Web3 Gaming: How Web3 Will Revolutionize The Gaming Industry?
Nowadays, the gaming industry is growing very rapidly and also has a high potential to flourish. Web3 gaming space is considered one of the significant pillars of the advanced gaming industry because it encourages game developers for web3 game development. This way, they can provide all users across the globe with a top-quality gaming experience.
Do you know that the gaming industry is at the cusp of a paradigm shift? Well, it’s all because of the expansion of web3 technology into the gaming industry. According to a report given by the consulting firm MarketsandMarkets, the global blockchain gaming market will grow from USD 4.6 bn in 2022 to USD 65.7 bn by 2027. According to analysts, the gaming market is anticipated to be worth $125.7 billion by 2025. The global blockchain in gaming market size was valued at $4.83 billion in 2022 and is projected to increase at a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.
Are you willing to know how web3 technology will change the entire gaming industry? If so, you are absolutely at the right place. After going through this article, you’ll surely be familiarized with each concept concerned with web3 and the gaming industry.
Let’s proceed to this article.
Web3 Will Bring A Paradigm Shift In The Gaming Industry: How?
With the evolution of web3 technology in the gaming industry, it has become quite easy to tackle all the challenges concerned with the conventional gaming sector. Anyone will be surprised to know that the gaming industry is booming at a tremendous rate. It leads to an increment in the number of individuals involved in the advanced gaming industry. To be very precise, web3 technology has transformed the entire gaming industry to a greater dimension.
So, it’s damn sure that the income figures of the web3 gaming industry will scale up higher than the traditional gaming industry in the coming few years. It’ll directly inspire players to turn their entire focus from video games to web3 technology-based games. In the web3 gaming market, the new era of gaming, players will certainly have the opportunity to earn money while playing. And the interesting thing is that gamers can earn money by selling their premium assets to other gamers either within the Web3 game or outside the game. This way, a big change in gaming from free-to-play to play-to-earn is transforming the dynamics of the entire gaming industry.
Examples Of Web3 Games
Web3 games are famous as GameFi or play-to-earn. These games are interlinked with digital games that are based on web3 technology or blockchain technology. There are two main categories of web3 games, namely play-to-earn, and walk-to-earn.
Play-To-Earn Games
Play-to-earn gaming concept is completely different from conventional gaming. Where traditional games are centralized, play-to-earn games are decentralized. A few well-prominent P2E games are-Axie Infinity, Splinterlands, Alien Worlds, Silks, and more.
Walk-To-Earn Games
Walk-to-earn games are one of the categories of web3 games. The fundamental principle of these games is that the players have to just walk, and they can earn a multitude of digital assets. It enables gamers to obtain a lot of money after selling these digital assets to other players.
Why Web3 Will Revolutionalize the Gaming Industry.
Web3 technology has the aim of converting all games into simple and decentralized ones. Web3, the upgraded version of the web, impacts the gaming landscape and also contributes to reshaping the whole gaming market. Web3 technology will completely alter the contemporary gaming market and offer players a wide range of options to earn money while playing. Let’s see the changes in the gaming industry due to the emergence of web3 technology…
Provide Gamers Ownership Of Their Assets
Web3 technology will provide gamers with the right to own their digital assets even after the sale. This technology enables gamers to safeguard their investments within the game. These games ensure a fair gaming environment, as developers do have no liberty to get an edge or misuse the users’ card data. This way, with the web3 technology-based gaming system, every transaction is transparent and enables gamers to hold digital game products.
Allows Players To Earn Money While Playing
In the web3 gaming world, every player can make money while playing the game. In such a brand-new era of gaming, players are free to set up their personal funds on the digital marketplace and make a decision regarding purchasing and selling those items to other players within the virtual gaming world as well as outside the virtual gaming environment.
Web3 technology-based games will enable players to sell their infinite in-game assets through-IAPs and earn more than half of their gaming income. In the web3 gaming world, players can protect their financial resources & scarce digital assets, and earn more benefits than in the traditional gaming market.
