The online revolution that every member of Generation Z is a part of began with the gaming industry.

According to DappRadar, just in the first quarter of 2022, blockchain games raised a total of $2.5 billion. With this pace, it is anticipated that revenue counts will rise by 150% over the previous year. After the Pandemic and, most significantly, during that period when people were trapped in their lives, the gaming industry experienced a phenomenal surge in the number of potential players. As ability and income go hand in hand, more people are playing games thanks to Web3’s new debut and its wonders like Blockchain. Depending on the game’s designer, Web3 players aren’t expected to play by a set of written rules.

The Web3 games are user-driven, and a voting system designed exclusively for players adds numerous rules and features to the game. Numerous cutting-edge video games, like Fortnite, have offered their players ground-breaking services, such as virtual concerts and other events.

Web3 gaming has entered its revolutionary phase now that players may speak with one another.

Gaming Upgrade: Web2 To Web3

For a long time, Web2 predominated the most widely played games. These Web2 games were played according to rules that the game designers had established prior to the game’s release. The Web2 games’ plotlines were always predetermined and included in the games. After the players completed the stages, the game would mean nothing more to them than a remembrance of an exhilarating event. With the transition to Web3, players now have access to a new feature that allows them the ability to control how the game is played. In essence, games like Battle Royale have an endless lifespan. To keep the game fresh when it launches, the developers and gaming community regularly add new features to it.

The transition from Web2 to Web3 will surely be a 3D experience. Web3 is the future of gaming. The power of virtual reality in the gaming business has been unleashed by Web3. Gamers can quickly submerge themselves in a 3D universe that resembles nothing but a fantasy world with the use of tools like the VR headset.

The user will experience not just playing the game but also participating in it and giving something back to the gaming industry as a whole.

What Can The Modern Gaming Industry Expect From Web3?

Let’s look at Web3’s seamless services in the following points to gain a better understanding of it:

Decentralization

Decentralization is, without a doubt, Web3’s key characteristic. Decentralization is free from outside interference, as the word itself implies. No financial institutions are allowed to intervene or take a cut of payments made in Web3 spaces. Only the payer and the recipient have access to this complete private transaction.

Speed and ease of access

In contrast to Web2 games, which were slow and full of spyware and hackers, Web3 games operate at the fastest speeds. The user can benefit from high speed with a variety of accessibility choices, which web2 gamers were excluded from. In-game purchases with confirmation of ownership and chat are two innovative new features that have revolutionized the gaming business.

A Spread-Out Nature

Gamers can easily access Web3 because of its distributed nature. With many chances in the Web3 industry. The Web3 game environment is anonymously moderated by players who vote to include or exclude a specific set of features.

AR/potential VRs

The only instrument that can provide players with a wholly immersive experience is virtual reality, which is the genuine deal. Skyscrapers are reached by the gaming experience with VR since the player feels immersed in the game.

Experiences Focused on the User

The Web 3 games are completely user-centric and are based on the user’s preferences. In Web3 games, where characters can be sold as non-fungible tokens on NFT marketplaces, consumers have a lot of control.

Comparing Blockchain Vs. Web3 in the Gaming Industry

When Blockchain and web3 games are addressed together, there is still a lot of uncertainty between the two. The Web3 industry is powered by a technology called Blockchain. They are connected and represent two sides of the same coin. Web3 is built on a blockchain, and peer-to-peer networks host the data. A blockchain game development platform is built on the Blockchain’s technology stack, which includes wallets, smart contracts, and cryptocurrency. The same is true for Web3, but the most intriguing feature of Web3 is the metaverse, which combines innovative Blockchain technology with a virtual environment and the strength of artificial intelligence.

Impact of Blockchain-Based P2E and NFT Gaming in India

The term “NFTs” is currently popular in the gaming business, and it describes how millions of dollars worth of transactions are reflected in today’s games. NFTs are in-game assets like character skins, weapons, and even whole characters, not just simple tokens that can be swapped for cash.

Blockchain-based play-to-earn chances were pioneered in India.

In India, NFT-based games have been adopted impressively widely, with approximately 30% of players already participating in Blockchain-based P2E games and 11% still expressing interest.

Some Web3 Gaming Technologies

Ecosystem powered by Blockchain

The blockchain ecosystem, which is the foundation of Web3, offers many advantages, like a distributed ledger and frictionless transactions with greater security and transparency. Gamers may experience a variety of gaming models thanks to Blockchain. The developer can also make use of various subscription models, which will unquestionably boost the gross money that goes to the game makers. Playing for money enables the blending of gaming as a craft and a pastime with income.

Smart contracts

Regular inspections of these smart contracts let the developers address minor errors before a smart contract bug occurs and changes the currency values. Smart contracts are the collection of scripts that essentially run the entire game or Dapp. The smart contract also serves as a barrier to protect the user’s confidential data while the transaction is being carried out.

Electronic wallets

Tokens are digital resources used in Web3 games. These must be purchased by the player using fiat currency or cryptocurrency, and once earned, tokens can be converted back to fiat money using online wallets. In a Web3-based game, each participant is typically given a digital wallet.

Why Spend Money On Web3 Games?

When we consider the current generation, the potential for web3 games is enormous. The goal of Gen Z gamers is not merely to have fun but also to make money. 80% of Gen Z and Millennials play video games for eight hours every week. Gen Z spends more time playing web3 gaming platforms (7 hours and 20 minutes every day) than they are used to watching TV and listening to music. Our younger population performs fewer physical activities, which results in a projected decline in attention span. According to The Attention Economy, the attention span has shrunk by 15 seconds. The fact that this attention span is much superior to playing games, which are typically a waste of time and money, is what counts now more than ever.

Therefore, if we examine this issue with the attitude of an investor, the potential for double ROIs in the current Web3 game industry is immense. The attractiveness of futuristic technologies like AI and VR is that they appeal to a demographic that has grown up with technology. Additionally, providing payment alternatives for skin purchases in today’s online games is a transaction that will net an investor millions of dollars.

A Conclusion

Let’s use Axie Infinity as an example to conclude this article. This is the play-to-earn game that has received the most attention to date in the web3 space. In this, players compete against other users as little creatures called Axies, and if they win, they receive special tokens.

These tokens are not simply regular tokens; by using exchange wallets, users may really make money with them. In order to create characters with different fighting abilities, users can breed or sell their Axies.

The only reason this game has been so successful to this point is that it combines skill and money.

Web3 games are the video games of the future since they guarantee to provide players with the best experience. Why not give it a try if you have any remaining doubts?