Web3 Gaming Unlocks the Full Potential of User-Generated Content
User-generated content (UGC) is transforming the way we consume media, engage with games, and interact with each other. Initially a marketing tactic, UGC has become a crucial element of Web3 gaming and the metaverse. In this piece, we delve into the world of UGC and how Web3 addresses the challenges faced by Web2 UGC games.
So, what is UGC?
User-generated content (UGC) was around long before the term itself was coined, yet it only entered the mainstream in 2005. UGC was the driving force behind the transition from Web1 (read-write) to Web2 (the internet as we now know it). Sites we use every day, including Twitter, YouTube, Facebook, and Twitch are built using UGC. Social media and other platforms that embrace UGC provide a space for open collaboration and flexible licensing agreements to reduce the barriers to content creation and discovery. UGC includes any form of content that is posted by users on online platforms such as images, GIFs, videos, text, music, in-game characters, in-game modifications, etc.
The Rise of User-Generated Content
The gaming industry is one of the biggest areas of growth for UGC. A report by Nimdzi estimated that the 2020 market size for localizing UGC in player support ranged between USD 100 and 180 million. This figure is projected to grow at a compound annual growth rate (CAGR) of 10% by 2024. A small fraction if we consider the entire games industry, however, UGC has been steadily growing and has ample room for expansion.
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https://www.renft.io/blog-posts/web3-gaming-unlocks-the-full-potential-of-user-generated-content
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