Web3 is certainly familiar to everyone who has used the internet in the last year. For those who don’t know, Web3 is essentially the next iteration of the internet. It is an essential part of the highly anticipated metaverse, among other cutting-edge technologies like blockchain, artificial intelligence (AI), virtual reality (VR), augmented reality (AR), 5G, and the internet of things (IoT).
With Web3, a decentralised future characterised by user-owned content and permissionless transactions is envisioned. Naturally, there is more work to be done before Web3 is completely accessible and available to everyone. However, a few industries are already noticing the effects of the technology.
The impact of Web3 is already being felt in the gaming sector
One of the industries that Web3 is projected to have a large impact on is the gaming industry. Axie Infinity and Decentraland are the best examples of Web3-like video games and online playgrounds. Players can visit art museums and galleries in the three-dimensional world of Decentraland, as well as buy and construct virtual real estate.
Another example of Web3 gaming is the very popular fantasy football game Sorare.
In this game, players can use bitcoins to buy football player cards from the best leagues across the globe. Cards in the game come in a variety of rarities, and the rarer a card is, the more valuable it is. Another aspect of the game is a marketplace where players may buy and sell cards. A rare card of Cristiano Ronaldo, a player for Manchester United, just sold on Sorare for more than $400,000.
Web3 will change the way that video games are paid for
Video game publishers used to make the majority of their money from the sale of both physical and digital versions of their games, as well as any add-on items they could conceive of.
- In order to make Web3 accessible to corporate users, a Web3 Development Company has entered the market.
- The primary benefit that players obtained from the games was their enjoyment of them.
- The price of games, in-game items, and further downloadable content is exorbitant for players (DLC).
- These games and any in-game items, however, typically lost any value they may have had as soon as the user finished or became tired of the game because players never truly owned anything they purchased in the game.
- With the emergence of Web3 and its supporting technologies, such as blockchain, cryptocurrencies, and non-fungible tokens, the conventional gaming monetization paradigm is going to shift (NFTs).
- Blockchains are immutable ledgers that allow for the creation of NFTs and securely record every network transaction.
- NFTs represent distinctive and verifiable data that is tied to almost everything, including in-game goods like weapons, clothing, avatars, and virtual land. Using Web3, users can move NFT-based game items between platforms and sell them to other players in auxiliary marketplaces.
- By staking and growing in-game cryptocurrencies, several Web3 games may also give players the potential to earn passive income.
- Players should receive genuine financial incentives for the time and effort they engage in games as a key concept that will counterbalance the injustice that has long existed in the gaming business.
- It will also expose cryptocurrency to millions of individuals in a relatively risk-free manner.
- Developers will have access to a wider range of revenue streams thanks to Web3.
- Peer-to-peer commerce, in-game marketplaces, and a variety of in-game purchases will all be manageable by developers.
- The functioning of these markets would provide game developers with an infinite supply of revenue.
- Web3 game developers could boost their games’ profitability by routinely releasing fresh NFT content as their games get better.
Web-3 communities will be the home of gaming in the future
Broad, unique game-publishing platforms that connect game communities and developers will be the next development in gaming as we go towards the metaverse era. Although the concept is still in its infancy, a few businesses are beginning to take off in what appears to be a lucrative sector for investors, developers, and gamers.
One such project providing the foundation for such combined gaming communities is Iskra. Both game developers and players will benefit from Web3 Game Development for their Web3 endeavours. With Iskra, Web3 is expected to host gaming communities rather than monopolies.
New rules to control the Web3 gaming industry
Since players won’t play a boring game despite financial reward, game creators must make exciting games.
- Future Web3 game developers should consider design principles that uphold the Web3 spirit, which is based on the notion that all stakeholders must be fairly valued and rewarded.
- To achieve an equitable distribution of benefits between players and developers, games must be free, fair, transparent, and inherently decentralised. Web3 games should be required to separate playing from purchasing in order to generate revenue.
- More Web3 games should abandon the antiquated pay-to-win business model, in which players spend real money to get advantages in-game.
- This paradigm made gaming less pleasurable and discriminatory by making gamers without money to work harder.
- At the same time, they were swiftly passed by their paying competitors.
- The implementation of Web3 should also lead to a level of transparency in the gaming sector that was previously unheard of.
- Any relevant financial information should be made available to the public by a gambling platform.
- Additionally, the creation and distribution of money inside a system should be made explicit.
Conclusion
Fair incentives distribution between players and creators should boost engagement, build trust, and boost gaming communities’ revenue.
Decentralized Web3 games will likely use blockchains to gather and validate gameplay data and in-game transactions. Web3-based games can establish their own decentralised autonomous organisations (DAOs) so that their communities can participate in ownership and governance in a meaningful way.
