Every time brand-new, cutting-edge technology has entered the market, it has had a positive impact on the sector. Do you remember the 2007 iPhone launch, for instance? Let’s discuss a bigger topic first: the Internet. Nobody, including myself, could have predicted how it would revolutionize and improve our quality of life. Now that we are all familiar with the internet and related technology, the world is preparing for the web3 revolution, and one of the most anticipated categories in that revolution is web3 gaming. So what exactly is web3 gaming? Of course, it has something to do with gaming. The idea is distinct from the traditional gaming platforms that we are all accustomed to, though. In actuality, web3-based games provide a novel viewpoint for engaging in games through decentralized approaches.
Why is Web3 Gaming Unique?
Web3 games are online video games that use blockchain technology as the foundation of their economy. In other words, the game’s assets that the players own will take the form of Non-Fungible Tokens (NFTs). As a result, players in the decentralized web3 game ecosystem have total control over their assets.
One of the key features is also the incorporation of blockchain technology. Early Web3 game examples like Axie Infinity have experienced massive adoption and crazily high retention rates due to the integration of blockchain infrastructure. In case you weren’t aware, one of the most actively funded segments of the gaming industry at the moment is web3 games. Many web3 game development services also provide web3 services for web 3 platforms like web3 games development & web3 social media platform development.
Why there are Limitations to Traditional Gaming:-
There is no doubt that the video game industry is a multi-billion dollar one, but there are some aspects or restrictions that make traditional gaming less enjoyable.
This is where web-based gaming becomes necessary. Let’s examine these restrictions:
Ownership of In-Game Assets in Actuality:
Do you actually own the extra game items that you paid for and purchased? The actual owner of these assets is the creator or operator of the relevant video game. Actually, all you receive is a license to use and interact with the game’s resources. Gaming on web3 is different from this.
Trade Restrictions For in-Game Items:
In traditional gaming, real-world money is primarily used to purchase game assets. These items, however, are exclusive to the game and cannot be used on any other platform.
Data in Game Management:
In traditional games, all of the game’s data is kept on its own servers, and the game’s administrators have complete control over how the data is used. This indicates that someone is keeping an eye on all of these data and may be able to use them for marketing purposes. Centralized servers create security holes and ineffective barriers for digital assets.
Blockchain technology’s idea of web3 gaming effectively allays these worries. The answer to the question, “What is web3 gaming?” and “How does it help?” is as follows.
What Distinguishes Web3 Gaming from Competing Products:
Web3 gaming offers the gaming community new opportunities. Higher ownership rights improved control, and flexibility for trading in-game items, and bought collectibles are now available to players. The following are some of the main characteristics of web3 gaming.
Transparency and Availability: The distributed nature of the process is one of the most striking aspects of “what is web3 gaming?” There are no oversight organizations, and unlike the servers of traditional games, there is no single point of failure. Additionally, web3 games powered by blockchain use a voting system to make changes to the gameplay.
Accessibility & Openness: A distinctive feature of web3 gaming is the focus on the distributed nature of the system. The players don’t need to rely on a single server, unlike centralized games. Voting agreements are used to add new game features. This might make more open Web3 games possible.
The most significant benefit of most blockchain-powered games is complete user ownership control. Seamless asset movement is another benefit. All in-game items and collectibles are the players’ sole property because the assets are owned by them as NFTs. Web3 gaming allows for asset interoperability and guarantees that users actually own the in-game items they buy. This implies that users may use in-game items they own from one game on any platform of their choice.
Examples of Notable Web3 Games
The majority of web3 games that are available online concentrate on giving players the best incentives. Play-to-earn games fall under this category because they demonstrate how players can use games to make money. Axie Infinity is a very well-known web3 play-to-earn game. Utilizing their gaming talents enables players to earn more money, which enhances the ecosystem. The good news is that a lot of well-known, sizable gaming companies are entering this market. So, in the future, we can anticipate the release of high-caliber web3 games.