How is Web 3.0 Encouraging Changes in the Gaming Industry?Jun 04, 2022
How is Web 3.0 Encouraging Changes in the Gaming Industry?
There are three billion gamers globally spending US$200 billion annually on gaming purchases such as consoles and in-app purchases such as NFTs. The gaming industry continues to grow and shows huge potential for the future. However, the revenue generated from gaming is channeled towards the creators without any substantial return to gamers.
Web 3.0 solves this problem for gamers and offers a space where their efforts will be monetized. This article covers how Web 3.0 encourages changes in the gaming industry and why gamers should consider shifting to it.
What Innovations is Web 3.0 Bringing to the Community?
How is Web 3.0 different from Web 2.0?
Web 2.0 requires users to install applications for certain services; however, Web 3.0 will allow users to use any service directly from the browser. Moreover, the new and updated web allows users similar interactions as those in the metaverse, which turns the internet into a spatial experience compared to Web 1.0 and Web 2.0, which only offered two-dimensional experiences.
Web 3.0 is also accessible on any device with the same interface. For example, entering a web page from a cell phone and computer would look similar. Some Web 2.0 applications include Drive, Skype, Facebook, and Twitter, while in Web 3.0, there are dApps, which are decentralized applications such as Akasha, Status, and Brave.
Features of Web 3.0
3-D Graphics or Metaverse
In Web 3.0, three-dimensional (3-D) design is used in websites and services. This creates greater immersion and blurs the line between real and virtual worlds in futuristic gaming applications.
Web 3.0 is Permissionless
Web 3.0 does not require users to accept any terms and conditions to access the content. Everyone on the internet has equal access to any resource because no permission is required.
Connectivity or Ubiquity
Web 3.0 allows better information linkage. This improves user experience in terms of connection. It is based on IoT sensors that make the internet accessible for everyone, anywhere, at any time, without needing a device. This is Ubiquity, the ability to be everywhere. Web 3.0's Ubiquity will allow gamers to be connected without PCs.
Personal Data Control and Decentralization
Decentralization means that ownership would be distributed amongst gamers and creators. According to Web 3.0’s protocols, users will safely keep their data and hold sharing rights. Companies and social networks will not be able to use user data to analyze consumer preferences or political opinions. In addition, according to a proposed model, censorship would be curbed as there would be no restriction on publishing content.
Web 3.0 operations do not rely on banks, payment processors, or the financial industries. Blockchain allows the transfer of secure payments without a central authority or a third party.
The Elements Responsible for the Transition in the Gaming Industry
The gaming industry could fully transition towards Web 3.0, and certain technologies will help make this a reality. These include:
The gaming industry will likely increase blockchain users to two billion from 100 million. Blockchains are decentralized and immutable systems where users can interact. Gamers, particularly, will be able to build multiple games to establish a gaming ecosystem without a centralized body.
Non-Fungible tokens consist of digital data stored in a blockchain. This digital currency can be transferred from one wallet to another. With NFTs, it would be possible to give back to the gamers because in-game assets will be converted into NFTs. The best gamers will collect the rarest NFTs and will sell these within the gaming network. Regardless of what happens to the game and whether it stops working, gamers could use assets outside the game.
Artificial intelligence (AI) combined with natural language processing enables computers to recognize information similar to how humans do it, which results in faster and more valuable results. AI means responsive video game experiences fueled through non-playable characters behaving as if they are being controlled by a human game player. AI increases computers' intelligence and leaves less room for corrupt human practices.
Tokens will be the currency that serves as the incentive for participants of the gaming ecosystem. When the value of these tokens increases, it will benefit everyone in the community. Everyone will see this incentive to take the game to a higher level. Players will be able to exchange the token for real money through exchanges.
Why Should Gamers Turn Towards the Web 3.0 Space?
The appeal of gaming in Web 3.0 is not only because of decentralization but because of many other benefits it holds for gamers. If gamers shift to the Web 3.0 space, they will be able to generate revenue, hold ownership of in-game assets, and much more. It might not be a huge shift for gamers because of their familiarity with common aspects of gaming in both spaces. Some of the benefits of turning towards the Web 3.0 space include:
Generating Revenue from Playing
With Web 3.0, gamers will be able to utilize their in-game virtual tokens in the real world for their utilities. In play-and-earn games, users will earn crypto and NFTs, which would be added to their blockchain wallets and used in the real world.
Earning from gaming will require consistency. Gamers already have this quality whereby they upgrade hardware, install mods and play consistently. These habits will pay off in the real world with Web 3.0 gaming.
Getting Rewarded for In-game Gear
As a result of NFT blockchain technologies, gamers would claim real-world ownership of their assets within the game, including gear. This means that the money spent on gear by the gamers would not benefit the corporate studios only because the gear would remain with the gamers who could trade it within the real world as well.
Freedom of Modifying
Modifying games in Web 2.0 was discouraged by game developers, and gamers were constantly at the risk of violating the terms of service, which would result in modifiers, those who mod, being banned from the game. Gaming in Web 3.0 guarantees freedom to gamers who would like to mod the game to make it unique and favorable since the new web space is open source and an opportunity for everyone.
Democratic Gaming World
Owing to the decentralized model of Web 3.0, independent game makers will be able to overcome the dominance of major studios. Independent games will not struggle to launch their games in the industry, and this would bring innovation to future classic games.
Diversity in Gaming
The model of Web 3.0 will attract more people into gaming, including those from underdeveloped countries and the underserved. Web 3.0 gamers have the opportunity to create life-changing income. This creates a positive impact on others who hold gaming as a hobby and would see the revenue-generating potential in it.
Opportunity to be an Early Influencer
Early adopters of any technology benefit more than those who adopt them later. Gamers who shift to Web 3.0 will create an impact and lay down a legacy for future gamers in the new space while improving their future.
How Is Web 3.0 Changing the Gaming Systems?
Web 3.0 aims to make the internet permissionless, open and decentralized. The new web is changing the gaming ecosystem and impacting the industry. These changes are a product of advancements in technologies, including NFTs, blockchains, and artificial intelligence. The gaming industry is now moving from free-to-play to play-to-earn, allowing gamers to monetize their hobby.
Gaming was initially a resource sink in terms of both time and money. Gamers invested their time playing games with no real-world output and spent money on in-game gear, which could not be used in the real world either. In the new era of gaming, this is set to change, and players' hard work and real dollars will be monetized. As gamers cross levels and progress in a game, they will earn cryptocurrency that can be exchanged in other forms.
In traditional gaming ecosystems, one game cannot exchange information or interact with another game. Gamers cannot utilize the assets of one game in another. Web 3.0, with its blockchain-based ecosystem, is set to change this since users will be able to switch their digital assets easily in the form of NFTs.
Ownership of assets
In Web 2.0 gaming, players do not own these even after paying for assets. With blockchain technology, players will have ownership of their assets even after the sale because the new technology links the assets to players instead of games. This protects the player's investments.
There is no doubt that the gaming industry will continue to prosper, and the dynamics will greatly change as it shifts to Web 3.0. It will bring a new era for gamers, and everyone involved in the industry, particularly gamers, will benefit from these changing dynamics.
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