The gaming world is the birth of an online reformation in which every GenZ has a share.
DappRadar has reported that a total of 2.5$ Billion was raised by blockchain games in the year 2022, just in its first quarter. With this speed, the revenue counts are predicted to increase by 150% compared to last year. The Gaming Industry had seen tremendous growth of its potential gamers after and, most importantly, during the Pandemic era when people were stuck with their lives. The recent entry of Web3 and its wonders like Blockchain in gaming has increased the number of gamers as skill gets added with income. With Web3, gamers aren’t supposed to play under a written set of rulers depending upon the game’s creator.
The Web3 games are user-driven, and many rules and features are added to the game by a voting system created solely for gamers. Many new-age games like Fortnite have delivered groundbreaking services for their gamers, including events like virtual concerts.
With gamers able to communicate amongst themselves, the Web3 gaming revolution has begun.
Upgrading From Web2 To Web3 Gaming
For a long time, Web2 held prominence over a majority of popular games. These Web2 games were played under certain rules that the game developers had put before its launch. The storyline of the Web2 games was always pre decided and fed into the games. The game would mean nothing but a memory of a thrilling experience after the gamers would finish the levels. With the upgrade to Web3, gamers are now blessed with the new reformation that gives the players the power to run the game. Basically, games like Battle Royale never end. The creators and the gaming community keep upgrading the game by adding weekly new features to keep the game fresh as the launch
Web3 is the future of games and upgrading from the Web2 space in gaming will undoubtedly be a 3D experience. Web3 is the world that has unleashed the power of virtual reality in the gaming industry. With assets like the VR headset, gamers can easily immerse themselves in a 3D realm that resembles nothing but a fantasy world.
The user won’t just feel like playing the game but actually being a part of it and contributing a specific share to the entire gaming community.
What Does Web3 Offer To The Modern Gaming Industry?
To understand Web3 better, let us have a look at the seamless services that it offers in the points below:
Decentralisation
The main feature of Web3 is, without a doubt, decentralization. Much understood by the word itself, decentralization is free from third-party interference. For making any payments in the realms of Web3, no financial institutions can interfere and claim a share. This is an entire private transaction that the payer and the receiver can only access.
Speed and Accessibility
The speed of Web3 is immense and the games run at the fastest speeds, unlike the Web2 ones’ which were slow and full of hackers and malware. The user can leverage high speed with various accessibility options that the users of web2 gamers were aloof from. New features like chat and payments to buy in-game assets with proof of ownership are groundbreaking events in the gaming industry.
A Dispersed Nature
The dispersed nature of Web3 makes it easy to access by gamers. With numerous opportunities in the world of Web3. The Web3 gaming environment moderates anonymously, with players voting to add or evade a particular set of features.
The power of AR/VR
The real deal is Virtual Reality, which is the main tool that can offer an entirely immersive experience to the players. With VR, the gaming experience reaches skyscrapers as the gamer feels a part of the game.
User-Centered Experiences
Web 3 is entirely user-centric, and the Web3 games depend on the user’s preferences. The users have great power in the Web3 games, wherein they can also sell their character as a non-fungible token on NFT marketplaces.
Understanding Blockchain Vs. Web3 In Gaming
A great deal of confusion between blockchain and web3 gaming persists when Blockchain is discussed along with Web3. Blockchain is a technology that fuels the Web3 space. They are two sides of the same coin and are interrelated. Web3 is created on a blockchain, and the data is hosted on peer-to-peer networks. A blockchain game development platform runs on the tech stack included in the Blockchain, that is, Smart Contracts, Cryptocurrencies, Wallets, and many more. While the same goes for Web3, the metaverse is the most interesting aspect of Web3, in which the revolutionary Blockchain technology is included, the virtual world, and the power of artificial intelligence.
Scope of NFT Gaming And Blockchain-Based P2E in India
NFTs are the current buzzword in the gaming industry and with which modern-day games reflect transactions worth millions of dollars. NFTs are not just mere tokens that can be traded in return for money but also in-game assets like character skins, weapons, and also an entire character.
India has been a forerunner of Blockchain-based play-to-earn opportunities.
The adoption of NFT-based games in India has been remarkably high, with almost 30% of the gamers already a part of the Blockchain-based P2E games and 11% of them still wanting to be a part.
Some Technologies Of Web3 Gaming
Blockchain powered ecosystem
The Web3 is entirely based on the Blockchain ecosystem, and the blockchain comes with numerous benefits like a distributed ledger and seamless transactions with increased security and transparency. With Blockchain, gamers can enjoy various gaming models. At the same time, the developer can leverage various subscription models that will, without a doubt, increase the gross revenue that falls in the bag of the game developers. Playing to earn helps merge income with gaming as a craft and a hobby.
Smart contracts
Smart contracts are the set of codes that basically run the whole game or Dapp, and regular inspections of these smart contracts help the developers resolve minor issues on time before a smart contract bug occurs and alters the currency values. The smart contract also acts as a shield that guards the user’s private information while the transaction occurs.
Digital Wallets
The Web3 games incorporate digital assets called “tokens.” The gamer has to buy these with crypto-money or fiat money, and later the tokens won can be exchanged back to the fiat currency via digital wallets. Usually, each player is assigned a digital wallet in a Web3-based game.
Why Invest In Web3 Games?
The scope of web3 games is immense when we talk about the modern generation. GenZ gamers are not here just to play but to make an income. 80% of GenZ and Millennials spend eight hours a week gaming. With a total of 7hrs and 20 minutes spent daily on gaming, GenZ is spending more time playing web3 gaming platform than they used to watch TV and listen to music. Because of the decreased physical activities performed by our younger generation, the attention span calculated is also decreasing vividly. The Attention Economy has reported that the attention span has been reduced by 15 seconds. Nevermore, what matters is that this attention span is far better than playing games that are generally a waste of time and money.
Thus, if we look into this matter with the mindset of an investor, the scope of doubling ROIs is enormous in today’s Web3 gaming world. Futuristic technologies like AI and VR appeal to an audience already accustomed to gadgets from an infant age. And adding payment options to buy skins in today’s online games is a deal that will bring millions in an investor’s bag.
Wrapping Up
To wrap up this article, let us have an example, like Axie Infinity. This is, so far, the most discussed game in the web3 space based on the play-to-earn gaming model. In this, small animals called Axies are made to battle each other, and the users can earn certain tokens when they win.
These tokens are not just ordinary tokens, but with them, they can earn real money through exchange wallets. The users can also sell their Axies or breed them to create characters with various powers that can be used while fighting.
This game adds income to skill, and this is the sole reason why this game has gained a huge amount of popularity till date.
Web3 games are the games of tomorrow; they promise to give the best possible experience to gamers. If you still doubt it, why not give it a try?