Web 3 has been here for quite a while; it’s not a decade old but has created a lot of buzz among investors and big institutions.
The gaming industry has enormous growth potential and is expanding rapidly.
A growing number of people are becoming attracted to innovative gaming models such as play to earn (P2E), resulting in a multibillion-dollar gaming industry growing at an incredible rate.
The introduction of technology into the gaming field has drastically affected the industry over time. As web 3.0 evolves and takes over, gaming industry participants are already on the verge of a paradigm shift.
Why is there a need for Web3 Gaming?
In the existing gaming business structure, players invest time and energy to play games without gaining much immediate economic reward. They buy a lot of in-game things, level up their characters, and so on, but they can’t directly monetize their skills or assets in the game.
In fact, if they stop playing the game, they will be unable to do anything with the money and time they have invested in it. So, despite putting in a lot of effort and spending real money on games, users don’t get to own anything.
While esports and online streaming offer some financial gains to gamers, both are limited to a small percentage. As a result, gaming is mainly regarded as a resource drain (both time and money) in the Web 2.0 ecosystem.
Web 3.0 has the potential to dramatically alter the gaming business. In the Web 3.0 future, players will be able to make money while playing games.
In this new era of gaming, if a player spends money on purchasing an asset, they own it and can sell it to other players within or outside the game. In 2021, the gaming sector generated about $160 billion in revenue.
Here are a few reasons why Web3 Gaming can be revolutionary:
1. Possibility of Being an Early Leader
Gamers who adopt web 3.0 early have a big edge over their late competitors. Gamers who shift to Web 3.0 will dramatically impact and leave a legacy for future gamers in the new environment while choosing the new technology.
2. Centered around ownership
Due to blockchain technology, the players own their in-game assets.
As the blockchain data is available in the public domain, the game developers can not alter or exploit their users.
Blockchain technology will enable in-game product ownership, digital scarcity, and a digital marketplace. In Web 3.0, each item will have a limited supply, and asset owners will be finalized after the sale by players.
Gamers can effortlessly exchange their digital assets in the form of NFTs- non-fungible tokens that allow for interactive connection between different games and even outside applications- using Web 3.0!
4. Play To Earn (P2E)
Players do not earn money while playing games in the industry’s current condition. Instead, players have monetized their gaming abilities through broadcasting and e-sports.
Players in Web 3.0 will earn money while playing and will be able to monetize their gaming talents within the game itself.
Games will become economies, with players earning real money based on how much they play and how well they are at a game.
Players gain crypto as they progress through the stages or complete tasks, which they can exchange for other crypto-assets or fiat currency.
You can read more about P2E here.
5. World of Progressive Gaming
Web 3.0’s decentralized features will allow independent developers to challenge the absolute domination of large studios. Independent creators will no longer struggle to establish their games in the internet ecosystem, encouraging new inventions for futuristic games.
What Holds For The Future of Web3 Gaming?
The gaming industry is not only predicted to alter dramatically but it is also expected to thrive. The gaming business would likely adapt to Web 3.0 and the present economic climate.
While the gaming business will benefit, so will gamers and everyone else involved in the industry. Gaming businesses are gradually attempting to establish this Web3 gaming platform.
As the ecosystem continues to scale up for more mature game investing, there will be a period of significant progress as we nurture it to accommodate actual gaming acts.
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