part in the voting.
This way, the gamers can decide what will happen with the game. This inclusion of the end users in the gaming platform to make the decision opens up the platform bringing trust and transparency. It also opened a new economic model making the games global. This inclusion of cryptocurrency has reduced the borders and expanded the game’s territory globally.
The renting system
With NFTs, the in-game items become digital assets. Any asset that can be owned can be rented too. This concept can help gamers to earn a passive income it. There are NFT standards that came out to bring in rentals and mortgages. Here the gamers can take NFT items for rent and play with them to get a better gaming experience and return them back when the rental agreement expires. This will create a whole new opportunity for the gamers to get a varied experience.
The bottom line
Web3 gaming with NFTs and NFT trading platforms has been getting a lot of attention in the last few years. People who were recreational gamers are now professional gamers who earn full time income from these play to earn NFT games. With Metaverse, the new technology that is emerging around NFTs and blockchain will bring a whole new future to the gaming industry.
