The development of Web3 is a major subject in the technology community. One of the most important advances in internet use was the switch from web2 to web3. Gaming is one of the many sectors that Web3 has revolutionized. Web3 development companies offer a fresh approach to gaming and the chance to make money.
Many business people are eager to take advantage of web3’s potential and include web3 games in their web2 strategy. What should people keep in mind while making decisions? Let’s examine this carefully.
What is Web3?
It is crucial to comprehend web3 to learn web3 gaming and how it is implemented. Web3, sometimes called Web 3.0, is the third iteration of the internet that supports decentralized protocols and seeks to transfer control away from major tech firms to individual users.
The first internet was nothing more than a collection of links and homepages. You could just read stuff and post simple material for others to read on non-interactive websites.
Later, with the introduction of web2, users could modify and submit their material for consumption by others in addition to opening and reading the content. Twitter, Facebook, and other social media sites have all grown in popularity.
The most recent version of the internet, known as Web3, allows users to take part in protocol administration and operation and use open platforms to share data.
What is Web3 Gaming?
Web3 gaming is a subset of web3 that allows users to make money as they play. Web3 games are virtual games that employ blockchain as the underlying technology. They are also known as play-to-earn, P2E, blockchain, crypto, or NFT games.
The participants of these games may acquire and possess in-game assets in digital assets like NFTs or cryptocurrency. These games feature asset trading for real-world currency, setting them apart from more conventional free-to-play (F2P) or pay-to-play contests.
Features of web3 gaming
Web3 gaming is a unique digital experience that gives gamers access to real-worthy items. These resources serve as incentives for players to participate in the games.
Crypto gaming differs from regular gaming in a few ways. These qualities are detailed below:
Ownership and Compatibility
Two characteristics set web3 gaming apart from conventional gaming: ownership and interoperability. Blockchain gaming gives users control over the virtual goods and collectibles they may store as NFTs in-game. Players may also own in-game items in traditional games, but they lose ownership when they switch gaming platforms.
This issue is resolved by blockchain gaming by enabling platform interoperability. The game assets belong to the players, who may take them with them to the next gaming platform.
Old Game Upgradation
Older games are upgraded and integrated into the metaverse via crypto gaming, making them decentralized. Players may personalize it further by choosing their favorite games. Combining the old games into the metaverse improves them by allowing users to create their avatars and own and trade digital goods.
As already said, cryptocurrencies offer personalized and player-driven game experiences. Gamers have various advantages from this gaming experience. One of the most crucial features is the play-to-earn idea, which enables players to benefit from their performance in the game. Another feature is the integration of classic games, which allows users to enjoy their old favorites in novel ways in the metaverse. Players get self-sovereignty over in-game resources as the third perk.
Web3 games are protected against hacking since they are dispersed over a network of computers and are decentralized. Due to their blockchain foundation, these games depend on voter consensus to enhance or alter the gameplay experience, and they are equally accessible to any participant on the network. Web3 games, therefore, provide a high level of transparency.
Web3 game ecosystems run independently, with little maintenance required and no outside influence. Due to block mining and the vast amount of game data storage available, blockchain gaming has very little downtime and is very scalable.
Information to consider before integrating web3 gaming into your web2 approach
Some information to consider before integrating Web3 into your Web2 strategy
There needs to be more understanding regarding the incorporation of web 3.0 into web2 business models. However, it is believed that the gaming sector would be the key driver of web 3.0 adoption.
Several factors need to be taken into account when integrating web3 gaming into web2 businesses:
The younger generation’s increased brand awareness has a lot of promise due to gaming. This potential has been recognized by non-gaming firms, who have begun incorporating gaming into their business plans. A good example is the Fortnite and Balenciaga cooperation.
But what sets web3 games apart from conventional ones is their already strong focus on commercial activities. As a result, these games may convert players from brand awareness to purchase with little variance from the norm.
Businesses wishing to include blockchain gaming in their plans should start small and build on the knowledge gained. They need to comprehend how their brand may coexist with conventional gaming settings. The transition process will benefit by understanding the audience and their games and designing activations that enhance the player experience.
Combining the Real and Digital Worlds
Many web2 businesses need help to raise awareness of their physical products in an entirely digital world. The user transition from digital to physical has been facilitated by the web3 games’ integration of the financial infrastructure and the usage of the same NFT marketplace for both physical and in-game item sales.
When converting clients from digital to physical, it’s important to remember to build an NFT collection with practical applications. Others could find it difficult, while certain brands may find it simple to attribute real-world usefulness to NFTs. However, it is a crucial element that shouldn’t be overlooked since the NFT would be a common picture without it.
Create a Skill-Based Game System
Only via selling tokens and digital assets can a game maintain its financial stability while player numbers are constantly increasing. The token value decreases, and gamers begin to leave the site once this number reaches a threshold where it doesn’t fluctuate anymore.
Employing a skill-to-earn gaming paradigm that compensates players based on their abilities and real accomplishments rather than participation benefits would help businesses avoid this issue. In this situation, a tiny percentage of participants would earn, while others would contribute more than they take in.
Web3 gaming companies need to be ready because of the environmental effect of blockchain. Consequently, it becomes crucial to choose the right blockchain, communicate clearly, and educate yourself about it.
The over-commercialization of games is another issue. The increasing amount of sponsored material and monetization techniques included in contemporary games is criticized by many conventional gaming community users. When free-to-play games first appeared, a similar pattern was seen. However, the number of gamers opposed to web-3 games will soon decline. It requires fun in-game features that don’t take away from the users’ overall gaming experience.
Appropriate Blockchain Choice
Choosing the right blockchain for the game is essential since it affects factors like performance, scalability, transaction costs, etc. It may be difficult for web2 organizations with little expertise in web3 to comprehend the nuances and make the right choice.
Organizations may choose a quick, affordable, scalable blockchain for most blockchain games. Before deciding on the blockchain, organizations should consider the blockchain community.
Web3 – Future of Gaming
GameFi, which refers to using blockchain to monetize gaming, has seen rapid development lately. Compared to the statistics from 2021, its market had a 194.19% growth in Q1 financing in 2022. Crypto gaming is positioned for long-term development as more people in developing countries acquire access to the internet and try to escape poverty by working online. Additionally, technological advancements in AR and VR are bringing the metaverse closer to reality.
With the introduction of web3 games, the gaming industry is changing. Many people have found resonance in their play-to-earn model, and their demand is continually rising. Additionally, the web3 game development company offers opportunities for creative brand marketing. Many businesses are trying to use this industry to strengthen their brand. However, including cryptocurrency gaming in a web2 strategy requires a thorough knowledge of blockchain and its associated elements. It might be challenging for businesses with little to no experience in the web3 area. Therefore, they should contract out the service to knowledgeable computer firms.