Most console and PC gamers will have heard of Web3. Yet in traditional gaming circles, it has yet to make an impact. This evolution of the internet has numerous advantages for gamers, particularly those who thrive on collecting trophies and achievements. We discuss the possible impact of Web3 on gaming in the article below.
What is Web3?
Web3 is the third iteration of the internet. Many people class Web1 as the phase of commercial internet infancy, when people primarily used it for information and chatting. Web2 was the second phase, where information transfers became more sensitive, and large companies, such as Google and Meta, dominated. We are now entering the next stage of the World Wide Web.
There are three main factors that characterise it. The first is that it works on a blockchain. As information is created in code form, a block is added to the chain. This makes it decentralised, meaning no one owns it. The second is the use of smart contracts. These are digital agreements that can be executed when certain criteria are met. Lastly, there is the use of tokens and assets.
How Is Web3 Impacting Gaming?
There are already a host of games available to play that use blockchain and Web3 technology. From cute Tamagotchi-style creation studios like Cryptokitties to RPG titles like Fableborn, Web3 games are becoming increasingly popular.
Even large entertainment sectors like the iGaming industry have started to use Web3 technologies and have even been pioneers in doing so. This has primarily been through the use of crypto casinos. By taking themselves out of traditional centralised casino affiliations, they have not only been able to offer standard casino titles but also specialist innovations. Peergame casino games, for example, not only have classics like blackjack and roulette but also a host of original games like Turtle Racing and Ladder. Added to this are some groundbreaking casual games, such as Plinko and Minesweeper. Thus, these operations are often able to offer much more than a standard casino. With no registration required, they are attracting a whole new demographic of players.
Why Is Web3 Attractive to Gamers?
There are several reasons why Web3 is attractive to gamers and developers. Firstly, tokenisation can let players have genuine ownership of their in-game assets. This is contrary to other gaming platforms, where players’ assets are still owned by developers or the platform. By having assets as NFT items, players can keep and transfer them as they wish.
This can be further enhanced by the use of smart contracts. A real play-to-earn economy can be created, with smart contracts giving rewards when players hit certain achievements. These contracts could have huge ramifications, in some cases even creating whole employment areas in the third-party market.
Finally, blockchain technology has a transparency unavailable in other forms of gaming. This can reduce deception, cheating, and fraud in the gaming sector. In a world where competitive eSports are becoming more important and even bet upon, this is an essential factor.
At the moment, Web3 gaming is still quite niche. However, it is coming, and when Web3 becomes the de facto internet, other gaming will be forced to catch up with it. This may mean the major brands and companies changing tact, putting Web3 front and centre.
Founder Dinis Guarda
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