What is Web3 and How Does It Affect The Gaming Industry?
With the emergence of a new type of games such as Axie Infinity and upcoming Filipino-made play-to-earn games like Anito Legends or Mustachio Quest, the creation of Web3 is surely changing the landscape of the gaming industry.
What is Web3?
The term Web3 is relatively new, but it simply means decentralization of the internet or an internet established in a blockchain network. It is short for web 3.0 — an integration of the first two versions of the world wide web. Let’s have a quick comparison:
Web 1.0 — The earliest form of the web where online pages are static and there isn’t much interaction involved between users. The first version of the web can be compared to an online library where users can only read information.
Web 2.0 — The second version was built on the technology used on web 1.0 but it is more focused on content generated by the users. This led to apps and websites that extend social interaction throughout the internet like Facebook, Twitter, YouTube, and Instagram. This is also the age of targeted ads where big tech companies use user information and consumption to generate revenue.
Web 3.0 — Operates in a decentralized model where the power is spread to the users and not big tech companies. There is a lot more freedom for users as the idea of web3 gears toward DAOs instead of one big platform having the control on which posts should remain or be removed. Web3 is an idea that is still not in its final stages and is currently being developed, but it already shows promise of better online governance than web 2.0
The Impact of Web3 in the Gaming Industry
- Digital Ownership Redefined
Through web3, gamers will be able to own in-game assets and move them towards multiple games in the same ecosystem. They can also sell it through NFT markets whenever they don’t want it anymore. Imagine no gaming assets wasted!
- Power to the Players
Players can support games that are geared toward their ideal game ecosystem and games that are well-suited to their abilities. Decentralization focuses on players as stakeholders where games are built through the help of the communities and players have a voice in the direction that these games will take.
- Extension towards Metaverse
There is a huge possibility that gaming on Web3 will move towards the metaverse. This is a tremendous leap because we’ll probably be seeing hyper-realistic versions of games that we’d played before. This would also probably include holograms, augmented reality, and a virtual world where future interactions will happen.
The idea of Web3 doesn’t just apply to games, but it undoubtedly makes the future of gaming something to look forward to. Now that there are many Filipino game companies and startups developing on this new technology, we’ll be keeping our eyes open to the endless innovations that it can offer.
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