Is Gaming a Key Part of Web3?
Web3, which is also known as Web 3.0, is a modern term used to describe the next step in the evolution of the World Wide Web, incorporating various concepts, such as token-based economics, blockchain technologies, and decentralized finance (DeFi), all of which is in stark contrast from the Semantic Web concept pioneered by Sir Tim Berners-Lee.
On this page, we will be taking a closer look at how gaming has become integral to the development of the Web3 space, and why Web3 gaming is expected to grow and evolve substantially over the coming years to create a more secure, user-empowered, and highly equitable internet.
The underlying concept of Web3 aims to enhance user ownership and privacy and enable decentralised control. Let’s dive straight in to discover more.
What is Web3 gaming?
Web3 gaming is a distributed process where digital games that people can play online are hosted on unhackable blockchain networks. Games hosted on blockchain networks have no single point of failure and rely on voting consensus to modify the gaming process.
The gaming industry has adapted by tapping into the power of Web3 technology, combining digital entertainment activities (gaming) and finance, known as GameFi, which allows players and content creators to earn for themselves through gameplay by accruing value in cryptocurrencies and nonfungible tokens (NFTs) using smart contracts.
In traditional games, ownership is usually limited to the platform. The games where users can earn money/cryptocurrency and own digital assets are called Play-To-Earn (P2E) games (and Play-to-Own), which balance rewards with gameplay to create thriving digital ecosystems that are designed to last indefinitely.
Examples of Web3 games
Some of the most famous Web3 games and metaverse worlds that many of you may already be familiar with by now that offer diverse gameplay and blockchain-based features, include the following:
- Axie Infinity
- The Sandbox
- Splinterlands
- Decentraland
- Illuvium
- Sorare
Others include My Neighbour Alice, CryptoKitties, Ember Sword, Off the Grid, Arc8 Beasts: Win Cash Prizes, Crazy Defense Heroes, Sparkball, Hamster Kombat, Upland, Cross The Ages, and Guild of Guardians, to name a few.
Web3 essentially shifts power from centralised platforms, handing it to individual users, which enables them to control their personal/sensitive data and assets and participate more directly in digital ecosystems across the internet.
There are many other online gaming platforms that use similar technology, such as the official 10bet Crypto Betting site, which allows South African players to deposit into their account, play any of their favourite games (or place sports best), and withdraw their winnings using cryptocurrencies, like Bitcoin, Ethereum, Litecoin, and Tether, instead of fiat currencies such as South African Rand (ZAR).
Web3 gaming is about more than just playing games on unhackable platforms. It’s also about unlocking a new concept that hands more control to players over ownership, but also creating exciting new opportunities in the gaming world.
Web3 distributes control across a network of users and computers, which makes it more resistant to single points of failure and censorship.
Blockchain technology is leveraged to create a transparent and secure record of data and transactions, which enables highly secure peer-to-peer transactions, digital ownership, and other features.
Smart contracts eliminate the need for interfering third-party intermediaries, which increases efficiency, boosts anonymity, and safeguards the very essence of online freedom, security, and privacy.
Is gaming a key part of Web3 technology?
Yes, gaming in the modern digital era has become a major part of Web3. The mass adoption and integration of decentralised systems and blockchain technology indicate a tremendous transformation in the gaming sector by allowing great ownership of in-game digital assets for players, opening up new monetisation opportunities, and leading to a far more immersive, engaging, and transparent overall gaming experience.
Although Web3 games are still relatively new, the very nature of the technology and the constantly evolving ecosystems will continue to play a key role in shaping the metaverse, indicating a strong future for the traditional online gaming and iGaming sectors.
As each day passes, there are increasing numbers of players/users, games, and transactions, which is why the Web3 gaming market continues to show signs of incredible growth.
By integrating blockchain technology and creating more dynamic and lucrative gaming ecosystems, Web3 gaming aims to decentralize control structures, giving players far more control and fostering community-driven environments.
Final thoughts
Over the coming years, Web3 technology will continue to evolve and is expected to be integrated more into the gaming industry to push the boundaries of what is possible in online gaming and unlock many exciting new opportunities.
Thanks to this technology, people can participate in decentralised, player-centric ecosystems and economies in unique new ways.
Other key technologies, such as artificial intelligence (AI), machine learning, faster internet speeds, cloud gaming/computing, virtual reality (VR), and augmented reality (AR), will also play a huge role in the development of the Web3 gaming experience in ways that we cannot yet imagine.
