Web 3.0 is a vision for a future version of the World Wide Web that integrates decentralization and token-based economy and is built on blockchain technology. In a nutshell, it aims to provide users with more control over web content. The gaming industry has progressed not just in terms of market size and technology but has gone through various different business models.
The gaming industry generated $138.4 billion in the fiscal year 2020. By 2021, it has amassed a total of $156 billion. Researchers project that by 2023, the industry will be worth more than $200 billion.
Shortcomings of Web 2.0 in the Gaming Industry
In Web 2.0. users may play the basic game for free, but they would have to pay to unlock premium features or purchase in-game stuff. In addition, only 2.2 percent of gamers pay for it. Items bought in one game are usually not transferable to another. People who spend a lot of money on video games are unable to claim ownership of the items they buy in the game. They can buy in-game things, make characters, level up, and so on, but they can’t benefit directly from their gaming abilities or assets. When a player loses interest in the game, the money they thought they were ‘investing’ in it becomes a ‘sunken cost.’
Gaming Industry set to explode in Web 3.0
Players will be able to make money while playing Web 3.0 games and monetize their gaming talents within the game. This takes advantage of Web3.0’s innovations, which incorporate cryptocurrencies, non-fungible tokens, and blockchains into video games. Each asset will have limited availability, and after the sale, players will retain ownership of the object.
When a player purchases an asset, the technology ties the asset to the player rather than the game, protecting the player’s investments. Players will be able to sell these precious digital assets to others and keep them outside of the game because they are their property.
Besides selling the game NFTs, players may also explore other business models such as renting the assets. These help to generate more value than just trading assets.
In the context of gaming, Blockchains operate as immutable ledgers that cryptographically record all network transactions and, as a consequence, enable the creation of . As a result, gamers don’t have to waste money on stuff that will become obsolete if they lose interest in the game.
This Web 3.0 model benefits both gamers and video game developers because developers can still offer the same types of in-game products to gamers, but they can now offer them at a lower price and generate additional revenue by running in-game secondary markets and taking a small fee from each transaction.
This would solve the poor penetration of paying consumers in the Web 2.0 paradigm while also offering gamers a superior product at a lower price.
The gaming business will increase rapidly as a result of this being profitable for both sides. Modern cryptography technology, as well as the millions invested in blockchain infrastructure, could be used in games.
Our thoughts
In Web 3.0 players would have a safe place to purchase and trade; service providers would have a customer base; developers would set up smart contracts, and game developers would take a cut of each transaction.
The current crypto-gaming market is only a fraction of its full potential. We can expect the next decade to be massive for this space as the push to Web 3.0 continues and more companies invest in this space.
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