Why Is Web3 Essential for the Future of Gaming?

• By Patricia Smith
• 23-12-2022
• Technology

Web3 has enormous potential, and it is visible in various industry verticals. Many sectors like healthcare, real estate, remote workplaces, social media, gaming, and many more. Out of everyone, gaming is the most in-demand field that has captured the attention of people across the globe.

Before diving deep into the web 3-enabled gaming realm, let's get a brief idea about web3.

Understanding Web3

Web3 is the upcoming version of the internet where everything will be decentralized. It is an absolutely permissionless, self-governing, and robust form of the internet. Web3 can record each and every transaction on the distributed ledger so that it is visible to every network member. Web3 eliminates the chances of any fraud by leveling up the transparency level.

Web3 Gaming

Talking about web3 gaming can be stated as a coherent platform for blockchain-based gaming. This has blurred lines between the defi,nfts, and blockchain via digital gaming as it provides an environment where both the developers and the players can be on the same platform and have ownership.

If we look at conventional online games, they have also enjoyed popularity in their times. It literally enticed numerous gamers to their platforms. This resulted in the real transformation of regular game lovers into loyalists. The possible disadvantages of such traditional gaming were the lack of ownership for the players and the existence of centralized servers. The centralized network gives authority to a single person to make decisions and enjoys perks related to the developed platform. Everything is controlled by that entity.

To overcome this limitation, web3 games have been introduced that provide solutions to the gaming industry by providing the owner of the digital gaming assets to the players or developers. These are the virtual games that are powered by blockchain technology. It helps in storing data and performing permissionless transactions. Web3 gaming has integrated several mechanisms and made sure that there are gaming models that not entertain the users but also help them in earning rewards.

One of the significant gaming models is play-to-earn, where the players can play the games and earn rewards. This is contrary to the already existing digital games where users have to pay before subscribing/playing a particular game. It encompasses the in-game assets that exist in the NFT form. Proof of ownership is requisite for the smooth trading of virtual assets. This model helps in creating opportunities and strengthening the gaming economy. Such benefits have influenced investors to take a step forward and invest in such opportunities.

Perks Associated With Web3 Gaming

There is a beginning of new gaming with the introduction of the Web3 gaming model. Here, the gamers enjoy the privilege of ownership, trading their game assets, and subsequently can earn rewards. The enjoyment and excitement of playing games on web3 have amplified due to decentralization.

Proof-of-Ownership

The latest web3-enabled games possess Proof of ownership. The growth of NFTs, interoperability, and authentic ownership, is quickly increasing. The players have entire ownership over their gaming assets.

Interoperability

Interoperability allows the easy transference of assets in web3 games. This feature shows that players can earn profits without paying for these products. Also, the items won during the gameplay can be transferred from one NFT marketplace to another. Even the in-game assets can be shifted from one game to another.

Transparency

The independent operations of the gaming ecosystem on the web with minimal central authority intervention are key to its effectiveness. The games use votes to alter the process of gaming. This created the decentralized governance organizations known as DAOs. Today, most blockchain-based games are based on this governance system, allowing for greater transparency. Moreover, the games pass the responsibility over to the player, and no third parties are involved.

Decentralization

The objective of web3 game development is to rebuild decentralization. It provides a unique gaming experience tailored to the players' needs. A central governing authority does not control anything related to decision-making. All the players have an equal part in making decisions, and there is a provision for the players to own their gaming earnings and utilize them in other crypto-based games.

Why Is Web3 For The Future Of Gaming?

Web3, as explained above, has transformed the gaming realm. Previously, traditional gaming used to take investment from the users and acted as a source of pleasure and relaxation. Every time at the end of the game, the assets proved to be useless as they could not be utilized any further. These shortcomings were responsible for the emergence of web3 gaming.

Web3 is pivotal for gaming due to NFTs and blockchain technology. It definitely adds great value to the monetization part. The players can earn passive income through betting and gambling. Also, they can earn money for the time and effort invested in games.

This has successfully resulted in the opening up of an unending income stream. The games are offered with in-game marketplaces and in-game purchases, providing absolute flexibility to gamers as per trading. In a nutshell, we can say that the introduction of web3 into gaming is responsible for the entire revamped monetization.

Tech Stacks Required

Digital Wallets

Digital wallets hold the way to unlocking Web3 for gaming. Digital wallets are programs that let you store, transfer, and receive cryptocurrency. They are available in various types, like desktop apps, mobile applications, and hardware devices. Security is the beneficial thing that needs to be present in the digital wallet. With the advent of web3, hackers will have numerous chances to steal personal information. This is the main reason behind choosing a secure digital wallet.

Blockchain Technology

Blockchain technology is changing the gaming industry, creating transparency, trust, and security in gaming. With the help of blockchain technology, developers can make more transparent and secure games that include in-game objects that players own. Web3 games are made using the Ethereum blockchain and smart contracts to provide a more transparent and fair gaming experience.

Smart Contracts

Utilizing smart contracts in the gaming sector can aid in creating a safer and more transparent gaming environment. By deploying immutable codes on blockchains, Web3 game development can ensure that the game's information is secure from tampering. This helps prevent fraud and bribery and lets users play with new methods that were not available initially.

In this way, games can be developed to ensure that players only advance when they have completed specific tasks. This will create a more exciting and enjoyable gaming experience.

Bottom Line

Web3 gaming is all set to create wonders, and the future generation of gaming platforms enables players to enjoy their leisure time. This is done by indulging in their top-favorite games from any part of the world. Such platforms allow gaming enthusiasts to be representative of both the economy and the product. This allows the players to play a much bigger role than what they used to have. Web3 gaming will raise the bar in the coming times and has enough capability for remodeling the gaming industry.