Here’s How Web 3.0 will Revolutionize the Gaming Industry
August 4, 2022 at 6:00 pm
by Julius Mutunkei
Web 3.0 is considered the future of the internet. The foray of the latest development of the internet is redefining the financial, content creation, and gaming industry. Web 3.0 has enabled developers to create highly scalable projects and emphasizes decentralized applications. This article explores how Web3 will revolutionize the gaming industry.
Web 3.0 is a well-known internet iteration and is the 3rd generation of web tech that utilizes the blockchain platform. It empowers applications using artificial intelligence and machine learning. Considering its decentralized approach, Web3 is reliable, faster, and provides more data relevant to users. As virtual assistants are introduced with Web3, the internet world is set to change drastically.
However, implementing Web3 and reshaping it will be a gradual process that might take a long time. Moreover, it’s a vital concept that brings user-generated content to major industries, such as gaming. Basically, Web3’s target is to create decentralized applications that are not controlled by central authorities.
Web3 and the Gaming Industry
Experts predict that the gaming industry’s market size will be valued at $125.7 billion by 2025. As Web3 is being introduced, this value is projected to increase even more. Web3 will be an advancement specifically by allowing players to interact and engage in innovative ways in games. It allows users to own in-game assets.
Having blockchain-based game assets ownership, developers can leverage techniques like creating and modifying gaming Decentralized Autonomous Organizations. In simpler terms, Web3 games allow players to engage and exchange digital assets and earn profits while playing. It lays a foundation of play-to-earn as well as play-to-play for all gamers. Asset trading is also possible, and games stand a chance of earning crypto rewards.
As it further engages users in income generation, Web3 gaming features NFTs, cryptocurrencies, and DAOs. All these features enhance users’ gaming experience and allow real ownership of assets and training externally and internally. Web3 pulls together gaming applications for IoT devices, and experts affirm that it brings better security. This is evidenced by the underlying blockchain technology that records transactions and allows top-notch data security.
Three major advantages enjoyed in gaming when using Web3 are creating and owning assets like skins, emblems, and earning rewards. Gamers can also improve their skills by using Artificial Intelligence, growing credibility, and solving weaknesses. Web3 also allows integration with the Metaverse and blockchain platform. With Web3, a better virtual market for the gaming industry is created. Keeping in mind that Web3 is built on a blockchain platform, users have the power to express opinions on how these games should evolve.
Benefits of Web3 Space in the Gaming Industry
Web 3.0 makes the internet simpler to operate, open, and decentralized. These alterations come from contemporary developments in AI, blockchain, and cryptocurrency.
Blockchain technology gives players ownership powers to assets since it links them to players, not games. As such, this secures investments and, in the long run, ensures fair play inside gaming environments. Also, games can’t be exploited easily or taken advantage of through exploiting user card information. Its blockchain-based systems ensure all transactions are transparent. Blockchain allows ownership of in-game products, access to the digital marketplace, and digital scarcity. Assets will have certain levels of supply. Web3 enables indie developers to overcome leading studios’ dominance and eliminates difficulties in establishing their games in virtual environments.
Earn while Playing
Web3 allows gamers to generate income while playing games. The space options gamers to put up actual personal funds and access the marketplace to purchase digital items and sell them later. It can be to other in-game players or outside the virtual space. In short, these purchases of video games are through IAPs, and in-game assets are infinite. In Web3, players purchase an asset, and the technology ties the digital asset to a player, not the video game. As such, this protects a player’s financial resources and scarce assets on user accounts. Later on, users can sell these digital assets inside the game or outside.
Traditionally, games can’t interact with other games, and the gaming ecosystem was siloed. This meant that assets of one game weren’t eligible for use in another game. Web3 allows gamers to easily switch digital assets in the form of Non Fungible Tokens (NFTs), including avatars and skins. As such, this enhances interactive communication among gamers inside the game and other outside applications.
Freedom of Modifying
One major target of Web3 is encouraging game modification. This assists players in introducing changes to the game that fit their preferences and needs. It wasn’t possible in Web 2.0, and this upgrade in the third generation does not prohibit making changes in games. The backed blockchain technology makes sure that users partake in expressing ideas on development features in a game.
Game designers in Web3 will draw people from all over the world, including underdeveloped nations, allowing them to generate income through the gaming industry. Web3 entices people to engage in gaming, and gamers provide a virtual opportunity to the space. In the long run, these gamers from around the globe can earn income through gaming. Also, games that adopt Web3 earlier will have the upper hand compared to their late counterparts.
In 2021, the gaming industry generated about $160 billion in revenue. Before Web3, players put time and resources into playing games without economic benefits. Web3 makes it possible to earn while playing. It is a vital part of the gaming industry in terms of enhancements in gaming experiences. The space is the most versatile solution that assures effective security and transparency in running the industry efficiently with blockchain tech.