In the last few decades, changes in technology have completely changed the gaming industry. The gaming industry is about to make another big step forward, which makes me very happy. When the gaming industry changes from free-to-play to pay-to-win, it will completely change the way it works. I’ve decided to start writing down what I think about it because of this.
Before we talk about the Web3 gaming industry, let me briefly explain what blockchain-based gaming is and how it can change the industry. In the future, many top web3 game development services or companies started in the market to develop not only web3 games but also develop all those things which benefit all in finance, manufacturing, medical etc.
A Look at the Environment of Elite Gaming:
Nearly $160 billion is expected to come in from the gaming industry in 2022. In the way the gaming industry is set up now, people spend time and money playing games, but they don’t get much or any money back. They spend a lot of money on in-game items, level up their characters, and reach the millionth level, but they can’t sell their skills or assets directly in the game. In fact, if they stop playing the game, they won’t be able to use the money and time they put into it for anything else. So, even though players put a lot of time and money into the game, they don’t get to own anything.
How to Game to Stay Alive in Web3:
1) The Lack of Assets and Who Owns Them
Almost all games now sell extra features inside the app, which make up more than half of all game sales. Most of the time, these in-game items are unlimited and can be bought through In-App Purchases, or IAPs. Players in Web 2.0 games do not really own these assets, even if they have paid for them.
Blockchain technology will make it possible to own in-game items and create digital scarcity. In Web3, each asset will have a limited number of copies, and players will own them after they are sold. When a player buys an asset, the technology ties the asset to the player instead of the game. This makes the player an investor. Since players own these rare digital assets, they should be able to sell them to other players inside and outside of the game.
2) Make Money by Playing Games:
Most of the time, players don’t make money by playing games on Web 2.0. Players instead try to make money from their gaming skills through streaming and e-sports, which both require a lot of money. Web3 lets players make money from their gaming skills and make money while playing.
Games will become economies, and players will be rewarded with real money based on how well they do in a game. As players move through levels or complete tasks, they earn cryptocurrency, which they can then trade for other crypto-assets or real money.
Until now, gaming ecosystems have been separate, with no interaction between games. Most of the time, you can’t use assets from one game in another. But in the blockchain-based ecosystem, there will be projects that complement each other with portability features, and users will be able to switch between games. They will be able to move their digital assets, like NFTs in the form of skins, avatars, or weapons, to other games.
Workplace Technologies and Utilities:
1) NFT is Game Changer
NFT is a technology that, like other digital currencies, makes it possible for digital assets to be rare and to be owned. NFTs can be put in the wallet and moved from one wallet to another. In blockchain-based games, in-game assets will be turned into NFTs, which will make it possible to own those assets. Just like in RPGs or role-playing games, assets can be common, special, uncommon, epic, or legendary. Rareness in Web3 can be defined by NFTs. The best players will try to get the rarest NFTs and sell them to other players.
2) How Tokens Work
Tokens will be the game’s currency, and the economy will be based on them. These tokens will be an incentive for everyone in the gaming ecosystem, whether it is the team that makes the game, the community that helps support the game or the players who play the game. When the value of the token goes up, everyone wins. This would then lead to the game’s growth. After playing the game and earning tokens, players will be able to use trading exchanges to turn their tokens into real money.
Blockchain is usually open, doesn’t require permission, and can’t be changed. It can be used by anyone and built on by others. Like Legos, these building blocks can be stacked on top of each other. In the same way, openness and permission lessness make it possible to build a game on top of another, which makes the gaming ecosystem interoperable.
Concerning Web3 Potential:
Web3 has the potential to completely change how games are made. In the Web3 world, players may be able to make money while playing games. In this new era of gaming, if a player pays money for an asset, they will own it. They will also be able to sell it to other players both inside and outside of the game. Experts in game development say that the demand for web3 game development services will rise in 2023. Experts think that India is the best place to lead the growth of Web3 gaming because it is one of the biggest markets for gamers and crypto users.
The idea of the Metaverse will be made possible by Web 3 technologies like blockchain. You can also think of the metaverse as a digital copy of the real world. Avatars are digital versions of players that let them interact with places, objects, and other players. Using blockchain, items could be moved between different games and game universes. This would create a digital multiverse. At the same time, the gaming business will grow along with the number of Web3 users.