Web3 Game Explained: Definition, Benefits, Future Scope

Is Web3 Game the Future of the Gaming Industry?

Imagine being able to design and control your unique digital 3D world. Yes, it is possible with Web3 in gaming. Web3 is transforming the gaming industry with its inventive game features and gives players greater chances to thrive. Along with controlling a single game, it is possible to disseminate such control throughout the entire ecosystem.

What is a Web3 Game?

Web3 game is a decentralized game that brings in blockchain technology for the game development and the whole game is built over the decentralized network. Also, the complete gameplay is planned over the blockchain network with the help of the smart contracts making the whole game functionality fall under the decentralized network.

By leaving off authority from the hands of central authorities, it also snatches the power of owning game assets and decision-making from them. It makes use of cutting-edge technologies to make the gaming industry more profitable for the players.

Players can access and buy in-game digital assets in the virtual marketplaces that Web3 gaming provides. Assets are held in the form of simple-to-own NFTs. By transitioning from pay to play to play to earn, it completely altered the gaming experience and cemented its unique position in both the current and future gaming industries.

Why Web3 Gaming?

In traditional gaming, game assets purchased with real cash have value only within the game. It is not transferable to any other platforms nor does it have any worth outside of the play. Even after spending money on buying assets, players can obtain only the license to use the assets and there is no option for them to make money. The ultimate authority and owner of the game are its developer.

Web3 gaming is the process of decentralizing games with the integration of web3 components such as blockchain, smart contracts, AI, VR, etc in gaming platforms. Web3 games offer players the opportunity to play and earn digital assets as rewards which represents a significant change from traditional gaming platforms.

Points to Consider for Choosing Web3 Gaming

1. Gray markets have started emerging because of the inefficiency of centralized servers and traditional gaming.

2. Game administrators fail to protect data from hackers which results in putting the gaming systems, digital assets, and players at significant risk of loss, fraud, and theft.

3. Anybody may keep their eye on the data of the users related to the game and is free to sell them for cash.

4. Web3 games provide a new way of gaming experience for the players where they will be earning from the platform by complementing their activity.

5. These platforms make use of some of the advanced elements like non-fungible tokens and cryptocurrencies which has real-world monetary value. NFTs are utilized for in-game assets while crypto tokens are introduced for transactions and governance. 

6. The main benefits of these games are that the players gain full access to the in-game assets as well as to the cashable incentives in the form of in-game assets or else as tokens for completing tasks. Due to ownership facilities, players can sell their in-game assets if necessary. 

Growth of the Web3 Game Market

Web3 games are the future of the gaming space the gaming industry is planning to go big with the use of web3 by introducing many new concepts in gameplay. And the below information shows that gamers are fond of web3 gaming and analyzing the growth of the web3 platforms shows the future growth of the web3 gaming space as well.

(i) Almost 49% of the blockchain activity is related to web3 gaming services. (Source: Bitcoin Insider)

(ii) A total of 62% of funding for web3 startups in 2022 goes out to gaming (Source: Bitcoin Insider).

(iii) Around $2.5 billion was invested in Q2 of 2022 for web3 games. (Source: CoinJournal).

(iv) The first quarter of 2023 gains investment of at least $739 million for web3 gaming projects. (Source: DappRadar)

(v) Polygon is the most preferred blockchain in Q1 2023 with an average of 122,307 daily unique active wallets. (Source: DappRadar)

Web3 Game Components

Web3 components have experienced a meteoric rise in popularity over recent years. They show to be highly beneficial in Web3 applications by ensuring their brand continuity and cross-platform development.  Web3 components cooperate with a variety of tech stacks and can be used with both frameworks and libraries.

Web3 components work as a set of guidelines that specify how an application interacts with players when used in gaming. It helps to enhance how users interact with the applications and their overall user experience. Below is a list of some of the Web3 game elements that should be included in the application to fully enjoy the benefits.

Web3 Libraries

Game designers and players can engage with the blockchain platform with the aid of Web3 libraries. Smart contract interactions are made possible by the libraries and dApps, which also facilitate in-game assets and transactions.

Smart Contracts

Smart contracts control and regulate the majority of Web3 game application processes. They can be written, compiled, and deployed based on the features and services that will be offered. Voting and decision-making are governed by smart contracts, which may be customized to each player's preferences.

Web3 Nodes

Nodes are considered a crucial Web3 component without which Web3 libraries cannot communicate with smart contracts. It assists with retrieving game-related data from the blockchain network.

Digital Wallets

Blockchain wallet or digital wallet is used by every Web3 gaming platform to store a range of gaming artifacts and in-game materials. To make players more clearly identifiable and able to communicate with one another, it offers wallets with various wallet addresses.

Extended Reality (XR)

Smart glasses, haptic gloves, scanning sensors, and other XR technology connect the gaming ecosystem with the metaverse for a rich and interesting Web3 gaming experience.

