Web3 is a hot topic in the technological community. The transition from web2 to web3 is one of the most significant advances in internet usage. Web3 has transformed many industries, including gaming. Web3 gaming offers a new way to play games while also providing an opportunity to earn money.
Many entrepreneurs are eager to capitalize on the power of web3 by incorporating web3 gaming into their web2 strategy. What are the factors that they should consider? Let’s take a closer look.
What Exactly is Web3?
Before delving into web3 gaming and its implementation, it is critical to first understand what web3 is. Web3, also known as Web 3 or Web 3.0, is the third generation of the internet that promotes decentralized protocols and aims to shift power away from large technology companies and toward individual users. with time Web3 Marketplace Development services are in great demand and it is grow for a few years with more than average growth of 100 percent.
The first internet generation was simply a collection of links and homepages. The websites were non-interactive, with only the ability to read and publish basic content for others to read.
With the introduction of web2, people could not only open and read content, but also edit and upload their content for others to consume. Popular social media platforms include Facebook, Instagram, and Twitter.
Web3 is the most recent version of the internet, in which users can not only exchange data for free platforms but also participate in the governance and operation of the protocols themselves.
What Exactly is Web3 Gaming?
Web3 gaming is a subset of web3 that allows users to earn money while playing. Web3 games (also known as P2E games, blockchain games, crypto games, or NFT games) are virtual games that use blockchain as the underlying technology.
These games feature in-game assets that players can earn and own in the form of digital assets such as NFTs or cryptocurrencies. These games differ from traditional free-to-play (F2P) or pay-to-play games in that they allow you to trade assets for real-world money.
Important Aspects of Web3 Gaming
Web3 gaming is a one-of-a-kind digital experience that provides players with real-world assets. These assets serve as incentives for users to participate in the games.
A few key characteristics distinguish crypto gaming from traditional gaming. These characteristics are as follows:
1. Ownership and Interoperability
Web3 gaming differs from traditional gaming in two ways: ownership and interoperability. Blockchain gaming gives players control over the in-game assets and collectibles that they can store as NFTs. Traditional gaming allows players to own in-game assets, but they lose ownership when they switch platforms.
Blockchain gaming addresses this issue by allowing platforms to communicate with one another. The in-game assets are owned by the players and can be transferred to the next gaming platform.
2. Old Game Improvement
Crypto gaming integrates and upgrades older games into the metaverse, allowing them to become decentralized. It also allows for personalization, as players can select their favorite games. It improves old games by bringing them to the metaverse, where players can create avatars and own and trade digital assets.
3. Player-Focused Gaming
As previously stated, crypto gaming provides personalization and a player-driven gaming experience. This gaming experience benefits the players in a variety of ways. The play-to-earn concept, which allows players to profit from their game performance, is one of the most important aspects. Another feature is the integration of old games, which allows players to play their favorite old games in a new way on the metaverse. The third advantage that players receive is self-sovereignty over in-game assets.
Because Web3 games are decentralised and distributed across a network of computers, they are immune to hacking. These blockchain-based games rely on voting consensus to improve or modify the gaming process, and all network players have equal access to the games. As a result, web3 games provide a high level of transparency.
Web3 game ecosystems operate autonomously, with minimal maintenance costs and no interference from authorities. Due to block minting and large game data storage capacity, blockchain gaming has negligible downtime and is highly scalable.
What you should know before incorporating web3 gaming into your web2 strategy
There has been much debate about incorporating web 3.0 into web2 business models. However, the gaming industry is regarded as the primary target for the widespread adoption of web 3.0.
Here are a few things to think about when incorporating web3 gaming into your web2 business:
1. Begin Small
Gaming has the potential to significantly increase brand awareness among the younger generation. Non-gaming brands have recognized this opportunity and begun to incorporate gaming into their strategies. A good example is the Fortnite x Balenciaga collaboration.
Web3 games, on the other hand, are distinguished from traditional ones by the fact that commercial activity is already an integral part of them. As a result, when compared to standard gameplay, these games can take the player from brand awareness to conversion with minimal deviation.
2. Bringing the Physical and Digital Worlds Together
Many web2 companies struggle to raise awareness for their physical product in an entirely digital environment. However, the integration of financial infrastructure in web3 games and the use of the same NFT marketplace for both physical and in-game item sales has facilitated the user’s transition from digital to physical.
3. Create a Skill-Based Gaming Model.
Only by selling tokens and digital assets can a game remain financially stable as the number of players grows. When this number reaches zero, the token value falls and players begin to leave the platform.
Companies can avoid this situation by implementing a skill-to-earn gaming model that rewards players based on their abilities and genuine achievements rather than on their participation.
4. Choosing the Best Blockchain
Choosing the right blockchain for the game is critical because it determines performance, scalability, transaction cost, and so on. Web2 companies with limited knowledge of web3 may struggle to understand the technicalities and make the right choice.
Most blockchain games can benefit from a fast, cheap, and scalable blockchain. Before deciding on a blockchain, organizations should also consider the blockchain community.
Did you know there will be three top web3 games in 2022?
1. The Game Alien Worlds
Alien Worlds is a blockchain-based metaverse that exists on several blockchains, including Ethereum (ETH), WAX, and Binance Smart Chain. It is based on NFT and autonomous decentralised organisations (DAO). The game’s main goal is to travel to different planets and mine Trilium (TLM), the game’s utility token that is also a multi-chain token.
2. Axie Infinity Game Information
Axie Infinity is a monster-fighting game in which you battle teams of cute creatures known as Axies. The game is built on the Ethereum blockchain and Ronin, a sidechain that helps to reduce fees and transaction delays. The game focuses on turn-based battles against either computer-controlled Axies or online players.
3. Splinterlands Game Information
Splinterlands is a collectible card game based on blockchain technology. Every card in the game can be owned as an NFT and traded using cryptocurrencies such as Bitcoin and Ethereum. Winners can earn real money as well as buy and sell cards through third-party online marketplaces.
To begin, players must create an account or connect an existing Web3 wallet such as MetaMask to the Ethereum blockchain.
Due to the rise in play-to-earn game services, the demand for P2E Platform Development services is also rising and it is used by many different game development service providers.
Web3 games have changed the gaming industry. Their play-to-earn concept is popular, and demand is growing. Web3 gaming can market the brand in unique ways. Many companies hope to grow their brand in this sector. Integrating crypto gaming into web2 requires a deep understanding of blockchain. Companies without web3 expertise may struggle. Therefore, they should hire experienced tech firms.