The gaming industry has always been on the popular end when it comes to revenue and engagement rate. According to Deloitte’s report on the 2021 Indian gaming industry, there was a surge in the market size by 40%. The estimated worth worldwide in 2021 was around $195.65 billion, and it is expected to reach $220.79 billion by the end of 2022.
This increase was seen during the pandemic with the addition of Web 3.0. The Web 3.0 revolution attracted a lot of attention to NFT-based P2E games. The concept of Web3 gaming brought a huge shift from conventional gaming. This upgrade showcased several advanced approaches, like the decentralization of games and apps.
Now, what are the advantages of Web3 gaming, and how does it conquer the traditional ways? Let’s find out.
What advantages are driving players to Web3 Gaming?
The obvious way to explain Web3 gaming would be to list out the features that the integration has brought in. Players have better privileges in ownership, control, and flexibility for trading in-game assets. Following are a few features you can find interesting in Web3 gaming.
- Web3 upgrade gave space to blockchain technology
One of the major advancement Web 3 brought in was the integration of blockchain in the gaming sectors. With this, developers saw a massive increase in the engagement rate. The pay-to-play model was not quite satisfying for the users when you look at the traditional gaming aspect. The benefits belonged to the developers. Here, Web3 gaming was highly favored. The NFT play-to-earn gaming allowed the players to hold benefits for themselves. The in-game assets were valuable even outside the game.
- Ownership of the assets
The blockchain trait provided a sense of ownership to the players. As mentioned above, the in-game assets solely belonged to players rather than the developers. The in-game assets are minted through smart contracts that ensure authenticity and ownership.
- Better visual experience and transparency
Web3 gaming proves to give the best 3D visual to the players. The games have virtual worlds that run parallel to the real world. The involvement of the Metaverse acts like a charm here.
The blockchain-based games normally promote transparency of control and decision-making. That is, in these games, the decisions are based on votes. Therefore all players can participate in future developments.
- Interoperability
Although still a distant advancement for many games, players await the idea of taking an avatar anywhere in the Metaverse. A recent article stated that Ready Player Me has launched its API to improve interoperability for avatars in cross-gaming.
- Diversity in gaming
Web3 gaming has attracted first-time players from all over the world, mainly those from underdeveloped countries, giving them a chance to increase their overall income. This has greatly impacted the lifestyle of those that see gaming as their hobby.
All these features are helping build a platform that enables players to earn even while having fun. But what are the elements that make the transition into Web3?
Elements that ensure a shift in the Gaming industry
When you talk about Web3 gaming, a few elements that come to mind are blockchain, NFTs, AR, and VR.
- Blockchain
Nothing on the internet is truly yours. However, with the advent of blockchain gaming, the item you bought for the game will be under your ownership. These can be NFTs or tokens. NFTs are unique digital assets that can be purchased or rented for gaming purposes. The rewards collected by the players can be exchanged in the marketplace for profit.
- AR and VR
The spotlight was the visual of Web3 gaming. These games involved virtual reality experiences where players can buy and sell collectibles. They can buy lands and sell them in the Metaverse. Handhelds and headphones with VR glasses give control of the games.
What are the required steps to join Web3 gaming?
- Create a digital wallet
If you have decided to venture into Web3 gaming, creating a wallet is what you should opt for first. These wallets are digital storage devices that store the codes required to access your NFTs and crypto. You can use these wallets to exchange your NFTs to generate income.
- Buying NFTs
Some games allow you to experience a free-to-play session. However, others, like Axe Infinity, require you to purchase the NFTs beforehand. Therefore, ensure you read through the game’s details before proceeding toward it.
- Connect to the marketplace
After creating the wallet, you can connect the wallet to the marketplace. The purchases in the marketplace will store the codes in the wallet via which you can access your NFTs.
Expanding the use cases for the NFTs in Web3 gaming
Several other use cases exist for NFTs and tokens bought inside the game. In case players want to take a break from gaming yet wish not to stop earning, they can rent their NFTs to another player. This way, they will continue earning passively.
Another way is to stake your NFTs. Staking means locking your NFTs for some time to earn staking rewards and then trading for profit.Â
Bottom line:
By now it is evident that the gaming industry is expected to change and grow with time. Web 3 technology has brought success to not only the gaming industry but also the players. The gaming industry was at $195.65 billion and is estimated to grow with a CAGR of 30% by 2028. Even though in its infancy, it shows great potential to have a vast ecosystem benefitting the participants indulging with it.Â
