Gaming Industry in the Web 3.0 Era
The web 3.0 gaming sector has by far been one of the winners in the first half of 2022 in spite of the fact that it started to gain prominence in 2021. Blockchain-based games have become one of the leading methods for gamers to make money as they are paving the way for a new era in gaming. Through this article, you will gain some amazing insights into the basic concept of Web 3.0, how it changes the gaming industry, and the reasons for gamers to turn toward the Web 3.0 space.
What is Web 3.0?
Web 3.0 is the concept used to define a new generation of the internet integrating blockchain technology, artificial intelligence (AI), and augmented and virtual reality (AR/VR) environments, which is known as metaverse. Web 3.0 aims to directly handle the ownership and data control issues, offering the solutions to the major obstacles and shortcomings of the current internet era.
Core Elements Make Up Web 3.0
The gaming industry could totally transform to Web 3.0 thanks to the technologies below:
- Blockchains: Blockchains are decentralized and immutable systems in which users, especially gamers can interact and build multiple games to establish a gaming system without any centralized parties.
- Non-Fungible Tokens (NFTs): comprise data stored in a blockchain and be traded among users’ e-wallets. With NFTs, it would be likely for gamers to receive in-game assets in the form of NFTs. Normally, the best gamers will be rewarded with the rarest NFTs and use them to trade within the gaming network.
- Artificial Intelligence (AI): In almost every game, AI can be used to define responsive video game experiences fueled through non-playable characters acting as if they are controlled by a human game player. AI enhances the computers’ intelligence and leaves less room for corrupt human practices.
How is Web 3.0 Changing the Gaming Industry?
Web 3.0 aims to make the internet permissionless, open and decentralized. The new web is changing the gaming ecosystem and puts a major effect on the gaming industry.
Play To Earn
With the P2E model in Web 3.0, gamers are able to earn money while playing and monetise their gaming skills within the game itself. Normally, when players pass a specific level or complete the missions, they earn cryptocurrency or digital assets that can be exchanged or traded for other equivalent fiat currency or crypto assets. In such cases, the assets will be added to the gamer’s e-wallet and be used in real life.
While in traditional gaming ecosystems, players cannot use the same kind of asset amongst different games, Web 3.0 allows users to easily switch their crypto assets in the form of NFTs thanks to the blockchain-based ecosystem.
Ownership of in-game assets
Blockchain technology enables ownership of in-game assets and digital scarcity. In Web 3.0, every asset will have a limited supply, and the asset ownership will belong to the players after the sale. When a player buys an asset, the technology will connect the asset to the player, which saves time and money investments for them. When players own these scarce digital assets, they are able to trade and even keep them outside the game.
Gaming in Web 3.0 appeals to players because of the benefits they can take from them. When gamers move to the Web 3.0 planet, they will be able to generate revenue, hold the in-game asset ownerships, get rewards for in-game gear, seize the opportunity to become an early influencer and much more. Along with the advantages and revolutions that Web 3.0 gaming offers, it is believed that gamers and those involved in the gaming industry will be provided with more opportunities thanks to the changing dynamics.
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Disclaimer: The information herein is for educational purposes only and should not be considered financial, investment, or trading advice. Please conduct your own research and due diligence before making investment decisions. You understand that you are using the Information provided at your own risk.