There is little doubt that Web 3.0 is changing how many things take place on the Internet, including gaming.
The fact that it can utilise cryptocurrencies, blockchain and non-fungible tokens (NFTs) opens many new doorways for players to achieve additional success. It could therefore be the start of a gaming revolution from World of Warcraft to Monopoly Casino and everything in between.
Introducing Web 3.0
Although most people think of it as just being on the Internet, Web 3.0 is the latest incarnation that is being developed to offer an open and decentralised Internet that brings benefits to anyone who uses it.
The current Web 2.0 features reading, writing and creating content, whereas 1.0 the original incarnation, was solely focused on getting information and reading. Web 3.0 gives users of the Internet a lot more control over how their data and privacy are used.
Decentralised applications will bring massive changes to the way we interact with other people and the Internet.
So How Does This Impact Gaming?
Looking back over the history of Internet gaming, or video gaming in general, the first-generation games were pretty flat. Now it is all about an immersive experience and engaging the player, and a lot of this could not have been made possible without Web 3.0 technology.
The gaming industry is one of the largest industries in the world, and by 2026 is predicted that it will be generating a revenue of $321 billion.
Play to Earn
The whole industry is shifting; currently, it focuses on free-to-play; this is changing to play-to-earn (P2E), which you may also hear being referred to as GameFi.
Free-to-play is also a misnomer as often, to progress through the games; players are required to unlock features, including loot boxes and gold coins, by paying actual money.
Conversely, there is no way for players to skill all the assets they have earned to be monetised inside of the game. This is set to change, and it’s being made possible by Web 3.0. Utilising Blockchain, players are rewarded with real money or Cryptocurrency for playing their favourite games.
This massive hook is intended to ensure that players keep returning to play day after day.
Another feature set to revolutionise gaming that comes from Web 3.0 is to do with ownership. Currently, the assets players have in games are not really owned by them.
In Web 3.0, if a player chooses to spend money inside the game to purchase an item, this becomes genuinely owned because of NFTs. These items are then resalable to other gamers or even people outside of the game.
50% of the gaming industry revenue is already generated from some form of in-app purchase. The timing of Web 3.0 could not be more perfect; we have a growing eSports gaming community, opening up all casinos and sports books in America, and so much more.
The aim is to create a fully immersive player experience, and alongside this, we have the development of virtual reality and augmented reality which also creates more interactive gameplay.