Things we need to know about Web3 Gaming

Introduction

With the revolution of Web3 in several sectors, including the gaming industry. We are creating virtual worlds and trying to investigate some aspects that were previously thought to be recreational activities. Web3 gaming, as opposed to traditional gaming platforms, allows players to interact with the games in decentralized and novel ways. Now, players can earn cryptocurrencies and NFTs, and then, exchange them for money. This sector is now considered a big-fat hen that lays golden eggs in the near future.

Web3 Gaming Explained

This term refers to a process of playing games that uses blockchain technology as an underlying component of the game's economy.

Web3 gaming also incorporates the term “ownership” in its concept. Web3 gaming is a decentralized gaming process in which the actions related to gaming asset ownership and decision-making in all elements of gaming, are delegated away from any central authority. Therefore, every player has complete ownership over their in-game digital assets, such as NFTs and FTs, and may freely exchange them with other players. It meant that, except for players, no one else had access to their digital assets earned in Web3 games.

The web3.0 sector is currently one of the most profitable and fastest-growing in the world. According to the estimates in Mckinsey Technology Trends 2022, Web 3.0 has received investments totaling $110 billion.

Thanks to Web3, Web3 gaming is granted very special technologies, which is one of the most crucial factors, along with many reasons, to explain why this sudden surge in the market size of the gaming industry. These are described as scalability, security and stability. Besides, Web3 gaming also offers DAOs with decentralized gaming ecosystems, blockchain-based game asset ownership, play-to-earn, crypto-secured gaming wallets and metaverse gaming.

Source: Leewayhertz

Web3 Gaming Concepts

1. GameFi

The term GameFi is a combination of the word “game” and “finance”. It refers to play-to-earn blockchain games that let users make money by playing. The GameFi ecosystem creates a virtual gaming environment by utilizing non-fungible tokens (NFTs), blockchain technology, and cryptocurrencies.

Typically, players can earn In-game rewards by finishing tasks, battling each other, ect. They can also transfer their assets outside of the game to trade on crypto exchanges and NFT marketplaces.

Blockchain technology is the supporting pillar that enables developers to build virtual marketplaces. These platforms can be centralized if digital currency is used, or decentralized if players use decentralized cryptocurrencies.

1. Decentralized Gaming

Decentralized gaming is any game that was designed and operates entirely or partially on blockchain technology. It gives players a vote on how the game progresses, as well as the possibility to earn money while playing. All of this is changing the way we think about games. We are no longer forced to be passive participants who must pay-to-play. Instead, we can play games in an active way. Decentralized gaming also removes any central authority that oversees the activities associated with such digital assets.

Because traditional gaming platforms had various flaws, the notion of decentralized gaming was launched alongside the rapid growth of blockchain technology. Unlike traditional games, the in-game items you gain on blockchain games will always be with you since blockchain technology offers you undeniable ownership.

The concept of gaming makes use of blockchain technology to meet its requirements. If a game is created with this notion in mind, it allows players, developers, and artists to validate their ownership of digital gaming assets.

3. AR/VR Gaming

AR emerged as a creative and immersive experience that allows people to feel delighted after engaging directly with the digital environment following the introduction of virtual in the actual world. Augmented reality is a real-time integration of game images and audio material in relation to the user's surroundings that aids in the creation of an artificial world.

This technology has had a significant influence in the gaming industry with the advent of the interactive experience of a real-world environment in which every object in the real-world is augmented. It has had a significant influence on the technical world, including healthcare, e-commerce, marketing, automotive, education, military, and retail, among other things.

Virtual reality (VR) is a technology that simulates an environment, places users inside a three-dimensional experience. Its slow-burning history dates back as far as the 1960s. VR, like the user interface, allows people to immerse themselves in the finest of the artificial world. Instead of observing the screen, users are immersed and able to engage with 3D environments. It stimulates all of the senses, including vision, hearing, touch, and smell - transforms a computer into a vehicle into new worlds.

Developers will utilize Web 3.0's technological capabilities and integrate them with AR and VR gaming. These will push them to provide a more immersive experience to players by allowing them to create their virtual avatars and personalities based on their tastes. Ultimately, these technologies assist the user by providing them with the possibility of customization.

4. Metaverse Gaming

The term "metaverse" originally appears in Neal Stephenson's 1992 science-fiction novel Snowcrash, which depicts a future in which millions of individuals interact in a cyberspace realm by using virtual avatars.

The metaverse is a collection of digital spaces and experiences being developed by corporations to provide more realistic and immersive digital encounters, it is also a network of shared, immersive virtual environments where individuals may socialize, play games, work, and shop. Consider the metaverse to be cyberspace or an advanced, three-dimensional internet where no login is required. It may also include virtual and augmented reality components.

The Metaverse will evolve into an exceptionally large-scale, very open, and dynamically optimized system as application scenarios mature. Creators from many industries will collaborate to develop a system that can handle a variety of virtual reality application scenarios.

Web 3.0 represents the ultimate solution, a platform where users can compile the information in any manner and the other user gets end benefits. Combining Web 3.0 with the metaverse to elevate one's gaming experience will include establishing a virtual decentralized financial system. Here we start to consider data as digital assets that will be secure without any middleman or monitoring authority.