Three Unbelievable Transformations of Gaming in Web 3
Can you envision playing your favourite video game where you can see, feel and hear just like in the real world? Or imagine earning money while playing video games without having to worry about your wallet being hacked? This is precisely what Web 3 gaming thrives to achieve, and more. Gaming is no stranger term in this ever-booming digital era. GameFi, coined together by Gaming and Finance, is the birth of blockchain gaming in Web 3. Predicated on early successes such as CryptoKitties, Web 3 gaming would finally unite the scarcity of Non-Fungible Tokens (NFTs), the incentivisation of cryptocurrencies and the utility of the Metaverse. So how will Web 3 impact the gaming industry? Here we will explore 3 features of Web 3 that will transform traditional gaming.
1. True Ownership and Interoperability
True ownership and interoperability are the defining natures of Web 3. Made possible using blockchain technology, it unlocks the greatest opportunity for players to gain complete control over their in-game valuables.
In conventional gaming, players can only purchase a game-specific in-game item. However, the items have no actual worth outside of the game’s settings. Players’ assets would be lost if the gaming company shuts down, or if the players decide to quit. Countless gaming assets have gone to waste in the virtual reality space as a result.
In Web 3 gaming, players are less likely to be worried about losing money as the NFTs and other digital assets bought by the player can be used and transferred across multiple games and platforms. This grants players to have more control over them and allows them to move freely between titles in various games. Players can also choose to turn their digital assets into in-game NFTs and trade them or sell it in secondary markets to make them an investment. Hence, NFTs have received exponential popularity as the backbone of the economy in web 3 gaming.
2. Transparency and accessibility
With Web 3 distinctive nature of being a decentralised system, players are not dependent on one server, unlike traditional games. Nearly all blockchain-based games come with an associated in-game currency, a market, and a token economy which are often managed and regulated by the community. This paradigm negates the necessity for server infrastructure and reduces the potential of cheating or hacking as players have full control over their in-game possessions rather than developers.
Decentralised autonomous organisations (DAOs) in the gaming world rely on voting consensus to modify the gaming process which is equally accessible to all the players engaged on the network. It allows players to directly contribute to the sector's advancement in general, or in some cases directly take part in the decision-making processes for an individual gaming title via tokenised voting rights.
Investment in the sector is not restricted to large investment organisations and does not need to rely on players to purchase the game in order to raise capital due to the blockchain-enabled cryptocurrency exchanges. Individuals that wish to invest in the lucrative gaming industry without taking part in the player experience can do so by buying the game’s ‘governance’ token. This ensures a high level of transparency while opening up the possibility of more open Web 3 games.
3. Enhanced Gaming Experience
While it is still in development, Metaverse technologies will be a core feature in the Web 3 space. Metaverse uses a combination of technologies such as Virtual Reality (VR), Augmented Reality (AR), the Internet of Things (IoT), blockchain and so on to create first-hand immersive gameplay. Relying on NFT as its economy, gaming in a Metaverse is going to be a whole lot more immersive than the current VR games available on the market.
With Meta’s announcement regarding the development of haptic feedback gloves, it will allow users to interact with virtual environments like never before. Players being able to feel and touch virtual objects using triggered actuators paired with VR goggles will bring them a step closer to an experience that is almost indistinguishable from reality. Soon, exploring extraterrestrial planets and touching objects beyond this world will be a possibility in the Metaverse.
The Metaverse also thrives to bring the social aspect of gaming to new heights. Players will be able to invite each other to gather and play games within an interconnected virtual community in the virtual world, creating an experience that is almost similar to a gathering in person.
Examples of Web 3 games
While it may also be commonly referred to as GameFi or play-to-earn games, Web 3 games are closely related to all digital games that run on blockchain technology that provides digital assets in the form of cryptocurrencies or NFT. A notable representative of the play-to-earn game is Splinterlands.
Splinterlands is an online collectable card game using blockchain technology with cards that are owned as NFTs. Players can win real money in the game through tournaments, ranked play and quests. Splinterlands cards are available to buy and sell through third-party online marketplaces.
The shift from conventional gaming to GameFis an inevitable progression. Gaming is a rapidly growing industry that has the potential to lead technological advances. With new technologies emerging from the transition to web 3, gaming is likely to be at the forefront of technological advancements. This new channel presents huge opportunities for businesses to be early adapters and flourishes as the future shift towards web 3 becomes more mainstream.
Want to get started in the Web 3 space? Join us in our TechFin x SMU Academy “Advanced Certificate in Web 3.0” course to demystify the concept of Web 3 and explore the opportunities it brings to businesses and individuals alike. Taught by the front-runners of the industry, participants will gain hands-on experience and insights from the relevant real-world case study analysis. Receive up to 90% Skillsfuture subsidies and payable by Skillsfuture credits for interested applicants. Sign up here today!