How web3 in gaming transforming the gaming industry

Web3 is revolutionizing the gaming industry through innovative game features that use blockchains, cryptocurrency and non-fungible tokens (NFTs). It democratizes gaming in many ways giving gamers new opportunities to succeed. We have never seen a model that allows players to exert such control over a game. Instead of concentrating that control on one game, they could spread it throughout the entire ecosystem. Web3 in gaming not only creates a new type of gaming but also allows for the integration of our past.

Web3 increases the appeal of creating your world and owning it. This idea is already present in several metaverse games that use blockchain to provide building opportunities. Then, their players can create unique digital 3D venues. The model worked well for top metaverse games such as Decentraland and The Sandbox.

What is web3?

Web3 gaming is a way to create a winning environment for players. But before we get into the details, what exactly does web3 mean?

Web3 is a new concept for the internet that uses decentralized, quasi-anonymous resources. Instead of being held in the hands of tech giants, it’s spread among users. It is the next evolutionary step after web1 and web2. Let’s look at the main features of each evolutionary stage:

• Web1 — The original World Wide Web relied on open-source and open standards. This led to the rise and success of some of the most important internet companies, including Amazon and Google.
• Web2 — More focused on user-generated material, web2 brought about the age of blogs, social networks, and wikis. It used some of the same Web1 technologies and allowed for social connections and content creation.
• Web3 — The new Web3 features a model of value exchange rather than information exchange. It also includes self-sovereignty and major decentralization of the internet.

We are now ready to get back to gaming.

How is web3 in gaming changing the gaming industry?

Ownership and interoperability

The web3 metaverse offers the greatest opportunity for players because it allows true ownership and interoperability in gaming. This is possible through blockchain or NFTs. NFTs have become the new face of web3 gaming that received exponential popularity in the market. They offer something not available in other gaming models: the opportunity to own almost any in-game asset.

Traditional gaming would see a player purchase a game-specific in-game item. What happens if the player moves to another game? The item and money you spend to obtain the item or several items go right to waste. Imagine the countless gaming products that are currently being wasted in virtual reality!

Interoperability is the key to web3 gaming. The items mentioned can be transferred across multiple games, so gamers don’t have to worry about losing money. This gives players more control and allows them to bounce freely between titles. You don’t have to keep the item around you if you don’t want to use it. You can turn them into in-game NFTs and sell them in secondary markets to make them an investment rather than a one-time purchase.

Accessibility and openness

Web3 gaming has a distinctive feature: it emphasizes the system’s distributed nature. You are not dependent on one server, unlike centralized games. We can also use voting agreements to add new features to blockchain-based gaming. This opens up the possibility of more open web3 games. The web3 gaming environment is also independent and operates without any centralized authority’s interference, which ensures exceptional availability.

Personalized experiences

Top web3 game developers demonstrate how personalized experiences are key to the success of the new gaming industry. Web3 games have many notable examples that prioritize providing players with the best incentives. For example, play-to-earn is a game that shows how players can make money by playing games. Axie Infinity is an example of a play-to-earn web3 game. It is a well-known NFT play-to-earn blockchain game that allows players to make a profit through their gaming skills and help improve the ecosystem.

Earning opportunity

Next-generation gaming platforms will allow players to make money playing their favorite games anywhere they are. Players can also have in-game tokens that they can trade and sell on the blockchain. Play-to-earn gaming platforms will allow gamers to become the product, not just the economy. This huge opportunity exists to disrupt the gaming industry. Play-to-earn may offer a new source of income to help players overcome financial difficulties in countries that are struggling financially.

Democratization of the gaming industry

The gaming industry has been significantly transformed by incorporating metaverse and blockchain technology. It has decentralized the gaming sector by eliminating centralized game managers and platform owners. Web3 gaming contributes to the financial strength and viability of the gaming industry by using cutting-edge technologies like blockchain, DAO, the metaverse, and other advanced technologies like AR and VR.

However, we are still at the beginning stages of this market, but there are many things to learn. Large gaming companies such as Ubisoft and Zynga began exploring this market. Once AAA-quality web3 games are released, you can expect a rapid increase in demand.

What are web3 games? Some examples

Web3 games, sometimes called GameFi or play-to-earn, are closely related to all digital games (web3 dApps) based on blockchain technology. Each web3 game should provide digital assets to players in the fo crypto, allowing them to trade these assets as physical goods. Also, these assets can be traded across multiple platforms and chains.

All web3 games can be divided into two main categories: play-to-earn and walk-to-earn.

Play-to-earn games

Play-to-earn gaming is different from traditional gaming because it is focused on decentralization. This mean’s that the game’s developers have no control over the outcome. Players participating in the game’s in-game economy can create value for developers and players.

These are the most well-known representatives of play-to-earn games:

• Axie Infinity
• Splinterlands
• Alien Worlds
• Silks

Walk-to-earn

Another type of GameFi is walk-to-earn games. These games are based on a simple principle: you walk and earn digital assets instead of playing games. This new way to reward players for simple actions, such as walking. Many companies offer games based on this principle to their players, but it’s worth mentioning Walken and STEPN as two of the most notable companies.

Conclusion

The move to web3 gaming is a natural progression. Gaming is a rapidly growing industry that has the potential to lead technological advances. Gaming will be at the forefront of technological advancements, thanks to the new technologies emerging from this transition to web3.

Additionally, players and end-users are very vocal and evident. At the same time, studios and developers need to understand their deliverables to keep up with changing scenes. This is a great time to get into web3 or blockchain gaming. The opportunities are huge and will continue to grow as the future shift towards web3 becomes more mainstream.