What is web3 gaming? Naturally, it has to do with the world of video games. However, the idea is unique compared to the standard gaming portals we are all used to. Web3-based games provide a fresh viewpoint on gaming through their decentralized mechanisms.
What is Web3?
Decentralized and driven by blockchain technology and the token economy, Web3 is the concept of a new Internet generation. It stands in contrast to Web2, which relies on a few large servers to handle all users’ social interactions.
Web3 is the next generation of the Internet, where information is not centralized by companies like Google, Amazon, Facebook, and Apple but rather in distributed databases.
Web3 builds decentralized platforms that all users trust due to their secure coding practices, industry-standard protocols, and algorithms. Blockchain, machine learning, big data, and artificial intelligence are all proposed as means to this end. For the third-generation Internet economy to thrive, it will need a means of exchange that is decentralized and independent of the existing monetary system; enter tokens and cryptocurrencies.
Since Web3 is still in its infancy, there is currently no agreed-upon definition or set of guiding principles. But how does this fresh idea apply to video games specifically?
What Is Web3 Gaming?
Every new technological fad has brought a tidal wave of change to the various markets it affects. It was already well underway that anyone could have foreseen how the Internet would influence business and technology outside Silicon Valley. In the wake of the internet business revolution, the world is ready for the web3 revolution, and web3 gaming is one of the first steps on this long road.
Internet-based games work differently than those found on more traditional consoles. Web3 game development provides a fresh viewpoint on gaming through its decentralized mechanisms. So, tell me, what exactly are web3 games? The following discussion aids in discovering the solution by delving deeply into the cornerstones of web3 games.
Features Defining Web3-Based Gaming
Ownership and Interoperability
In Web3 games, players fully own their virtual assets and collectibles in digital NFTs, giving them a sense of independence and autonomy. If a player decides to switch gaming platforms, they will lose all of their in-game property, including their progress, items, and collectibles. Web3 gaming is the answer because it enables cross-platform play and true ownership for all players. The virtual property players acquire in one game can be taken to another.
The leaders in web3 gaming demonstrate how the new gaming ecosystem thrives on individualized experiences for each player. You’ll find a lot of great evidence that web3 games have been designed with the player’s best interests in mind. Play-to-Win games, for instance, demonstrate how gamers can maximize gaming for monetary gain. Web3 games are notable for their player-centric design, and the autonomy mechanics only add to this impression.
Blockchain’s reputation for safety is on par with its decentralized nature. Players using a Web3 game with blockchain-enabled security can rest easy knowing that their transactions are being verified by a powerful, distributed network of nodes.
Blockchains’ security has been proven in numerous financial transactions. It can be easily adapted for use in the gaming industry to safeguard in-game purchases and personal information.
Transparency and Availability
The decentralized nature of web3 gaming is one of its most distinguishing features. Unlike the servers used by traditional games, there is no central authority keeping tabs on things here. Voting is another mechanism used in blockchain-based web3 games to implement changes to the gameplay.
Blockchain is well heralded for its decentralization and ability to empower users to act online without intermediaries. As the first major decentralized cryptocurrency, Bitcoin showed how people could transact without banks and other centralized entities.
Since then, decentralization’s potential has grown thanks to Ethereum and other smart contract platforms. Decentralization can be used in gaming and different contexts with the help of robust smart contracts and other media.
For gamers who wish to fully immerse themselves in a game without being accountable to the game’s creator, decentralized platforms that put them in charge of their online decisions and protect their information and data make a lot of sense.
Some of these features are:
Blockchains: A blockchain is a distributed ledger that verifies transactions and records all user activity in a decentralized fashion.
Cryptocurrency: When playing a cryptocurrency game, you can use cryptocurrency instead of real money. This is a very useful feature in light of the growing popularity of cryptocurrency mining.
NFTs: In decentralized blockchain games, you can convert your in-game currency into NFTs. This is accomplished through a profitable earn-while-you-play system.
Different Types of Web3 Gaming
Play-to-earn games are characterized by their central focus on, you guessed it, playing and earning. The only requirement is that you participate in this Web3 dApps game, and the rewards can be anything from NFTs to cryptocurrencies. The simple fact is that the more you play, the more virtual goods you acquire. You are rewarded with digital assets when you play a game and advance through its levels, complete its objectives, and challenge its various opponents. This reward can be used as a currency to buy even more rewards (as an investment in continued play) or traded on online marketplaces.
Play-to-earn games differ from traditional video games because developers need complete sway over the gameplay. Players who actively contribute to the game’s economy benefit not only the players but also the game’s creators.
The most well-known examples of games where players can earn money by playing are:
Infinite Axie, Fragmented Worlds, Strange Galaxies, and Silks.
Make the first move and acquire some crypto tokens to begin playing if you wish to try out one of these games and earn digital assets.
Walk-to-Earn games are another category of GameFi. Instead of sitting still and playing, the main focus of these games is on active participation, such as walking while collecting virtual currency.
Many providers offer games based on this premise, but two that deserve special mention are Walken and STEPN.
The original and only fitness-focused lifestyle app, STEPN’s goal is to incentivize its users to get in shape. Runners, jugglers, and pedestrians all earn GST tokens for their efforts. You can buy things within the app with these tokens and trade them on several different exchanges.
Walken is a Web3 walking app that connects exercise, video games, and cryptocurrency. For clarity, Walken’s goal is to provide a reward (in the form of crypto) to its users whenever they walk. The incentive is denominated in WLKN (the app’s token), which can be traded for other currencies through various marketplaces. Walken has accomplished more than STEPN. The walk-to-earn model adds exciting new gameplay elements like character leveling and competitive play.
Remember that some walk-to-earn games require a cryptocurrency purchase before they can be played, so this is a surefire way to acquire cryptocurrency.
Challenges of Web3 Gaming
Users already have the motivation and expectation that games evolve alongside technological advancements; the challenge now is to deliver. However, making such a drastic shift and adapting the gaming industry to new technologies is no easy feat.
There will likely always be questions about how to govern blockchain due to the technology’s decentralized nature. Since cryptocurrencies are both financially and structurally decentralized, it has become clear that a new regulatory framework must be created for them.
Because of the potential for financial transactions and other monetary effects, gaming regulation is an important topic. Still, efforts are underway to ensure that blockchain is regulated and innovative.
The blockchain itself is a relatively new technology that needs to mature. Larger public networks have struggled with scalability for a long time. This restriction on concurrent smart contract executions has limited the blockchain’s applicability in some settings. Still, some chains are working to solve the problem of massive scalability.
The conclusion to the question “What is Web3 gaming?” provides a good picture of these games’ potential to alter the gaming industry. Players in a Web3 game can take full control of their virtual world and all of its assets and collectibles without the need for a centralized management system. In addition, the play-to-earn games in a web3 games list also showcase how web3 marketplace development can change the gaming world forever.
Considering the potential financial rewards with blockchain-based games, players will no longer be required to pay to participate in them. Web3 games have shown promising growth potential, thanks to their wide range of player benefits and broadly innovative technologystack.