In the past few years, the gaming industry faced a plethora of advancements. Whether it is about the adoption of NFT, cryptocurrency, the use of AR & VR technology, or your name, anything, everything has been revolutionized with the power of blockchain. The transformation from a 2D to a 3D gaming environment also has the ability to connect more users on the platform.
Recently major players started stepping into the web3 gaming industry with innovative ideas that create opportunities for players, such as Double Jump Tokyo are also jumping into the bandwagons of web3 gaming to earn while playing.
Still, the existence of web3 platforms is full of speculation. The Web3 platform is opening up many opportunities with secured blockchain technology. Therefore, players' interest is inclined from traditional games to web3 gaming.
This is all we are discussing in this blog. Here we are involved:
- What is Web3 Gaming?
- Stats Revealing The Web3 Gaming Platform
- Why Will Gamers Adopt Web3 Gaming?
- Technologies That Empower Web3 Gaming
- Iconic Play To Earn Web3 Gaming Platforms Stepping Into Industry
- Components That Are Triggering The Web3 Gaming
Let’s check out.
What is Web3 Gaming?
Web3 gaming is a blockchain-based gaming platform that operates on distributed ledgers and makes the platform impregnable. The ability of blockchain leaves no stone unturned that can harm the platform. But, the platform offers equal voting rights to all the players in the context of modifying the process. Web3 gaming platform also offers gamers to earn, use, or trade their in-game assets and rewards outside the platform in the form of cryptocurrency.
Stats Revealing The Web3 Gaming Platform
- Web3 gaming platforms followed by DeFi (Decentralised Finance) and NFTs for 49% of all blockchain activity.
- Blockchain activities count involves 1.15 million daily unique active wallets and 7.4 billion in transactions count.
- Global blockchain gaming markets to grow to $65.7 billion by 2027.
- Global crypto owners increased by 39% in 2022 to 425 million in December.
- Web3 startups raised $7.1B in funding during 2022
Why Gamers Will Adopt Web3 Gaming?
The first and foremost reason, no one wants to leave the opportunity to earn millions, especially when they know they will get money in exchange for fun. Same willl̥ie to web3 gaming platforms that will motivate players to earn while playing. Another deciding parameter for the players will be high-quality visuals, customized content, and the inclusion of tokens, blockchain, and AI to shift from a web2 world to a web3 gaming environment.
Here we have listed more reasons that could become a game changer for players to shift from web2 world to web3 gaming.
Centered Digital Asset Ownership
Blockchain technology offers rights to players to own their digital assets. They can earn these assets either by buying in the form of tokens or earning as a reward to clear a certain level, or playing special fights. Gamers can sell, rent or exchange these assets to other players for the sake of cryptocurrency or to exchange for other in-game assets. Once these assets will be acquired by players, they can enjoy all the rights of holding in-game assets.
Opportunity To Earn Money While Playing
Unlike traditional gaming platforms, web3 offers opportunities to earn while playing. Want to know how? Under the web2 environment, if the player wants to play an advanced version of a game, they have to buy in-game assets which can be only utilized for the particular game. Importantly, the whole revenue goes to the web2 gaming platform only.
But web3 gaming platforms offer a unique approach, allowing users to acquire these assets while playing in the form of rewards. In addition, they can also sell, trade, or rent these assets to earn money while playing. Due to the scarcity nature of these assets, players can sell these assets or store them outside the game.
Interoperability
Web3 gaming allows users to switch digital assets easily in the form of NFTs. Therefore, it can build interactive communication between games and outside platforms. In other words, it can be defined as the movement of digital avatars and assets from one platform to another with the power of blockchain technology. Players will get the option to exchange costumes, weapons, accessories, and more from one platform to another.
Freedom Of Amending
One of the downsides of the web2 gaming platform is that they do not allow players to modify any content. Players have to deal with what developers offer them, whether it's about virtual land, weapons, accessories, or other in-game assets. In contrast, web3 will come with the option and opportunity to amend the platform as per their needs. Players have voting rights to decide on patterns or changes that they look for. Customization features according to players' needs will bring a great revolution in the gaming world.
Diversity In Gaming
Web3 gaming has the potential to bring significant changes in the gaming world. Players from underdeveloped nations and underserved countries can earn money from the small victors. As a result, it opens up opportunities for everyone to invest in games and generate award-winning opportunities. In other words,
web3 game development provides a significant impact on the livelihood of the people who see gaming as a hobby and can now join the world to earn.
Opportunity To Be An Early Influencer
Web3 gaming is at the pioneering stage, therefore offering great opportunities for players to join the legacy of the gaming world and become an influencer for many. Gamers can share their highest score, clear gaming levels, upload videos, and create a community to help new players learn how to play games. In short, web3 players can become a trendsetter in the gaming world.
Technologies That Empower Web3 Gaming
As gamers are fully ready to shift from the web2 gaming world to the web3 gaming platform, but behind that, there are certain technologies that are making it possible.
The Power of Blockchain Technology
Blockchain technology offers many gaming opportunities in the gaming world. From a single gaming ecosystem, gamers can switch between multiple games to share or exchange their in-game assets. This is the reason the web3 gaming industry is expected to grow from 100 million users to 200 million in the next few years.
