Highlighting The Gaming Revolution In The World Of Web3
The gaming industry is spawning an online revolution in which every member of Generation Z has a hand. According to DappRadar, a total of $2.5 billion was raised by blockchain games in the first quarter of 2022. It is anticipated that revenue will increase by 150 percent this year compared to last. After and especially during the Pandemic era, when people could not leave their homes, the Gaming Industry witnessed a substantial increase in potential gamers. As a result of the recent introduction of Web3 and its marvels such as Blockchain to the gaming industry, the number of gamers has increased as income is added to skill. With Web3, players are not expected to adhere to a written set of rules based on the game’s designer.
Many game rules and features are added to Web3 games through a voting system designed specifically for players. Many modern games, such as Fortnite, have provided players with innovative services, such as virtual concerts.
With the ability for players to communicate with one another, the Web3 gaming revolution has begun.
Upgrading To Web3 Gaming From Web2
Web2 dominated the majority of popular games for a considerable length of time. The game developers established the rules for playing these Web2 games prior to their release. The plot of Web2 games was always predetermined and programmed into the games. The game would be nothing but a memory of an exciting experience once the levels are completed. With the upgrade to Web3, a new reformation has been implemented, allowing players to run the game. Essentially, games like Battle Royale have no conclusion. Creators and the gaming community have continued to add new features weekly to keep the game fresh since its release.
Web3 is the future of gaming, and the transition from Web2 to Web3 will inevitably be a 3D experience. Web3 game development has unleashed the potential of virtual reality within the gaming industry. With tools such as the VR headset, players can easily immerse themselves in a 3D realm that resembles a fantasy world. The user will not only feel like they are playing the game but also like they are contributing to the entire gaming community.
What Does Web3 Offer To The Modern Gaming Industry?
For a better understanding of Web3, let’s examine the seamless services it provides in the following sections.
Web3’s primary characteristic is unquestionably decentralization. Decentralization, as implied by its name, is free from third-party interference. No financial institutions can intervene and claim a portion of Web3-based transactions. The only parties with access to this transaction are the payer and the recipient.
Rapidity and Availability
In contrast to the Web2 games, which were sluggish and infested with hackers and malware, Web3 games operate at incredibly high speeds. The user can take advantage of high speed and various accessibility options that web2 gamers were oblivious to. The introduction of chat and payments to purchase in-game assets with proof of ownership are revolutionary developments in the gaming industry.
A Dispersed Environment
The distributed nature of Web3 makes it simple for gamers to access. With numerous possibilities in the Web3 universe. The Web3 gaming environment is moderated anonymously, with players voting to add or remove features.
The Strength of AR/VR
Virtual Reality is the only tool capable of providing players with a completely immersive experience. With virtual reality, the gaming experience reaches new heights as the player becomes immersed in the game.
Web 3 is entirely user-centric, and Web3 games depend on the user’s preferences. In Web3 games, users have great power, and they can also sell their characters as non-fungible tokens on NFT marketplaces.
Understanding Blockchain Vs. Web3 In Gaming
When Blockchain and Web3 are discussed, much confusion continues between Blockchain and web3 gaming. Blockchain is a technology that enables Web3 to exist. They are complementary aspects of the same concept and are interrelated. The data on Web3 is hosted on peer-to-peer networks and is created using a blockchain. A blockchain-based game runs on the Blockchain’s tech stack, including Smart Contracts, Cryptocurrencies, and Wallets. While the same is true for Web3, the most intriguing aspect of Web3 is the metaverse, which includes the revolutionary Blockchain technology, the virtual world, and the power of artificial intelligence.
NFTs are not merely tokens that can be exchanged for cash; they also include in-game assets such as character skins, weapons, and entire characters.
Some Technologies Of Web3 Gaming
Blockchain Powered Ecosystem
The Web3 is based entirely on the Blockchain ecosystem, which offers numerous advantages, such as a distributed ledger and increased security and transparency transactions. With Blockchain, various gaming models are available to players. Simultaneously, the developer can utilize multiple subscription models that will unquestionably increase the gross revenue earned by game developers. Playing to make enables the integration of income and gaming as a craft and hobby.
Smart contracts are essentially codes that run the entire game or Dapp. Regular inspections of these smart contracts allow developers to resolve minor issues before a smart contract bug alters the currency values. During the transaction, the smart contract also serves as a shield that protects the user’s private information.
The Web3 games contain digital assets referred to as “tokens.” The gamer must purchase these with cryptocurrency or fiat currency, and won tokens can be converted back to fiat currency via digital wallets. In most Web3-based games, each player is assigned a digital wallet.
Why Spend Money On Web3 Games?
Web3 games have a vast amount of potential for the modern generation. Generation Z gamers are not here solely to play but also to earn a living. 80 percent of GenZ and Millennials spend eight hours per week playing video games. With an average daily gaming time of 7 hours and 20 minutes, Generation Z spends more time playing web3 games than watching television or listening to music. Due to the decline in physical activity among our youth, the calculated attention span is also diminishing dramatically. According to The Attention Economy, the attention span has decreased by 15 seconds. Nevertheless, what is significant is that this attention span is significantly superior to playing games that are typically a waste of time and money.
Consequently, if we examine this issue from an investor’s perspective, the potential for doubling ROIs in the Web3 gaming industry is enormous. Future-oriented technologies such as AI and VR appeal to an audience that has been accustomed to gadgets since infancy. And adding payment options to purchase skins in modern online games is a deal that will net investors millions.
Let’s conclude this article with an illustration, such as Axie Infinity. This is the most discussed web3 game based on the play-to-earn gaming model. Small creatures known as Axies are pitted against one another, and users can earn tokens for their victories. These tokens are not ordinary tokens because they can be used to earn real money via exchange wallets.
- Additionally, users can sell their Axies or breed them to create characters with various combat-useful powers.
- This game combines income and skill, which is the only reason it has gained so much popularity.
Web3 games are the future of games; they promise to provide gamers with the best possible experience. If you are still skeptical, why not give it a shot?