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Future of Web3 Gaming and How It Get Evolved

In the last few decades, technology has hugely changed the gaming industry. We are on the verge of another big change in the gaming industry, and I couldn’t be more excited about it! As the gaming industry shifts from free-to-play to play-to-earn, it will completely change how it works. I’ve decided to start writing down what I think about it because of this.

In another blog post, we’ll discuss the pros and cons of the Web3 game development company. Let me tell you what blockchain-based gaming offers and how it can change the industry.

 A Quick Peek: Legacy Gaming Ecosystem

In 2021, the gaming industry brought in close to $160 billion. The way the gaming industry is set up now, people spend time and money playing games, but they don’t get much money back. They buy many in-game items, level up their characters, and get to like the millionth level, but they can’t sell their skills or assets directly in the game. They can’t do anything with the money and time spent on the game if they stop playing it. So, even though players spend real money and work hard in games, they don’t get to own anything.

Web3 could completely change how games are made. In the world of Web3, gamers might be able to make money while playing games. In this new era of gaming, if a player spends money on something, they will own it. They will also be able to sell it to other players inside or outside of the game.

How Games Can Do Well in Web3

Ownership & Scarcity of Assets

Almost all games today have extra features that can be bought inside the app. This makes up more than half of the money that games make. Most of the time, players can buy as many of these in-game items as they want through In-App Purchases or IAPs. In Web 2.0 games, even though players pay for these assets, they don’t own them.

With blockchain technology, players can own in-game assets and make them scarce. In Web3, each purchase will have a limited number of copies, and players will hold them after they are sold. When a player buys an asset, the technology will link the asset to the player instead of the game. This makes them investors, even though they are just playing a game. Since players own these rare digital assets, they should be able to sell them to other players inside and outside the game.

Earn While Playing

Players don’t usually earn money by playing games on Web 2.0 at the moment. Instead, players try to make money from their gaming skills through streaming and e-sports, which usually require a lot of money. In Web3, players can make money while playing games and can sell their skills right inside the game.

Games will become economies, and how good a player is at a game will give them real economic benefits. As players move up in levels or finish tasks, they earn crypto-assets that they can trade for other crypto-assets or real money. Read Also – Gear 5 Luffy

Interoperability

Usually, each game has its own ecosystem, and games don’t interact with each other. Most of the time, you can’t use the parts of one game in another. But in the blockchain-based ecosystem, there will be projects that work well together and have portability features that let users switch between games. They will be able to take their digital assets with them to other games, like NFTs, in the form of skins, avatars, or weapons.

Underlying Technologies and Utilities In-Play

NFTs

NFT is a type of technology that makes it possible for digital assets to be rare and to be owned, just like any other digital currency. You can store NFTs in your wallet and move them from one wallet to another. In blockchain-based games, in-game assets will be turned into non-fungible tokens (NFTs), which makes it possible to own assets. There are different kinds of investments, like “common,” “special,” “uncommon,” “epic,” and “legendary,” just like in RPGs. In Web3, NFTs can show how rare something is. The best players in games will collect the rarest NFTs and be able to sell them to other people.

Tokens

Tokens will be the game’s currency, and the game’s economy will be built around them. These tokens will reward everyone in the gaming ecosystem, whether it’s the team that makes the game, the community that helps support it, or the people who play it. As the value of the token goes up, everyone wins. This, in turn, would help the game grow. Players can get tokens in the game as rewards for their hard work, and they can trade these tokens for real money through trading exchanges.

Cryptocurrency

A typical blockchain is open, doesn’t need permission, and can’t be changed. Anyone can touch it and build on top of it. Like Legos, there are building blocks that can be put on top of each other. In the same way, openness and not needing permission will make it possible to build a game on top of another and make the gaming ecosystem work with each other.

Web3 Development Company’s work in technologies like blockchain will be at the heart of the idea of Metaverse. Metaverse can also be thought of as a copy of the real world that exists only online. Players make avatars that look like them and let them interact with places, things, and other players in a virtual world. With blockchain, items could be moved between games and game universes. This would create a digital multiverse. At the same time, as more and more people use Web3, the gaming industry will grow as well.

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