What are the Benefits of Web3 in Gaming?

Web3 gaming is a cutting-edge method of playing that is more advantageous for gamers than conventional gaming. One must therefore be aware of the main benefits of this innovative web network that makes the genre of gaming so important and exceptional.

Transparency

In Web3 gaming, games are hosted on the blockchain which makes them impenetrable. Creating an equal playing field for all parties makes it accessible to all participants on the network. It makes it available to all participants on the network by establishing an equal playing field for all parties.

Ownership

All Web3 games give their players total control over their game assets and enable them to trade those resources in a variety of ways. With Web3 solutions, it is even possible to manage digital assets when switching game platforms. 

Accessibility

Time has gone when gamers need to rely on a single server to access games. Since the Web3 gaming ecosystem is autonomous and runs without interference from any centralized authority, it provides accessibility to everyone.

Old Game Adaptation

Web3 gaming can improvise and decentralize previous well-known games by integrating and upgrading them into metaverse and blockchain platforms. Players can design their avatars and trade their chosen in-game products and collectibles by utilizing these technologies.

Player-driven Experience

Web3 gaming is designed in such a way that it caters to the needs of the players. The advent of play-to-earn and move-to-earn games make sure that the players get the most out of the game in the name of entertainment and money.

Minimal Downtime

Web3 game environments are self-sufficient, low-maintenance, and independent of any outside interference. Due to block mining and the enormous capacity for game data storage, Web3 gaming has very little downtime.

DAO Gaming

To expand the gaming industry, Web3 creates chances for next-level participation in the form of decentralized autonomous organizations.  Although DAOs have founding members, there is no centralized leader to take decisions that might influence players. Players can design their games themselves. Community members who have a stake in the organization and have influence over key decisions made by the organization will determine the course of the game. Web3 Gaming is increasingly dependent on Gaming Guilds, a kind of Gaming DAO. They function like investment clubs and represent a group's interest in particular video game franchises.

NFT Games

The fact that NFT games are one of the biggest trends will be hard for developers to deny. Players who use NFTs have the option of becoming the sole owner of an in-game asset and having the option to trade, sell or hold it. Although the concept of making money from games is not new now, NFT eases this process with its flexibility and security. In some Web3 games, the concept of customization has been broadened to create NFT-powered assets for their favorite games and sell them on a marketplace. 

Play to Earn Games

With Web3, gamers will acquire more digital assets the more they play. Play-to-earn games allow players to earn rewards with real-world value by performing tasks, competing against other players, and advancing through multiple game levels. Since these games are decentralized, players can purchase, trade, and sell these in-game items for real money outside of the game’s virtual universe. In-game items come in the form of cryptocurrency tokens, virtual land, skins, weapons, and NFTs.

Move to Earn Games

Now it is possible to earn money while walking with Web3 in gaming. Walk or Move-to-earn money games built on blockchain give users rewards and virtual tokens in exchange for engaging in real-world physical activities like jogging, walking, and exercising. Some M2E games come with NFT components in them which require the players to purchase, upgrade as they advance, and sell them on the market. It's yet another creative way of rewarding players for something as basic as walking.

Crypto-secured Gaming Wallets

Crypto-secured gaming wallets come with features that make it easy for players to use the items stored in their wallets in blockchain games. They are designed in such a way that it holds a variety of NFTs. With its straightforward technology, it features high-level interaction with partner games and makes the sign-in procedure simple. Due to its user-friendly layout and design, the crypto-protected gaming wallet also has the advantage of being compatible with desktop and mobile devices.

Metaverse Games

Virtual ecosystems built on the metaverse are the most recent development in the gaming sector, giving players access to next-generation settings. Both centralized and decentralized metaverses are possible in the gaming business, however since the future has been unlocked, gaming companies tend to prioritize decentralized projects. Metaverse gaming is a huge ecosystem that is gaining popularity for realizing the dream of realistic experiences. Multiplayer options in Metaverse gaming will acquire a new dimension with its ability to communicate with other players, invite real-world friends, form bonds with them, etc.

Future Scope of Web3 Games

Web3 games are being played by millions of gamers worldwide. A daily average of 800,000 players connected to Web3 games throughout the first half of the year which indicates that Web3 gaming apps accounted for almost 60% of on-chain activity.

Web3 gaming has completely changed the gaming business by incorporating advanced technologies. The new look that Web3 gaming now owns is possible through the removal of centralized game administrators and platform owners.

Along with driving the economic side of the gaming industry with the help of ground-breaking technologies like blockchain, DAO, and the metaverse, it enables gamers to partake in profitable endeavors like in-game digital asset trading and play-to-earn using NFTs. Web3 gaming is a step in the right direction for the future of the digital gaming industry.

Make Maticz your partner in Web3 game development and develop your applications to enjoy the top-notch security features we provide.