Will Web 3 Gaming Space Overcome the Traditional Gaming Spectrum!
Gaming Ecosystem To Become More Vocal With Transitioning Web3 Games
Customers, Gamers, and Users — call it anything; we are all consumers of something in one way or another. Along the way, our consumption has gone from quenching simple thirst to now a wide dream called Metaverse. The world has gone from running around for information and power to chasing dreams using technology. This technological upgrade is what tech geeks are calling Web3.
Web3 is the iteration of the internet portraying the best of its capabilities to the user, with protocols like decentralization and scalability. It uses a public ledger called blockchain, and their uniqueness gives the assets the title of being non-fungible. NFTs or Non-Fungible Tokens represent physical assets that can be traded without intermediaries or duplication, proving ownership.
One thing that the human race has gotten well accustomed to is Games. The adrenaline rush that surges in whenever the goal on the screen is made cannot be replaced; however, with Web3, it can be enhanced. Moving forward, let us take a look at the obvious shift in the gaming spectrum with Web3 and blockchain.
Web Gaming History
What Web1 primarily offered can be defined as an era where the players had the prospect of overcoming stress by repeatedly participating and improving their game strategy. But it ended in vain when the social hype kicked in, and players wanted to share their progress with their friends.
Web2 was an era when players and gamers were allowed to enjoy games online while saving their progress. This allowed them to participate in gameplay and level up much faster and more effectively. One of the other improvements introduced with this literate internet is that players can no longer linger in solitude, instead being able to interact with multiple players on the same platform. You must be wondering about vintage assets in-game. Yes. During this era, in-game assets were heavily invested in for massive player engagement. However, there were losses. Nevertheless, the core of the profit is hidden behind extremely rare vintage quality objects, first of all, original ideas of the time.
Entering the wildest era of gaming, Web3 holds the record for storytelling. The long-awaited upgrade allows players to experience more realistic gameplay. In other words, blockchain technology gives gaming infrastructure a market position that can provide consumers with much-needed trading of in-game assets. Game accessories and assets are available in-game as NFTs. These NFTs or digital game collections can be purchased through a play-to-earn gaming mechanism. Owning an NFT means that the user has full authority over the asset, enhancing user/player security and immutable ownership and increasing their passive income.
What does the paradigm shift mean?
Since we have gone through long decades of history in a few sentences, you must have gotten a clue of what we are moving towards in the gaming industry. The multi-million dollar gaming industry is growing at an astounding rate, and it is all because of the engaging play-to-earn gaming mechanism. As the players can earn bucks without having to move a muscle, a lot of countries, like Vietnam, Thailand, etc., are considering making this their 9 to 5 jobs. Now, how interesting do you guess Web3 gaming can get?
A lot more!
The market statistics according to the gaming industry show that the revenue collected by the end of 2021 touched over $174 billion dollars. The digital collectibles or the in-game assets, which the traders are fond of, have been going up in sales despite the winter, and it is expected to continue the same way into the future as well.
With the freedom of the players to enjoy their gameplay with the play-to-earn mechanism, the dynamics of the gaming experience have had a vivid shift maintaining the ownership of the holders and taking out the option of doubts. Why do you ask? The answer is quite simple, for they offer monetization to the users, both in fiat and cryptos. Web3 gaming’s intensified interoperability of the blockchain networks allows the players to switch from game to game without having to lose the progress of their previous game. Additionally, since technologies like augmented reality, virtual reality, artificial intelligence, and many more come together, the customization of the games according to the taste of the player becomes more meaningful and, of course, lucrative.
Why should you be entering Web3 gaming culture?
- The primary goal and motto of any business, be it physical or digital, is to make enormous profits! Entrepreneurs who are willing to cook up a game must first be aware of the genre and the theme they are going to offer. This allows the user-centricity of the game to be utilized in its essence, and also the in-game assets’ ownership.
- Play-to-earn protocol takes the epicenter, as the blockchain technology allows the user to put up their funds in the marketplace for better trading of the game assets. These game assets or digital collectibles can be from cricket, football, basketball, MMORPG racing, and many more.
- Availability of finite numbers of assets for the players raise up the sales of the market including weapons, horses, characters, etc. Video games are enhanced using the Metaverse technology, thus creating a space where the player can interact with other players without any hindrance or trade the in-game assets from their accounts directly.
- The gaming world, unlike in traditional worlds, allows the user complete freedom. This, in the Web3 gaming NFT marketplace, will help the players to overcome some of the critical obstacles of the NFT-creating studios in establishing a stronger fan base. The democratic game space will promote innovations and ideation of futuristic game production.
- Web3 gaming can become the livelihood of the users. One vital instance would be the content creators of today’s social era. Unnerving technology with limitless perks for the users and the investors can now be considered more than just a time-passing hobby!
Lists of Play-to-Earn games in the gaming realm
- Axie Infinity
- Meta Cricket League
- Splinterlands
- F1 Delta
- The Gods Unchained
- Silks
- The Alien Worlds
Closing Thoughts!
The GameFi world has grown, and it is all for good! The still nascent technology might look like they are testing the waters; however, the result-driven attitude of the platforms sings a different story!
Web3 Gaming NFT Marketplaces, with their user-satisfying trifecta, Decentralization, Scalability, and Security, assist the end-user with a very vocalizing and efficient gaming setup. The gaming industry in Web3 is known for its exploding amounts of in-game assets and its unwalked paths of innovation. Other than Play-to-Earn, they have also postulated different ways to earn money through gaming, either as crypto rewards, NFTs, or fiat money. Are you, like us, waiting for the gaming community to go mainstream? Take a seat and strap yourself tight for this positively strenuous ride of technological development!
