How the Web3 revolution is transforming the gaming industry

With innovative features that use blockchains, cryptocurrencies and NFTs, Web3 is revolutionising the gaming industry.

We have never seen a model that enables players to exert such a level of control over a game before. It democratises gaming in many ways.

Web3 in gaming allows for the integration of our past as well as a new type of gaming. Instead of concentrating that control on one game, it could be spread throughout the entire ecosystem.

The idea of creating your own world and owning it is already present in several metaverse games that use blockchain to provide building opportunities. Decentraland and The Sandbox, among other top metaverse games, used this model to create unique virtual 3D venues.

What is Web3?

What is Web3 gaming? The goal is to create an environment where players can win.

Instead of being centralized in the hands of tech giants, web3 uses decentralised, quasi-anonymous resources. 

●      Web1 — Several of the most important internet companies, such as Amazon and Google, were born as a result of open source and open standards on the World Wide Web.

●      Web2 — Using some of the same technologies as Web1, Web2 features user-generated content, such as blogs, social networks, and wikis. 

●      Web3 — A new Web3 is based on the exchange of value rather than information, as well as self-sovereignty and decentralisation.

Now is the time to get back to gaming.

How is web3 in gaming changing the gaming industry?

Ownership and interoperability

Through blockchains and NFTs, the web3 metaverse makes it possible to provide players with true ownership and interoperability in gaming.

NFTs have become the new face of web3 gaming and are gaining exponential popularity. They offer a unique feature not found in other gaming models: the ability to own almost any in-game asset.

If the player moves on to another game, the item and the money spent on it go to waste. Virtual reality wastes countless gaming products daily.

All the items mentioned can be transferred across many games, so gamers don't have to worry about losing money. Interoperability is key to web3 gaming. Players can bounce freely between games, giving them more control.

The items do not have to be kept around you if you do not want to use them. Instead of purchasing a one-time item, you can turn them into in-game NFTs and sell them on secondary markets, says Ivan Lovre Marusic, CEO & Founder of RPG Overload.

Accessibility and openness

One of the distinctive features of Web3 gaming is that it emphasizes the system's distributed nature.

Blockchain-based games do not require centralised servers, and voting agreements can also be used to develop new features. Therefore, Web3 games can be made more open. The Web3 gaming environment is also independent of centralised authorities, ensuring exceptional availability.

Personalised experiences

The popular Web3 game Axie Infinity shows how players can make money playing games and improve the ecosystem at the same time.

Earning opportunity

This is an opportunity for the gaming industry to be disrupted by play-to-earn platforms that will allow players to become the product, not just the economy.

This opens up new opportunities for players, including those in countries where financial hardships are common. 

Democratisation of the gaming industry

Through the integration of metaverse and blockchain technology, the gaming industry has been significantly decentralised by eliminating centralised game managers and platform owners.

Web3 gaming contributes to the financial strength and viability of the gaming industry by incorporating cutting-edge technologies like blockchains, DAOs, the metaverse, and AR and VR.

“The market is still in its infancy, but large companies like Ubisoft and Zynga have begun exploring it. Once AAA-quality web3 games are released, the market will explode,” says Ivan Lovre Marusic, CEO and Founder of Game Taco.  

What are Web3 games? Some examples

It is closely related to all digital games based on blockchain technology (Web3 dApps), such as play-to-earn and GameFi.

Web3 games should allow players to trade digital assets across multiple platforms and chains as physical goods. They need to be traded across multiple chains and platforms. 

Play-to-earn and walk-to-earn are the two main types of Web3 games.

Play-to-earn games

In play-to-earn gaming, players participate in a game's in-game economy that can create value for both them and the game's developers.

Play-to-earn games include:

●      Infinity Axie

●      Splinter Lands

●      Worlds of aliens

●      The silk industry

Walk to earn money

There are many companies offering walk-to-earn games, but Walken and STEPN stand out as two of the most notable. This principle rewards players for simple actions, such as walking. Instead of playing games, you walk and earn digital assets.

Conclusion

Gaming has the potential to lead technological advances. The new technologies emerging from this transition to web3 gaming will place gaming at the forefront of technological development.

As the future shift towards web3 becomes more mainstream, players and end-users are very vocal and evident, and studios and developers need to understand their deliverables.