Technological advancement has changed the gaming industry radically over the past few decades. Innovation has also set the groundwork for the Web 3.0 era – the third generation of the evolving World Wide Web. These changes in the new web era result from technological advancements like metaverse, blockchain, NFTs, bitcoin, and artificial intelligence.
In the Web 3.0 era, the gaming industry will move from play for free to play to earn. Web 3.0 frees gamers from centralized gaming experiences and solves the problem of unproductive gaming by offering an interface where gaming efforts can be transformed into real-life earnings and much more.
How Web 3.0 will change the gaming industry
The idea of Web 3.0 is to create an open, permissionless, and decentralized internet. This will significantly change the gaming industry in more ways than one.
Ownership of assets:
Unlike the Web 2.0 era, Web 3.0, alongside blockchain technology, will provide a finite supply of assets. Gamers who purchase in-game assets have full ownership, as assets will now be linked to the players instead of the game. This will protect players’ investments. It will also enable players to keep assets outside the game and sell them to others if they wish.
Diversity in gaming:
Web 3.0 will expose the gaming world to more people worldwide, even those from underdeveloped countries. It will create a massive impact in the gaming industry as a more significant percentage of people will want to benefit from its revenue-generating prospects. You can begin taking advantage of profit opportunities when you play Hawaiian Bliss slot.
Modify games freely: Gaming in Web 3.0 will give players the freedom to modify games for a unique experience. Since the new web space will support greater accessibility, everyone will have the opportunity to do so.
Democratic world of gaming:
With the decentralization of Web 3.0, independent upcoming game creators can prevail over dominating major game studios. This will bring about more innovative ideas in the gaming industry as individual game makers won’t have to struggle to put out their games anymore.
With Web 2.0, games aren’t able to interact and exchange information or assets. Web 3.0 with the blockchain-based ecosystem is the direct opposite. It will permit inter-game interaction and allow gamers to utilize their digital assets in the form of NFTs among different video games, esports, casino games, etc.
Play to earn(p2e):
The new era of gaming gives players the chance to monetize their efforts. Gamers will begin to have real economic output as a benefit of skill and consistency. As players complete levels and make progress, they earn cryptocurrencies, which can be exchanged for crypto-assets and other tangible digital tokens.
Without a doubt, the gaming industry will continue to flourish due to the change in dynamics offered by Web 3.0. There’s yet to be a complete migration to this new era, but several applications with cryptocurrency and blockchain technology are already available.