Blockchain technology has completely changed the face of the gaming community, driving true innovation in the industry. One of the innovations that are shaping the gaming area is Web3 (an acronym for Web 3.0), the third generation of web technologies evolution.
Web3 games are different from traditional gaming because players can own in-game assets, control in-game data, and earn cryptocurrency by playing. As Web3 gaming opens up new opportunities to the gaming industry and gives more possibilities to all players, it represents the next evolution in gaming.
Web3 Gaming as a Mainstream
Web3 is opposed to Web2, which is based on centralised platforms for user social interaction such as social media, blogging, podcasting, or bookmarking. As for Web3, the third-generation internet is decentralised, with token-based gaming economies, and virtual worlds powered by blockchain.
The significant positive of Web3 games is the ability to make their assets that are not controlled by a central authority. Players hold the game assets in the form of non-fungible tokens (NFTs) and make money by issuing and selling tokens and other digital assets. The new generation of games based on Web3 technology offers the most demanding players greater options to play and customise their favourite games.
Web3 Technology is a New Era in the iGaming Industry
The improved internet version, Web3 is built on blockchain technology focusing on decentralisation; to shape the iGaming industry. The gambling sector showed an annual growth rate of around 10% in 2024, and with Web 3.0 innovations, it is expected to increase at an amazing rate.
The advantages of exploring new online gaming platforms launched this year are evident, thanks to its cutting-edge features, inventive array of games, and attractive promotional incentives. Although the third-generation web technologies evolution has not yet been fully implemented, it is impacting the industry. Virtual reality and Blockchain are the impact of Web3 in the iGaming sphere.
The Main Features of Web3 Gaming
Web3 is metamorphosing the gaming industry through innovative game features to enable players to engage with the games in innovative and decentralised ways. Here are the key features of Web3 technology that make the gaming industry valuable and exceptional.
Player Driven Experience
A significant feature of Web3 is the player-driven experience. As stated above, the innovation is created to reshape in-game experiences. Actually, the new gaming ecosystem provides a superb experience tailored to the players’ preferences. For example, Play-to-earn or P2E is a concept within the Web3 gaming space that permits players to collect cryptocurrency through playing games.
The game objectives vary, depending on the type but the popular titles require players to defeat other players in pitched battles or acquire certain in-game items. Players need to buy in-game assets and play the game with the goal to unlock prizes.
Asset Management
All games developed with Web3 provide complete control of players’ assets. In addition, they can also trade these assets in different ways, which is different from traditional gaming. Actually, in traditional gaming, players are also able to own assets and in-game collectables.
Nevertheless, these collectables and assets are useless when they change the platform. Fortunately, Web3 gaming enables them to deal with digital assets even when they change game platforms. In other words, these players can win the assets in one game or a Metaverse and use them in another platform.
Moreover, the transparency and security offered by Web3 gaming foster trust and loyalty among players, as they have the assurance that their assets are securely stored on the blockchain and can be seamlessly transferred between different platforms, enhancing their overall gaming experience.
Regulated Environment
The major concern of the players is meeting gaming platforms used by scammers. Thankfully, the third-generation version ensures transparency in gaming. The Web3 gaming platform has a large selection of games that are hosted on the blockchain, making them uncheckable. In fact, the technology Blockchain is a digital ledger used to record related data in the form of blocks sequentially.
These blocks are interconnected, to form a Blockchain. Therefore, blockchain-based gaming platform relies on voting consensus to change the gaming procedure and make the games accessible to all gamers on the platform. In addition, the players’ data will be stored on the blockchain, and every player can easily track every single transaction. This means, every player is equal and is ensured to keep entertained in a transparent environment.
Final Word
Gaming has always been a part of our life, whenever we want to have fun and feel enjoyment, playing games is the best option. Thanks to Blockchain technology, the new era of gaming has appeared to drive true adoption in the gaming industry. Web3 is a new generation of gaming that acquires Blockchain to give more possibilities to tailor games on their own.
Web3 games empower players with ownership of in-game assets through NFTs, enabling monetisation and deeper engagement, potentially shaping the future of digital gaming platforms towards a more decentralised and player-driven model. The tradable assets can be bought and sold in a decentralised market, enabling gamers to collect prizes through different games.
Web3 can change the future of gaming to allow players to have fun meanwhile earning digital assets that can be traded or sold.
