What is Web3 Gaming: Components and Benefits
What is Web3 Gaming? The gaming industry is one of the best-known industries for innovation and providing entertainment. And with the evolution and continuous innovation in this industry comes Web3 gaming, which has changed the entire gaming industry and the users' gaming experience.
According to the research and insights from a trusted source, Web3 games account for almost half of the blockchain activity i.e. 49%, which means that it has way more opportunities to grow and cater to the players and the business owners.
But what is Web3 Gaming exactly?
If you are willing to learn more about the same, then keep reading!
What is Web3 Gaming?
Web3 Gaming is an evolving gaming trend that uses distributed ledgers which in turn facilitates transparency, security, and user control over the assets and currencies in the game.
It is based on the decentralized approach of blockchain technology which also includes cryptocurrencies and NFTs (Non-Fungible Tokens).
Read: Blockchain in Gaming
This type of gaming also enables the players to use, buy, and sell the in-game assets using smart contracts and make faster transactions without any third-party involvement.
Read: Guide to Edge Computing
In addition to this, Web3 gaming also caters to players by enabling them to earn cryptocurrency for playing and leveling up in the games, which is termed the P2E (play-to-earn) model.
What are the Benefits of Web3 Gaming?
Web3 gaming itself is a unique innovation, but among all the benefits, certain attributes make it stand out and stay ahead in the gaming industry. The primary advantages include -
Transparency and Availability
Interoperability between games and platforms
Ownership and Control
Transparency and Availability - It is one of the most important benefits of blockchain gaming. Since blockchain is a decentralized platform, it ensures high transparency which helps the players to have access to all the information to make the transactions effortless.
Digital Scarcity - With digital assets and collectibles that can be accessed by everyone, it is important that the assets that you own should be unique as well as valuable. But do not worry Web3 games have it as well, which enables you to make the in-game assets and collectibles rare, and that cannot be altered or iterated.
Provenance Tracking - Blockchain is known for its transparency and decentralized nature and with its integration into the gaming industry it has helped developers and players to track down the assets and their ownership, which results in higher transparency alongside making the specific game a reliable platform to play.
In-game Economy - It also facilitates the in-game economy which helps the gamers to earn and monetize their gaming skills and capabilities. The P2E model i.e. play to earn model helps the gamers generate income when they level up or complete any quest, making it a reliable as well as entertaining platform.
Interoperability between games and platforms - Interoperability is another important benefit of blockchain gaming. It helps the players and gamers to buy, sell, or trade their digital assets between different games and platforms which makes it efficient and also opens up new ways for gamers to earn more money without any boundaries.
Ownership and Control - It is another important attribute of Web3 games that aids the players with ownership and control over their assets and collectibles. This implies that gamers truly own digital assets like art, currencies, characters, costume, and many others which have value in the real world as well.
Player-driven Gaming - Personalization is an important factor that most customers wish to avail of any platform. And in the gaming industry, where every game allows you to personalize the character or the cosplay, Web3 caters to something more than just personalization. It helps in providing an immersive and engaging gaming experience alongside bringing in a whole new ecosystem for gamers.
What are the Components of Web3 Gaming?
Web3 gaming has five primary components, and they are -
Transferrable in-game assets, and
Governance and Community driven development
Blockchain is the core technology that is used in Web3 gaming. They are built on decentralized blockchains, facilitating improved transparency and security for gamers and business owners.
This decentralized ownership helps gamers to earn, use, or trade their in-game assets and currencies outside the game, which is also one of the primary characteristics of Web3 games.
Read: What is Web 3.0
In addition, these games also have smart contracts which make the transactions secure with encryption alongside making them transparent and tamper-proof with verifiable algorithms. These contracts also help in automatically executing specific actions when needed.
Read: What is Blockchain Technology
Another component of Web3 gaming is the Digital cryptocurrency wallet, which helps the players to use them to store and manage their collectibles.
These wallets help in coherent interaction with the blockchain services alongside making the transactions hassle-free, and easy to transfer and trade the assets and currencies.
Read: Blockchain Developer Roadmap 2023
Web3 games or Blockchain gaming require flawless collaboration between gamers and developers, which in turn helps in the evolution and advancement of the game and its features.
It also allows the gaming communities and the gaming ecosystem to provide greater input and feedback to enable greater outcomes.
Wrapping It Up
Web3 gaming has been a revolution in the gaming industry and has brought a lot of advancements that have benefited both the gaming industry as well as the players. The benefits that it facilitates have made the proverb go real that ‘you can earn money while playing’.
But wait, it has way more time to grow and evolve so before starting with Web3 games make sure that you go through all the pros and cons thoroughly for a better experience.
Is Web3 Gaming different from Traditional Gaming?
The simple answer is Yes, web3 gaming is different from traditional gaming. The primary reason is that in Web3 games the assets are owned by the players, whereas in traditional gaming the in-game assets are owned by the developers or owners on centralized servers
What are some of the well-known examples of Web3 games?
Axie Infinity, CryptoKitties, Decentraland, Kiraverse, and Star Atlas are some well-known examples of Web3 games.
What are some of the famous Web3 networks and platforms?
Some of the famous Web3 networks include Cosmos, Ethereum, Polygon, Solana, and many more. On the other hand, the famous Web3 platforms include Alchemy, Coinbase, MetaMask, and OpenSea.