NFT Marketplace To Reward Players
Non Fungible Tokes are also regarded as crypto tokens that are stored in blockchain technology. These tokens are sold and stored in a digital wallet and will enable players to acquire special rights to use them. These could be in-game assets such as rarest characters, objects, sound effects, maps, environments, etc. Players can use them to exchange for the sake of other NFTs. Acquiring these NFTs and using the gaming will enable users to power up their character and achieve special ranking in the leaderboard.
Artificial Intelligence Ability To Offer Customized Experience
AI combines natural language processing that will enable players to understand information the way humans do. It helps to improve speed and gaming performance. AI also enables quick and effective game-building strategies which are driven by non-playable characters. Hence, AI offers a complete customization environment in the web3 gaming world.
Tokens As The Incentive For Players
Tokens will be used as an incentive in the web3 gaming industry. The value of the tokens will increase due to their limited edition and rise in demand. As a result, the value of tokens increases, which will incentivize players and become a reason to take the game to greater heights. Players can also generate revenue by selling these tokens in the market.
Self-Executing Smart Contract
Self-executing contract or, say, a smart contract that is embedded with “And,” “OR,” “IF,” and “THEN” conditions only. The automated contract executes when a particular player satisfies certain conditions. The smart contract also enables players to interact online via the blockchain and the many dApps in the Web3 realm without needing a centralized third-party authority for verification.
Digital Wallets will Make Effortless Transactions.
Digital wallets or
web3 crypto wallets are considered the secure means to make and receive payments. As technology is flourishing, digital wallets are also getting more secure and packed with ultimate features that will enable a seamless user experience. Blockchain developers are working on its usability and making it compatible with other plastic cards. Therefore users can play games and earn money directly in their accounts too.
Virtual Avatars
Virtual avatars, called digital twins, are thrilling players and communities. Now, developers are working on making these avatars more real, and that will be acceptable in the metaverse too. Real humans like skin, a variety of costumes, accessories, weapons, and more, becoming key areas for discussion. More importantly, these will be packed with advanced blockchain technology, AI, ML, and other immersive technologies.
Iconic Play To Earn Web3 Gaming Platforms Stepping Into Industry
Play-to-earn platforms can allow users to play as well as earn money, as many of the platforms, such as Ecoterra, Decentraland, Robotera, and The Sandbox, have already stepped into the industry. These platforms reward users in the form of NFTs that they can redeem to shop for digital avatar costumes, accessories, weapons, and more.
Also, NFTs will be able to be redeemed for buying virtual lands. Every activity, such as playing, acquiring digital assets, minting, and more recorded in blockchain technology. Modern developers are keeping an eye on players ' preferences, for instance, tastes, likes, and dislikes, to upgrade these platforms as per their expectations or to offer an immersive user experience.
Components That Are Triggering The Web3 Gaming
As we know, web3 gaming is stepping into the new era of revolution, but what is triggering it? What are the tech stacks that are making it a solution for next-gen? This could be your question too. Let’s answer it;
Web3 libraries and dApps
Web3 libraries allow players to interact with web3 gaming. Here we have listed some of the most popular web3 libraries, including Ankr · libp2p · light.js · web3j · web3.js · Web3.py · ethers.js · Whal3s. These web3 libraries enable you to build frontends that can communicate with the blockchain. In other words, web3 libraries allow developers to develop gaming platforms and players to interact with the blockchain.
Smart Contracts
It is also called programmed executed activities that allow players to acquire in-game assets by paying for the same or clearing certain levels. Once the players fulfill all the conditions, the web3 gaming platform executes their actions and allows ownership rights, transfer, and trade of in-game assets. A smart contract is backed by blockchain technologies such as;
- Ethereum
- Polygon
- Solana
- Hyperledger
- Moonriver
- KCC
- Cardano
- Polkadot
- Avalanche
- TRON
- Corda
Web3 and Node providers
Nodes are essential components of web3 gaming technology as this help read and process stored data. Also, nodes run on the copy of the blockchain technology that helps Web3 libraries to interact with smart contracts & cryptocurrencies in the web3 gaming environment.
Digital Wallets
Digital wallets allow players to access currency and communicate with other dApps. It enables players to store items acquired while playing or holding cryptos. Digital wallets or crypto wallets function through personalized wallet addresses. While developing a crypto wallet, developers can utilize public blockchains such as BSC, Polygon, Ethereum, Tezos, Flow, and Klatyn, and gaming platforms with specific wallet requirements can use, like Polygon Supernet and Avalanche Subnet.
Hardware XR
XR or Extended Reality is used for technologies such as Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) that offer an immersive experience in web3 gaming. XR allows players to dive deep into the gaming world in real-time and provide another level of immersive engagement.
Some of the top brands that work on extended reality are;
- Magic Leap 2 updated the version of their first MR device
- Quest 3 most anticipated and discussed XR headsets
- PICO 4 is another early offering in the hardware market.
- HTC is about to release its offering in the form of the VIVE XR Elite
- Sony is bringing out the PSVR2 for menu selection and navigation of user interfaces
Final Thoughts
Although web3 gaming opens up many opportunities to earn money, it is still a new concept for many to move from traditional platforms. The opportunity to earn in cryptos and use in-game assets on other web3 gaming platforms is attracting players to adopt the contemporary business model. The best thing about the next-gen platform is that players and owners get the opportunity to enjoy equitable compensation and vote for the improvement of web3 gaming.