Compatibility
Web3 games are interoperable and allow gamers to switch their earned digital assets in the form of digital money, namely- NFTs( non-fungible tokens). It also enables players to make interactive communication not only between games but also between external applications.
Provide Liberty To Modify Game
One of the key downsides of web2 technology-based games is that creators did not have permission to do any kind of modification in the game as per their desire and requirement of the gaming market. But, in the web3 gaming world, web3 technology encourages game creators to introduce changes and modify the game as per their specific needs.
Create A Democratic Gaming World
Decentralized characteristics of web3 technology will enable game developers to tame the unlimited dominance of prominent gaming studios. This way, game developers need not face any kind of difficulty in developing games in the digital environment. In addition to this, it will also promote a variety of innovations for ultra-modern games.
Significant Impact On The Livelihoods Of Gamers
Designers of Web3 technology-based games may draw more gamers from underdeveloped countries into the advanced gaming industry. These games will provide gamers with several chances to generate revenue. The involvement of the Web 3.0 concept in the gaming world will definitely entice individuals from less-developed nations to increase their engagement in the gaming industry. Honestly speaking, it will impact the livelihoods of those who consider gaming merely a hobby.
Offer Gamers Opportunities To Become Early Influencers
Gamers who prefer web3 technology-based games enjoy more advantages as compared to other ones. These gamers will impact players and the gaming industry of the future. Besides, they will also leave a legacy for future players on the basis of web3 technology.
See Also: How To Make Money With Web3 in 2023
Which Elements Are Accountable For The Transition In The Gaming Industry?
There is a plethora of technologies available, but out of these technologies, a few are accountable for bringing change to the gaming industry. A certain set of these technologies include:
Blockchain: AS A CornerStone
Blockchain technology comes first in the list of the latest technologies. It will enable game developers to approach around 2 billion users out of the 100 million users of the decentralized gaming industry. Blockchain technology-based games comprise decentralized and immutable systems that allow gamers to intercommunicate with other gamers. The best part of this technology is that it offers gamers several opportunities to form innumerable games into a single gaming ecosystem.
NFTs
NFTs( non-fungible tokens) are prominent as crypto tokens or digital tokens composed of digital information that is stored in a decentralized data structure. It is possible for gamers to transfer these tokens between wallets and also utilize them for in-game assets.
In the present time, players can obtain NFTs only by achieving the highest grade on the leaderboards. But one thing that players have to keep in their mind is that only specific NFTs are transferable within the gaming platform.
Artificial Intelligence As The Brainpower
AI technology is another latest technology that combines natural language procedures to make computers capable of getting the exact meaning of data, similar to human beings. It will directly improve the speed as well as the advancement of the test results. This technology also allows gamers to build effective gaming worlds. Non-playable characters will drive these worlds and control human game players.
Tokens: AS A Branch
Tokens act as an incentive for players who participate in the gaming industry. When the price of these tokens increases, it will positively affect the whole gaming community. This increase will surely enable every player to take the game to a greater level of heights. With the help of these tokens, players will undoubtedly be able to buy the currency by selling the tokens that are available on the market.
AR and VR
AR(augmented reality) and VR(virtual reality) technologies are also helpful in transforming the way almost every player plays games. Both of these technologies will open up various new dimensions in the gaming sphere. VR technology will allow players to connect, build relationships, and socialize with other players through games. On the contrary, AR technology will enable gamers to play games differently in a multi-dimensional space with more flexible character movements.
Web3 Gaming: What Are The Components Of Its Technology Stack?
- Web3 libraries or decentralized applications
- Smart contracts
- Nodes of web3 providers
- Crypto or Web3 wallets
- XR hardware
Read Also: Reviewed: The Best Web3 Stocks to Buy in 2023
After all, is said and done,
Hopefully, this article will help a multitude of web3 developers and players to get familiar with the changes and prosperity that web3 technology will bring to the gaming industry. With the adoption of web3 in the gaming industry, it will become easy for almost all game developers to provide gamers with more benefits & modern gaming climate. It encourages gaming companies to put their attention on developing a web3 gaming platform, nurturing the gaming system, and accommodating actual gaming acts to scale up investment levels in the gaming industry.
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