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The latest innovations in the tech industry have led to various constructive changes in other industries related to the tech industry as well. The same thing happened when the internet was first introduced. Creative entrepreneurs saw the potential in this technology and invested heavily in it, only to see huge returns later on.
Today, we’re at the church edge of another technological revolution as the world prepares for web3. Gaming on web3 is one of the most important things for developers as the industry is huge and promises high returns in a short period of time.
Gaming on web3 is very different from the traditional gaming we come across every day. This type of gaming uses decentralized cryptocurrencies and NFTs to mutually benefit both the developers and the players at the same time.
But what exactly is web3 gaming? And how can it prove to be a major step in transforming the future of game economies? In this article, we’ll dive deep into the world of web3 and analyze different aspects of this new revolutionary technology to see how it can impact the future of gaming. But before doing this, let’s take a look at the current shortcoming of the traditional gaming industry.
Issues with Traditional Gaming
The gaming industry has some interesting numbers for you to take a look at. The video game market alone is sitting at billions of dollars in value. It has millions of active users around the globe.
You might think that applying a new solution to a thriving industry would be unnecessary, but it isn’t true.
The video game industry isn’t perfect, and there are many concerns regarding transparency and data. That’s why the introduction of web3-based solutions in the video game industry is necessary because of all the obvious setbacks.
Let’s take a look at the setbacks.
In-Game Trading
One of the highlights of traditional video games is that they allow the players to buy in-game assets with fiat money. But the assets you buy for a particular game would only be useful and valuable within that particular video game. Moreover, players can’t even migrate the assets to another platform or trade them with other players.
Centralized Data
Many players argue that the traditional gaming industry still has standards which can compete with web3-based games. However, when we take a look at how the data is saved on private servers in traditional games, the limitations of servers become obvious.
All of the game-related data is stored and controlled by a few people in the development team. This centralizes the whole video gaming industry and takes away the benefit of transparency which comes with web3 solutions. Since servers are located in a few locations, they are easy to hack.
The whole web3 ecosystem especially focuses on this problem with traditional games and decentralizes the data collection and storage process.
Ownership Of Assets
In addition to limiting the use of assets which you buy with your money, traditional games also take full ownership of the in-game assets instead of handing you the ownership rights.
In web3-based games, however, you’re the sole owner of the in-game assets you win or buy while playing the game. You’re even allowed to export those assets on other blockchains and trade them for other assets or even for fiat money.
Web3 Gaming: The Basics
Before we can dive into the concept of web3 gaming, we will have to take a look at the definition of this term. You can describe it as decentralized gaming made even better. In this gaming ecosystem, all of your in-game activities and assets are out of the control of any central authority. You’re the sole owner of everything you do or own in web3 games. Moreover, web3 infuses decentralized gaming with blockchain technology as well.
By looking closely, we can find out that most of the features introduced by web3 technology in video games are focused on the current flaws. For example, by making games decentralized, web3 allows players of a game to decide its future. Moreover, the system allows players to earn money by playing games rather than asking them for money to play games. You earn money by collecting rare in-game assets and then untraditional g them for other valuable tokens or even fiat money. Play-to-earn games are already regarded as the future of web3 gaming.
There are lots of markets available for players to trade in. Every digital asset you buy or collect within a game is copyrighted to you. These assets are actually NFTs, which hold value depending on their rarity. These NFTs can even be transferred to other blockchain networks with the help of cross-chain bridges. This technically means that you can trade in-game assets for your favourite cryptocurrency as well.
Web3 Gaming: Important Features
Another important topic about web3 gaming is to highlight the important features of this revolutionary technology. As we mentioned above, this gaming model provides a gamer with more ownership rights, flexibility and full control over in-game assets.
Here are a few important features of web3 gaming.
Full Ownership
One of the highlights of web3 games is the amount of control they hand you in a game. You are literally the copyrighted owner of all of your in-game assets. You can convert these assets into NFTs and take them everywhere you want without any restrictions.
The web3 architecture also makes every blockchain interoperable, meaning that you can easily use cross-link bridges between blockchains to convert one asset into another. You can trade and transfer your in-game assets and sell them to other players as well.
Decentralization and Transparency
Another striking thing about the web3 system is that it is evenly distributed. Unlike traditional games, which use servers stored in one location, web3 uses nodes to evenly distribute all the data and keeps everything hack-proof through a consensus mechanism. Whenever a new change has to be made in web3 games, players are allowed to play their role by voting. This process requires the players to burn their tokens, thus keeping spam votes under check.
This is the main reason why web3 games are perfectly transparent. Since no central authority is controlling anything in web3 games, they are more available due to the automated web3 system. Moreover, the stored data is kept perfectly safe as well.
Made with Players in Mind
Everyone is talking about how web3 games are centred around their players and focus on providing the best services to them. There are lots of ways through which the web3 ecosystem makes sure that every player is rewarded for playing his part in games.
The play-to-earn model is a huge success story for web3 games and shows us how players can actually make money by playing video games. Also, the fact that players are in charge of all of their in-game assets is another proof that the web3 system is player-centric.
Tech Requirements for Web3 Games
Technological advancements which are making web3 a reality today are also very popular. Let’s take a look at different technologies which come together to make web3 gaming a reality.
Decentralized Apps
These are also called dApps, and are one of the most important things which provide functionality and efficiency to the web3 ecosystem. The apps are actually libraries which allow creators to interact with the blockchain technology when using the web3 architecture for game development. These dApps are the main reason why players can own, manage, trade and even sell their in-game assets.
