The gaming business was the catalyst for the online revolution that Generation Z members are all a part of today.
Blockchain games alone raised $2.5 billion in the first quarter of 2022, according to DappRadar. It is projected that at this rate, revenue counts will increase by 150% from the previous year. The game business saw a spectacular increase in the number of potential players after the Pandemic and, more importantly, during that time when people were entrapped in their lives. Due to Web3’s recent launch and its marvels like Blockchain, more people are playing games as skill and income go hand in hand. There may or may not be stated rules for Web3 players to follow, depending on the game’s designer.
The Web3 games are player-driven, and a voting system made just for them adds a ton of additional rules and features. Innovative video games like Fortnite have provided their users with cutting-edge services like virtual concerts and other events.
Now that players may communicate with one another through Web3 gaming, it has reached a revolutionary stage.
Upgrade For Gaming: Web2 To Web3
The most widely played games were dominated for a while by Web2. The rules for these Web2 games were determined by the game designers before the game was made available. Plotlines for Web2 games were always pre-written and present in the games. After finishing the stages, the game would just serve as a reminder of an exciting experience for the participants. Players now have access to a new feature that gives them control over how the game is played thanks to the switch to Web 3. In essence, video games with an unlimited lifespan include Battle Royale. The game’s creators and gaming community frequently add new features to it to keep it fresh when it debuts.
Web2 to Web3 migration will undoubtedly be a 3D experience. The future of gaming is Web 3. Web3 has unleashed the potential of virtual reality in the gaming industry. With the aid of devices like the VR headset, gamers may easily lose themselves in a 3D world that is nothing more than a fantasy realm.
The user will get the full gaming experience, including playing, participating, and contributing to the gaming community.
What Can Web3 Expect From The Modern Gaming Industry?
To further grasp Web3’s seamless services, let’s consider the following points:
Decentralization
Without a doubt, the distinguishing feature of Web3 is decentralization. As the name suggests, decentralization is free from outside interference. In Web3 locations, no financial institutions are permitted to interfere or take a cut of payments made there. This entire private transaction is only visible to the sender and the recipient.
Speed and accessibility
Web3 games function at the fastest speeds, in contrast to Web2 games, which were sluggish and rife with malware and hackers. Gamers on web2 were not allowed to take advantage of high speed with a number of accessibility options. Chat and in-game purchases with ownership confirmation are two ground-breaking new elements that have completely changed the gaming industry.
A Wide-Ranging Nature
Due to its distributed architecture, Web3 is easily accessible to gamers. with numerous opportunities in the Web3 sector. Players anonymously vote to accept or omit a particular set of features from the Web3 gaming environment.
AR/possible VRs
Virtual reality is the only tool that can provide users a fully immersive experience, and it is the real deal. Since the player is engrossed in the game, the virtual reality gaming experience can reach skyscrapers.
User-Centered Experiences
The Web 3 games are entirely centered on the user and are built around their preferences. Customers have a lot of control in Web3 games since characters can be purchased as non-fungible tokens on NFT exchanges.
Blockchain vs. Web3 in the Gaming Industry Comparison
There is still a lot of unanswered questions when it comes to blockchain technology and web3 games. Blockchain is the technology behind the Web3 sector. They are linked and show the two sides of a single coin. Peer-to-peer networks house the data for Web3, which is based on a blockchain. On top of the Blockchain’s technology stack, which consists of wallets, smart contracts, and cryptocurrency, a blockchain game development platform is created. The same is true for Web3, but what makes Web3 so exciting is the metaverse, which fuses cutting-edge Blockchain technology with a virtual setting and the power of artificial intelligence.
Indian market effects of blockchain-based P2E and NFT gaming
In the gaming industry, the phrase “NFTs” is currently in use to explain how transactions of millions of dollars are mirrored in current games. NFTs are in-game assets rather than merely tokens that may be exchanged for money, such as character skins, weapons, and even entire characters.
In India, play-to-earn opportunities on the blockchain were invented.
NFT-based games have remarkably gained traction in India, where 31% of players have already expressed interest in playing Blockchain-based P2E games.
Certain Web3 Gaming Technologies
Blockchain-powered ecosystem
A distributed ledger, frictionless transactions, and increased security and transparency are just a few benefits of the blockchain ecosystem, which is the backbone of Web 3. Thanks to Blockchain, gamers may enjoy a variety of gaming models. The developer may also use a variety of subscription methods, which will undoubtedly increase the amount of revenue that goes to the game developers. Playing for cash makes it possible to combine gaming as a hobby and a source of income.
Sensible contracts
The developers can fix minor issues with these smart contracts through routine inspections before a flaw affects them and changes the currency values. The group of scripts known as smart contracts is what essentially powers a game or Dapp. The smart contract also acts as a firewall to safeguard the user’s private information while the transaction is being processed.
digital wallets
In Web3 games, tokens are virtual items. The player must use fiat money or cryptocurrency to pay for these, and after earning them, they can use online wallets to exchange their tokens back for cash. Each player receives a digital wallet when they join a Web3 game.
Why Should I Pay Money For Web3 Games?
Web3 games have huge potential when compared to the current generation. Gen Z gamers want to generate money in addition to just having fun. 80 percent of Gen Z and Millennials spend eight hours a week playing video games. Gen Z spends more time each day (7 hours and 20 minutes) playing games on the web than they do watching TV or listening to music. Our younger generation engages in fewer physical activities, which is expected to shorten their attention span. The Attention Economy claims that the attention span has decreased by 15 seconds. What matters now more than ever is that this attention span is considerably better than playing games, which are sometimes a waste of time and money.
As a result, if we approach this matter from the perspective of an investor, the contemporary Web3 gaming sector has enormous potential for double ROIs. Future-oriented technologies like AI and VR are appealing because they speak to a demographic that has grown up with technology. A transaction that will make an investment millions of dollars is the provision of payment alternatives for skin purchases in today’s online games.
The Verdict
To wrap up this article, let’s utilize Axie Infinity as an illustration. The play-to-earn game that has gotten the most attention in the web3 community so far is this one. Players compete against other users in this game as tiny creatures called Axies, and the winners are awarded unique tokens.
Users can actually make money with these tokens by using exchange wallets; they are not just standard tokens. Users can breed or trade their Axies in order to create characters with various fighting skills.
The fact that this game combines skill and money is the only reason it has been so successful up to this moment.
Future video games will be Web3 games since they promise to give players the best experience. If you still have any reservations, why not give it a try?