Web 3.0 is reshaping the gaming industry with new game features that make use of blockchains, cryptocurrencies, and non-fungible tokens (NFTs). In a way, it revolutionizes gaming by providing players additional possibilities to succeed.
However, before we go in deep, what exactly does Web 3.0 mean?
| 1. What is Web 3.0?
3. The perks of Web 3.0 to the Gaming Industry |
1. What is Web 3.0?
Web 3.0 is the latest form of the internet – a concept of a decentralized and open Web with greater benefit for its users that is currently in development.
Did you know that Web 1.0 was all about reading and getting information? And, Web 2.0 – the most recent version of the internet – focuses on reading, writing, and creating. However, Web 3.0 is a combination of the previous two – with the inclusion of ownership in the Metaverse world.
2. Web 3.0 in Gaming
Do you recall the first generation of video games? Or how about the static with only one-way interactions? Yes, that’s the one!
Later, when the updated versions of games were released, they appeared to be more participatory and interactive for people.
However, the growth of modern technology in gaming resulted in a dramatic paradigm shift in the industry. Not only that, players may play digitally all while having a highly immersive and engaging gaming experience. This is all due to web 3.0 technology!
3. The perks of Web 3.0 to the Gaming Industry
According to the Global Entertainment & Media Outlook 2022–2026, the gaming industry is thriving and is expected to retain its recent rapid performance, reaching $321 Billion by 2026.
Here are some perks of Web 3.0 to the gaming industry:
a. Moving towards play-to-earn
To keep you in the loop, the whole gaming industry is moving from free-to-play to play-to-earn (P2E) or sometimes called as GameFi. This future of the internet makes it possible to earn while playing. It will surely change the dynamics of the gaming industry.
For now, there is not a lot of monetization of the players skills and assets in games. However, we can look forward to the future of the gaming industry!
b. Getting asset ownership
In the web 2.0 gaming, players do not really own assets but all of this will change with web 3.0 appearance. In the future of web3 gaming, players who spend money on an item will become the owner through NFTs.
Players have the option to sell it to others inside or outside of the game. Currently, almost all games already have in-app purchases, which drives over 50% revenue in gaming industry.
As technology advances, we will see games become a completely immersive experience. Imagine fully encompassing make-believe worlds that you control with your mind and body. We are only at the beginning of creating a better Web with Web 3.0. However, the rapid growth of the e-sports gaming community definitely will help shape the future of gaming!
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