Web3 games and web3 gaming are digital games that use blockchain technology as the foundation of the game’s economy (also known as play-to-earn, play-to-own, crypto, blockchain, or NFT games).
Web3 Gaming and Web3 Games
Early web3 games like Axie Infinity have shown tremendous acceptance and crazily high retention rates as a result of the integration of blockchain infrastructure.
With billions of dollars being spent in web3 games and gaming infrastructure technology businesses in the first quarter of 2022, web3 games are now the sector of the games economy with the highest level of investment.
All about Web3 gaming
Web3 games must have game assets that players control (own in custody wallets) in the form of Fungible Tokens or Non-Fungible Tokens (NFTs). The practical effect of this innovation is that player assets are tangible possessed, and that there are liquid marketplaces to allow for the sale or exchange of assets in a manner similar to that of real items.
Contrary to traditional Free-To-Play (Freemium) game economies, which typically exist within a closed ecosystem and prevent players from exchanging in-game products for real world value, participants in play-to-earn web3 game economies control in-game assets.
Players can make money in Web 3 games using cryptocurrencies and NFTs.
Additionally, web3 encourages democratization in the gaming industry. Why does that matter? Players, not the government, have the bulk of the power.
Web 3.0 gaming features
The advent of Web3 gaming marks a new era. This is the era of peer-to-peer blockchain-based decentralized gaming, where cryptocurrencies and NFTs serve as the foundation of the game’s economy.
View a few of the main attributes of Web 3.0 gaming.
Complete ownership and compatibility
The first thing to bring up when discussing Web3 games is elf-sovereignty. As digital NFTs, this implies that players are completely in control of the items and collectibles they possess in-game. In contrast to traditional gaming, where players lose assets once they switch gaming platforms, Web3 gaming solves this issue by allowing players to carry their assets across multiple platforms while still having full control over them and to trade their assets without the need for a third party.
Web 3 games become essentially unhackable as they are hosted on the blockchain. Voting consensus is another intriguing feature of blockchain-based gaming that merits notice. In plain English, when it becomes necessary to make changes to the gaming process, everyone connected to the network participates equally. The video game industry is democratic; there is no central authority. Web 3.0 gameplay is transparent in this sense.
Game communities and decentralized platforms can be managed thanks to the player-driven game ecosystem. The experience of a player is prioritized over immediate financial gain. Web3 games, which are customized to a player’s passion and abilities and built in accordance with their preferences and needs, make gaming profitable through P2E.
Blockchain’s enormous popularity is largely a result of the decentralization it enables. Online users have the authority to take action without any middlemen. Through the use of tokenized voting rights, decentralized autonomous organizations (DAOs) in the gaming industry directly include players in the development decision-making processes.
Top Web 3 Gaming Projects
1. Elfin Kingdom Games
Built on the Binance Smart Chain, Elfin Kingdom Games is a decentralized gaming NFT ecosystem that serves as a one-stop shop for both players and game developers. The platform, known as the “Disney World of Web3,” provides a connected virtual environment where users may develop, own, and profit from specially designed gaming experiences. The $ELFIN token, which acts as the cash and resource used in numerous games within the Elfin Kingdom Metaverse, is the centre of the ecosystem.
Via their IFO platform and Elfin Arcade, Elfin Kingdom Games wants to completely alter how video game and metaverse projects are funded.
Their goal with the Elfin Creators Programme is to give builders extraordinary authority. Giving users access to a vibrant web3 gaming community and dynamic ecosystem.
Digital game Decentraland is a three-dimensional simulation of reality. This open-world metaverse, a 3-D user-owned Ethereum-based virtual reality platform, combines virtual reality, augmented reality, and the internet. It enables users to take part in a communal digital experience where they can play games, trade collectibles, buy and sell wearables for avatars, socialise, and engage in other activities.
3. Axie Infinity
In the blockchain-based game Axie Infinity, players buy NFTs of adorable creatures and use them to fight other players. Players earn SLP tokens through games, and they can be exchanged for cash at an exchange. Around the game, a “play-to-earn” movement has developed, with players enrolling in academies and scholarship programmes.
Future of Web 3.0 gaming
While there is still some skepticism around the future and viability of cryptocurrency, Web3 gaming popularity refuses to subside. Between 2021 and 2022, there was a 2000% surge in blockchain gaming activity, as per a report by Dapp Radar. Decentralized gaming apps are gaining popularity with transparent games and decent earning opportunities.
Blockchain gaming has survived the 2022 crypto winter and is now positioned for a bright future. The time is now to take advantage of the chance and enter the fascinating world of blockchain gaming.
Emerging technologies like VR/AR and metaverse are enticing gamers like never before. Artificila intelligence is being used to create responsive and dynamic landcapcustomized to players’preferences.
In conclusion, Web 3.0 gaming and web3 games has the potential to revolutionize the gaming industry by democratizing the development process, fostering player-focused experiences, and creating more engaging and immersive gameplay.