Web 3.0 has the potential to fundamentally alter the gaming industry. In the Web 3.0 world, players will be able to earn money while playing games.
Over the last several decades, technological advancements have revolutionized the gaming industry. We are on the verge of another significant advancement in the gaming industry, and I am very excited about it. The transition of the gaming industry from free-to-play to pay-to-win will completely alter the industry’s dynamics. This is why I’ve decided to begin writing down my thoughts on it.
While we will look at the history of gaming in another post, I wanted to start writing about what blockchain-based gaming has to offer and how it can transform the gaming industry.
The rise of Web 3.0 adds a new layer of transparency to the gaming world. For example, using blockchain technology, gamers can now see how their game data is being utilized and what happens to it after they leave the game. Also, it applies to in-game purchases and other areas where player data may be mishandled. With Web3 game development services, gamers can have more confidence in how and by whom their data is being used.
Web3 is Expanding Economically:
Web 3.0 has the potential to fundamentally alter the gaming industry. In the Web 3.0 world, players will be able to earn money while playing games. In this new era of gaming, if a player spends money on purchasing an asset, they own it and can sell it to other players within or outside the game.
1. Asset Possession and Scarcity
Almost all games now include in-app purchases, which account for more than half of all gaming revenue. These in-game assets are typically infinite in number and are sold to players via in-app purchases (IAPs). Even after paying for these assets, players in Web 2.0 gaming do not truly own them.
Blockchain technology will allow for in-game asset ownership as well as digital scarcity. In Web 3.0, each asset will have a limited supply and will be owned by players after the sale.
When a player purchases an asset, the technology will link the asset to the player rather than the game, protecting players’ time and money investments. Players will be able to sell these scarce digital assets to others and keep them outside of the game because they own them.
2. Earn money While Playing
Players do not earn money while playing games in the current state of the industry. Instead, players are attempting to monetize their gaming abilities through streaming and e-sports. Players in Web 3.0 will earn money while playing and will be able to monetize their gaming skills within the game itself.
Games will become economies, with players earning real money based on how much they play and how good they are at a game.
Players earn cryptocurrency as they progress through the levels or complete tasks, which they can then exchange for other crypto-assets or fiat currency.
3. Compatibility:
Traditionally, gaming ecosystems have been siloed, with one game not interacting with another. The assets of one game cannot be used in another, but in the blockchain-based ecosystem, there will be projects that complement each other, allowing users to easily switch games.
They will be able to bring their digital assets with them and use them in other games, such as NFTs in the form of skins, avatars, or weapons.
The following are the key underlying technologies that will aid in making this a reality:
1. NFTs
NFT is a technology that, like any other digital currency, enables digital asset scarcity and ownership. NFTs can be stored in the wallet and transferred from one to the other. In-game assets will be converted into NFTs in blockchain-based games, allowing asset ownership. As in any RPG game, there are various types of assets such as common, special, uncommon, epic, and legendary.
NFTs will define rarity in blockchain-based gaming. The best players in the game will collect the rarest NFTs and sell them to other players. Players will be able to keep their NFTs even when the game is not running, and they will be theirs to keep even if the game is not running.
2. Symbols
Tokens will be the currency upon which the entire game’s economy will be built. These tokens will incentivize every participant in the gaming ecosystem, whether it is the team that creates the game, the community that helps support the game or the players who play the game. Everyone benefits as the token’s value rise. This way, we’ve aligned everyone’s incentives to make the game big.
3. The blockchain
Blockchains are permissionless, open, and immutable. It can be interacted with and built upon by anyone. Building blogs are similar to legos in that one can stack one on top of another. Similarly, the nature of openness and permission lessness will enable one to build one game on top of another, making the gaming ecosystem interoperable.
The Advantages of Using Web3 for Gamers
Some of the major advantages of using web3 for gamers are listed below:
Centered on Possession:-
Web3 is all about data ownership and regaining control over one’s online information. In the gaming industry, this could mean that instead of being at the mercy of game developers, players will have true ownership of in-game items. This would also make gaming more secure, as user data would be less vulnerable to hacks and other security breaches.
Possibility of Becoming an Early Influencer:-
The rise of Web3 and the decentralized web is presenting the gaming industry with a plethora of new opportunities. Gamers can now truly own their in-game assets and data thanks to blockchain technology. This could result in a more open, transparent, and secure gaming ecosystem, giving players greater control over their gameplay experience.
Make More Money:-
The gaming industry is thriving as the world increasingly moves online. With the rise of web-based games comes the rise of web-based economies, which means that gamers now have more opportunities than ever before to make money from their passion.
Gamers can earn money by taking part in “skin markets.” These are online marketplaces where players can purchase and sell in-game items like weapon skins and character outfits. While skin markets have been around for a while, their popularity has skyrocketed in recent years due to the popularity of games such as Fortnite and Counter-Strike: Global Offensive.
Gaming Diversification:-
Today, the gaming industry is one of the most popular and profitable. It is also one of the most diverse, with participants from all walks of life and from every continent. This diversity, however, is not reflected in the games themselves. Most sports are still dominated by men, with women and other minorities frequently sidelined or ignored entirely.
Modification Freedom:-
One of the best things about open-source games is that anyone who knows how to code can modify them. This means that gamers are not restricted to the content provided by developers and can create their own game experiences.