Nodes
Nodes are another highlight of the web3 system. All of the data collected from web3 games are exported to the blockchain, where it is stored on secure nodes. That’s why the role of nodes and node providers is huge in web3-based solutions. Every dApp is required to go through a node in order to execute or make smart contracts.
Digital Wallets
Since web3 games use blockchain technology and NFTs, you’ll be required to link your digital wallet with your game as well. Every game can introduce its very own tokens, blockchain and a digital wallet where all of the assets are stored safely.
Contracts
Web3 systems and games rely on smart contracts to execute all the trades and transactions. These contracts can be used by players to vote for or against the new upcoming changes in a web3 game. Once a smart contract is made, it is activated on the blockchain. Whenever certain criteria are met, the smart contract is executed automatically. Lots of tools are available for developers who are willing to create their own smart contracts.
Interoperability of Media Formats
Equal media standards are another big feature of web3 games. These standards are followed to make sure that all of the stuff used in the development of a game is interoperable throughout the platform. This promotes easy compatibility without many issues.
Extended Reality Hardware
Extended reality hardware includes things which are used by players to enhance their web3 gaming experience. They include haptic gloves, sensors, VR glasses and various other things to help make your gameplay smoother. This is the bridge which connects web3 games with the metaverse as well.
Benefits of Web3 Gaming
In addition to being fun and immersive, web3 gaming is actually beneficial for players. It is a completely decentralized system in which the players get to actually own their assets, and there’s no central authority. These assets are in the form of NFTs. You can save your assets in your wallet. Due to the voting process held by players, they get to choose everything and influence the future of the game they play everyday. Players can also trade or sell their assets in the form of NFTs.
Here are some of the biggest benefits of web3 gaming.
Earning Cryptocurrency
Web3 games can provide you with a perfect chance to earn cryptocurrency while playing them. These games usually reward you for winning or building within the game by acquiring different assets.
For example, one of the most popular traditional games, Minecraft, partnered with Alien Worlds to develop Trilium. It is a cryptocurrency which Minecraft players can earn by playing the game. This is just an example of how traditional games can partner up with web3 developers to bring lots of benefits to their players.
Win and Collect NFTs
In addition to earning cryptocurrency by playing games, web3 also allows you to win and collect NFTs. For example, some games allow you to either buy or win assets while playing them. Once you get an item, you get to keep it in the form of an NFT. This way, you can make a whole collection of NFTs as you continue to play the game.
These days, you can even buy virtual land and set up a virtual factory on it. This way, you can produce virtual products and sell them for real money.
Personalized Experience
As games become more advanced with the implementation of web3 solutions, they can help personalize your experience as well. For example, whenever you create an avatar, it is a digital representation of you. Moreover, you can customize your avatar and use it to play video games.
Huge Community
Both the web3 and video games have a huge combined community. Almost every web3 developer is looking to find ways to build virtual communities. Once a community is generated, it can actually vote to decide the future of updates and every major change in the game it is related to.
Web3 communities are already here, and they are doing their part in developing new games. There are so many people willing to join such communities that developers have to put a maximum limit on the number of participants in every community.
Interconnected Games
There are lots of different functions games allowed to have on web3 platforms. However, one of the highlights of the web3 architecture is the development of cross-chain bridges to promote the connection between different blockchains. Every new developer and platform on web3 joins the alliance to ensure interoperability and to preserve all the benefits of web3. This feature is very beneficial and can revolutionize the way different games interact with each other.
In web3 games, you will be able to transfer your NFTs and every related asset to another Blockchain with the help of cross-chain bridges. You can even trade or sell your nonfungible tokens to earn money as well.
Better Retention
Since web3 games provide an immersive experience to their players, very few players leave without experiencing the whole game. Retention is one of the most important characteristics a game must have in order to ensure the success of its project in the long run. Web3 is a perfect model to ensure high rates of user retention in the long run. Instead of treating players just like players, this system treats them like partners. This way, you can mutually benefit both the system and the player and make sure that the player keeps committed to the game for a long time.
Web3 games let users create their own avatars and skins. Moreover, you can even sell your skins for money and pay the platform a percentage of your sales. This helps the game grow and benefits the artist as well.
These games even let experienced developers create new mods. This makes sure that there is no need for large development teams and heavy resources to develop a game, and users can participate and create whatever they like to be added to the game.
NFTs act as digital assets within a game. That is why web3 platforms can allow users to create their own non-fungible tokens and add anything they want to the game. Regulation is made with the help of transparent voting, which is done by all the players on the platform. This system eradicates the need for a central authority and provides you with lots of benefits along with a high retention rate.
Conclusion
Just like Blockchain technology and cryptocurrency, web3 is proving to be another revolution. That is because it can change the way we interact with our games forever.
With the help of cryptography and blockchain, web3 makes sure that there is no need for a central authority to control everything in a game. Gamers can vote to add or eliminate anything from a game, and they do this by burning their tokens on the Blockchain.
There are lots of benefits to the implementation of web3 in the field of gaming. For example, players can completely own any asset they win or trade within a game. They can even sell the NFTs to earn money.
So, by incentivizing the players and decentralizing the game economy, web3 can ensure a bright future for play-to-earn games. However, this technology is still immature, and there are lots of areas still to be discovered. This is what web3 has to offer for players and crypto enthusiasts around the globe today.
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