Gaming industry evolves rapidly, offering players new ways of entertainment and fun. But, what about those who want to go beyond just having fun? Web3 gaming could have the answer and in Games For A Living we are going to explain it to you. Stay tuned!

What is web3 gaming?

Recently we talked about Web3.0, but today we are going to focus on Web3 gaming. Also known as play-to-earn, play-to-own, crypto, blockchain or NFT games, that constitutes a new generation of online games created on a decentralized platform based on blockchain technology. This technology is being used to create Web3 games, which give players a voice in how and when the game should change.

By providing asset trading, tradeable game tokens, and opportunities for players to earn in cryptocurrencies while playing, Web3 gaming also provides the groundwork for play-to-earn for users and transforms the pay-to-play aspect.

There is no single entity in charge of decision-making or asset ownership. Players have game assets in the form of fungible and non-fungible (NFT) tokens. Players keep these in their wallets. They can truly possess the items in the games and express their ideas on how games should be created as well.

Differences between traditional video games

In traditional video games the unlocked or purchased content continues being a part of the centralized server and its use will depend on the proper functioning of the server or not suffering a cyber attack. In contrast, in blockchain based games, unlocked content becomes a player-owned NFT. At Web3 gaming, games are designed to be more open, transparent and fair than traditional online games.

Web3 gaming finds itself in an early stage of development, but it has the potential to disrupt the traditional gaming industry and create new opportunities for players and game developers. Do you want to build your next game on the Games for a Living Network? 👈

Web3 gaming: the key features

Let’s go over some of the main points of Web3 gaming platforms:

Ownership: web3 games offer the player complete control of the assets, such as digital NFTs and allow them to trade them in different ways. Digital assets that are maintained even if the gaming platform is changed. On traditional games, the assets will be useless in case of changing the game platform. Web3 games guarantee interoperability even between different platforms. In case the player decides to change the platform, they can easily transfer their assets.

Transparency: data is stored on the blockchain and anyone can easily track any transaction. In this way, a playing field is established where all players are equal.

Old games integration: Web3 gaming offers the possibility of updating old games that have been popular, extending them to the meta verse and giving players the possibility to rescue their favorite games.

Player drives the game: The gaming ecosystem in web3 gaming is customized based on player preferences. Web3 gaming offers players a number of benefits. The first is the “play to earn” element, which allows players to earn money by purchasing in-game goods. Another is “old-game integration,” which satisfies gamers’ desire to play their preferred games in the metaverse.

Web3 technology stack: What do web3 games require?

A quick review about technology needs.

Digital Wallets:

On every Web3 gaming platform, there are digital wallets powered by blockchain. To identify players, each one uses a different wallet address. Wallets are a key component for Web3 games to interface with the blockchain.

Smart contracts:

Different game mechanics are monitored and controlled by smart contracts. Smart contracts are also used to control the voting and decision-making procedures for game evolution modifications. These may be tailored to players’ needs, control voting and decision-making for game updates.

If you want to know more about Smart Contracts 👈 Check out the latest article!

DApps / Web3 libraries:

With the use of Web3 libraries, gamers and game designers can interact with the blockchain platform. The libraries and dApps, which also enable in-game assets and transactions, enable smart contract interactions.

Node / Web3 providers:

They are essential because nodes or Web3 providers can get game data from the blockchain network. Without them, Web3 libraries cannot interface with smart contracts.

XR Hardware:

For a rich and engaging Web3 gaming experience, XR technology such as smart glasses, haptic gloves, scanning sensors, and other devices connect the gaming ecosystem with the metaverse.

Web3 gaming market: the opportunity in numbers

A prosperous crypto winter is predicted by the fact that 2022 has been a significant year for development, investment, and growth in Web3 gaming.

Let’s examine how this industry handled the market slump and how things are shaping up for 2023 after a year of significant growth for cryptocurrency markets and increasing attention to the web3 gaming field in particular. In the following chart we can see the Daily Active Users of Web3 Gaming (Source: Footprint Analytics).

It is important to keep in mind that although the crypto market faced difficulties this year, the blockchain gaming industry is still in its early stages and there are many reasons to be optimistic about its future. There are indications that it will continue to grow and be a key factor in the widespread adoption of Web3 technology.

The investors also remain optimistic about the future of the blockchain industry and web3 gaming. According to Footprint Analytics, Fenix Games, a Web3 game publisher, also raised $150 million to acquire, invest, and distribute blockchain games (DappRadar). Find out more about the Web3 gaming market report in this article.