Our digital life has gone from zero to infinite for the past two decades. With the introduction of the internet in 1990, the evolution and growth have been swift. But right now, web3 technologies are taking these possibilities to another level.
What was seen as a source of making information accessible to all is now a space where people can own and trade digital assets. Alongside this, the gaming industry has also experienced a shift from traditional to web3 ecosystems. More and more games are emerging on the same line, streamlining the need for a switch in the gaming sphere.
Remarkably, web2 games have paved the way for the web3 tech we explore today. Yes! Although traditional gaming had downsides, it shone a bright light on the gap that needed filling. As a result, web3 gaming emerged with enough features to address the concerns gamers and developers faced for a long time.
Web3 gaming is a disruptive concept that appeals to a broad audience, such as traditional and modern gamers and web2 and web3 investors. On top of this, web2 gaming companies are beginning to realise the importance of web3 technologies. This has led to them partially or wholly forging partnerships with web3 projects and moving their games to blockchain networks.
Traditional gaming system
Over the past century, video games have become the most popular form of entertainment. Throughout this time, three major concepts, namely PC, mobile, and online and offline condole, have stolen the spotlight.
The traditional games were divided into premium games with a fixed entry fee and free-to-play ones, attracting a wide array of players and profits from in-game purchases and advertisements.
As the gaming industry reached new heights, it also unintentionally exposed its downsides to players and developers alike. It includes disadvantages such as assets holding value only within a certain ecosystem, more authority over game publishers, etc.
In a nutshell, traditional games fell short of ‘True Democracy’. Everything was evolving around gaming companies, from gamers having little to say no in-game decisions to a lack of privacy on the collected information. Besides, players were frustrated with the lengthy terms and conditions they had agreed to enter the game.
When gamers typically spent hundreds of hours solely for entertainment, web3 games came to their rescue. It played a power shift from creators to players. And gamers also found a way to make money through their gaming skills.
How web3 gaming ended web2 gaming challenges
Before exploring web3 gaming, it is important to understand what web3 is. Web 3.0 is the third generation of the internet that actively promotes decentralisation and aims to shift the power from monopolies to individual users.
While the first generation of the internet was merely a collection of non-interactive links and homepages, the second generation came with more possibilities, like editing and uploading people’s content. On the sidelines, social media platforms like Instagram, Facebook, TikTok, and Twitter also gained prominence.
In the same vein, web3 is the latest version of the internet, where users own their content and make money through it without the meddling of central powers. Web3 gaming is a field web3 that allows players to earn while playing. With the help of decentralisation, gamers are given ownership of gaming assets and decision-making, keeping central authorities away.
Web3 games sit at the intersection of blockchain and gaming, giving players power and ownership. It has also introduced the concept of play-to-earn, allowing gamers to earn cryptos while playing. The blockchain gaming industry was valued at $4.6 billion in 2022 and is expected to reach $65.7 billion in 2027.
Beyond possible with web3 Gaming
The integration of web3 in the gaming ecosystem has gone beyond being a new concept. It has increased player engagement and opened the door for new revenue streams. The most important part is that it has benefitted both the players and creators of the game. Some of its other benefits are as follows:
● Interoperability and Ownership: Web3 games offer players self-sovereignty over the in-game assets and collectables they buy or win in the gaming ecosystem.
● In-game Economies: Players can build in-game economies by renting out their virtual asset or property and gaining from it.
● Player Engagement: Through DAO mechanisms, players can directly interact with developers and give game suggestions.
● Transparency: Since these games are decentralised and distributed over a network of computers, all players get equal accessibility.
Where traditional companies meet web3 gaming
Although many industries embrace web3 for various purposes, gaming is the primary focus. We wouldn’t have found our way to the web3 ecosystem without traditional games. Since players found many holes in the web2 games, developers were tasked to explore something new. As a result, web3 gaming came into existence.
Today, many traditional gaming companies are also trying to make the best of web3. They are starting this small by integrating web3 into their gaming strategies. Web3 has also made the user journey from digital to physical smoother, and traditional gaming companies are exploring the best of it.
In conclusion, both traditional and web3 games have their own set of unique potential and possibilities. While conventional games provide familiarity and exposure, web3 games offer ownership and control over in-game assets.
As blockchain technology advances, web3 games offer gamers new features. This has resulted in traditional games adopting web3 to some extent, if not completely.
Eventually, the gap between web2 and web3 games will be bridged in the coming years.
