Impact of Web 3.0 On The Gaming Industry
Web 3 is the future of the internet and is based on blockchain technology. Our world is currently transitioning from the World Wide Web from Web 2.0 to Web 3.0. Some experts say that the blockchain platform will provide data security to Web 3. This third generation of evolution emphasizes decentralized applications. Furthermore, it is one of humanity’s greatest inventions. Experts consider Web 3 as the next version of the internet that will provide richer app experiences. Hence, it will also revolutionize gaming. Web 3 allows gamers to earn money while playing games. It will entirely change the gaming industry in several ways. Before diving into the impact of Web 3 on gaming, let’s first explore what Web 3 is.
What is Web 3?
Web 3 is well-known as the current iteration of the internet. It is the third generation of web technologies that make use of a blockchain platform. With the use of machine learning and artificial intelligence, Web 3 empowers applications. In the past few years, HTML delivered web pages for both Web 1.0 and Web2.0. It is expected that the same language will continue to be a foundation of the third generation of the evolution of web technologies. With a decentralized approach, Web 3 provides faster and more relevant data to users. The introduction of virtual assistants will drastically change the world of the internet. However, we can take a longer time to fully implement Web 3 and reshape it. But it is a concept that would bring user-generated content to the various industries such as gaming. The idea behind this web is to make applications decentralized where no central authority can control them.
Impact of Web 3 on the gaming industry
The market size of the gaming industry will reach a value of $ 125.65 billion by 2025. It is projected to grow even more with Web 3. Several people are inclined towards gaming as it offers stress relief. Therefore, for self-satisfaction, they rely on games. As a result, this grows the market size and overall economy of the industry. Web 3 gaming allows players to engage in games in innovative ways.
This web is a great solution to engage more users and help them own their in-game assets. Also, it is the changing way to offer techniques like gaming Decentralized Autonomous Organizations with blockchain-based game asset ownership. Web 3-based games engage players to exchange digital assets and earn profits with them. Further, it provides better virtual markets for this industry. As this web is built by a blockchain platform, it allows gamers to express their opinion on how any game should evolve.
Web 3 will lay the foundation of play to play and play to earn for gamers. Moreover, it offers asset trading and a chance to earn in cryptocurrency. This further engages users for income generation. Web 3 gaming is supposed to feature NFTs, DAOs, and cryptocurrencies. This, in turn, enhances the gaming experience of players. More importantly, it helps in real ownership of assets and their training internally and externally. Web 3 brings gaming applications closer to local edge servers and IoT devices. With this web, there will be better security with transactions recorded on the blockchain technology a particular game is operating on.
The other benefits of Web 3 for the gaming industry are as follows:
1] Gamers can create their own digital assets like emblems, and skins and earn rewards. These rewards are for in-game accomplishments like achievements, wins, action in-game, etc. Also, they can transfer virtual items to the blockchain platform. With the help of crypto wallets, transactions will remain within the blockchain. As a user, you have full ownership over the assets that are stored in your accounts safely. The public and private keys identify all these transactions.
2] A gamer can improve skills with the help of Artificial Intelligence. Hence, it grows credibility and improves weakness. In addition, Web 3 gaming also answers the questions of players. In the upcoming years, it will have statistics on gamers’ activity to help them receive investments.
3] One of the prominent features of Web 3 gaming is the integration of old game models into the blockchain platform and metaverse. In this way, the gaming process will become a personal choice for every gamer. They will be able to extend themselves to metaverse technology and make their own avatars to trade in-game collectibles. Furthermore, blockchain-based gaming is accessible to a large number of players engaged in a particular blockchain network.
Web 3 in the gaming industry ensures transparency and security. The most versatile solution for running the gaming industry with efficiency is blockchain technology. To learn more about this emerging technology, take a blockchain developer course on BLOCKCHAIN COUNCIL. It is the best platform for blockchain education.