Whenever a new innovative technology has been launched in the market, it has shaken the industry for the good. For eg, iPhone launch in 2007, ring any bells? Let’s talk about a bigger one, The Internet. No one including myself would have ever imagined how it would revolutionize and make our lives easier for the better. Now that we are all familiar with the internet and related tech, the world is getting ready to get shocked by the web3 revolution and in that web3 gaming is one of the most anticipated categories. So, what is web3 gaming? It is something related to gaming, of course. However, the concept is different from that of conventional gaming platforms that we are all familiar with. As a matter of fact, web3-based games offer an innovative perspective for participating in games through decentralized approaches.
What is Web3 Gaming?
Web3 games are digital games which use the concept of blockchain technology as an underlying component of a game’s economy. In other words, the assets of the game owned by the customers will be in the form of Non-Fungible Tokens (NFTs). Due to this, players have complete control over their assets in the decentralized web3 game ecosystem. Also, the integration of blockchain technology is one of the main highlights. The incorporation of blockchain infrastructure in games has sparked massive adoption and insanely high retention rates in early Web3 games examples like Axie Infinity. If you didn’t know, web3 games are currently one of the most heavily invested sectors of the game’s economy.
Traditional Gaming Limitations
The video game sector is a multi-billion dollar industry, no doubt, however, there are some factors or limitations that make the experience less enjoyable in conventional gaming. This is where the need for web3 gaming arises. Let’s see what these limitations are:
True Ownership of In-Game Assets
You spent your money and bought the additional game assets, but do you really own them? These assets are really owned by the respective game developer or operators. In reality, you just get a license for using and interacting with the assets in the game. This is not the case with web3 gaming.
Limitations on Trading In-Game Assets
In conventional gaming, the game assets are primarily bought using real-world currency. However, these assets only have value within the game and cannot be transferred to any other platform.
Control over In-Game data
In traditional games, all the data related to the game are stored on their own servers and the game administrators have complete control over the usage of the game-related information. This means that there is someone who is monitoring all these data and can use them for their marketing needs. Having centralized servers lead to vulnerabilities and inefficient safeguards for digital assets. The concept of web3 gaming in blockchain technology effectively helps resolve these concerns. So, for those who ask what is web3 gaming and how it helps, this is how it does.
Characteristics of Web3 Gaming
With web3 gaming, it opens up new possibilities to the gaming community. Players can now have higher ownership privileges, better control, and flexibility for trading in-game assets and collectables purchased. Here are some of the key features associated with web3 gaming.
Transparency and Availability
One of the most striking highlights of ‘what is web3 gaming’ is the distributed nature of the process. There are no monitoring agencies and unlike the conventional game’s servers, there is no single point of failure. On top of it, blockchain-based web3 games use the system of voting for introducing changes in the gaming process.
Accessibility & Openness
A unique aspect of web3 gaming is the emphasis on the system’s distributed nature. Unlike centralized games, the players don’t have to rely on a single server. Adding new game features are done through voting agreements. This potentially opens the door to more open Web3 games.
Ownership Control & Seamless Asset Movement
The biggest advantage of most blockchain-powered games is full ownership control for the user. As the assets are owned by the players as NFTs, it gives them full ownership of all in-game items and collectables. Web3 gaming ensures that the users truly own the in-game assets they purchase and also allows asset interoperability. This means that players who own the in-game items in one game may use them on any platform of their choice.
Some notable Web3 games examples
Most web3 games that exist in the online world focus on providing players with the best incentives. One such category of games is Play-to-earn games, which show how players can use games to earn money. Axie Infinity is a highly popular play-to-earn web3 game. It allows players to make a higher profit by using their gaming skills thereby improving the ecosystem. The good news is that many large reputed gaming companies are venturing into this space. Therefore, we can expect the release of high-quality AAA web3 games in the future.
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