The gaming industry is expanding quickly and has significant development potential. Online game revenue CAGR is predicted to reach 40% by 2021 or over 2.8 billion by 2022. The game industry has also grown to be a key supporter of web3. Web3 wants to provide game creators with the tools they need to make blockchain-based games and to give players everywhere the greatest possible gaming experience.
The gaming business is growing at an astonishing rate since more and more individuals are engaging in gaming models like play to earn. Over time, the gaming business has undergone a significant change due to the expansion of technology.
By 2021, the gaming industry's income will undoubtedly surpass $174 billion, according to statistics. According to reports, the gaming industry generated $72.2 billion in gross revenue in 2019. It is predicted that revenue levels will increase significantly in the upcoming years. And gamers will shift their attention away from video games and towards blockchain-based gaming.
Do you want to familiarize yourself with the relationship between Web3 and the gaming industry & how web3 will change the gaming business? Let's get on with this article:
Why The Gamers Will Move Towards The Web3:-
Web3 aims to simplify, open up, and decentralize the Internet. The gaming scene is being impacted by the enhanced web, which is also changing the industry. Web 3 will utterly change the game industry. Players can make money as they play in this new gaming age. Here is a list of the major factors that influence gamers to use the Internet:
1. To Acquire Ownership Of Assets:-
Since Web3 technology connects assets to players rather than games, you will be able to retain control even after a sale. In gaming settings where developers can't readily take advantage of or exploit players' card information, it safeguards investments and guarantees fair play. All transactions are visible as a result. Ownership of in-game goods, digital insufficiency, and the online market will all be possible for every user only because of Web3. Each asset in Web 3 will have a limited availability, and after the sale, all players will be eligible to purchase asset ownership.
2. To Earn Money While Playing:-
Playing video games in the Web 3 era will allow players to earn money. Players in that new game period can invest their own money in the market. They may also purchase a specific item to sell to fellow players within or outside the virtual world. Over half of gaming income comes from in-app purchases of video games.
When a player purchases an item in Web 3, the technology will link that asset to that player, protecting their earned cash resources and the valuable assets they have stored in their accounts. Then, players may keep these digital objects outside the game and sell them to others.
3. To Make Digital Assets Interoperable:-
Players will be able to effortlessly switch between their digital assets thanks to Web 3 and to NFTs, or non-fungible tokens, which enable interactive connection across various games and even other apps.
4. To Experience Easy Modifications:-
One drawback of changing games on Web 2 was that their developers were reluctant to let it, and any changes may violate the terms of service. Members weren't able to alter the game for any of these reasons. The only feature of Web 3 that supports game modification is its open-source structure, which enables players to adjust the game to suit their needs.
5. To Come Out From The Democratic Gaming World:-
Web 3's decentralized features will allow developers to challenge top studios' ultimate domination. In this way, game makers will be able to get their titles online, and it will encourage fresh ideas for futuristic games.
Web 3 And The Gaming Industry: What Is The Interconnection Between Both?
One of the key technologies driving developments in the gaming sector is web3 technology. Web 3 is reinventing the gaming industry by enabling creators to create cutting-edge, futuristic games with web3 game development tools. Disruptive technologies are now being incorporated into the gaming sector because of this new version of the Internet. It is ideal for you to comprehend how the two entities connect if you want to understand the link between the gaming business and web 3.
By 2025, the gaming market is expected to be worth $125.7 billion, according to analysts. It is anticipated that its value will rise further following Web3's development. Players may connect and participate in games in novel ways, only Web3 makes it possible for all the players to do so. Additionally, it enables users to possess in-game objects.
Specifically, Web3 enables the creation and modification of gaming Decentralized Autonomous Organizations. Web3 games, to put it simply, let players interact, trade digital goods, and profit while they play. For all players, it establishes a basis for play-to-earn and play-to-play. Gamers have an opportunity to earn cryptocurrency prizes through this method. Web3 encourages players to generate revenue.
All of these elements improve the gaming experience for users and enable true asset and internal training ownership. IoT gaming applications are collected via Web3. In this way, web3 specialists vouch for its superior security.
Using Web3 offers you many significant advantages in gaming, including the ability to create and own assets like skins and emblems and receive prizes. Gamers may also employ artificial intelligence to strengthen their capabilities, establish credibility, and fix shortcomings. Connectivity with the Metaverse and blockchain technology is also possible using Web3. Web3 improves the virtual market for the game business. Web3's blockchain foundation allows consumers to voice ideas about how these games should develop.
In only a few years, Web 3 will change the gaming industry, and allow all players to make money. Players will be able to buy premium assets with their own money and sell such items to other players within and outside Web 3.
Web3 will change the nature of the whole game business and create many new opportunities. In addition, it will also encourage many professionals to continue to invest encourage many professionals to continue to invest heavily in or join the expansion of the gaming sector.