How Can Web3 Work For Gaming NFTs?
Introduction
The Web3 concept is one of the technological trends which is affecting almost every part of the digital world and the gaming Industries are not left out. Unlike the Web2 ecosystem, which is built within a centralized world, Web3 adopted decentralized settings.
This allows users to have control over the gaming world and not hand it over to game developers or publishers.
Now, one of the major changes in the play-to-earn feature which helps players to earn rewards while playing these Web3 games. The rewards can come in the form of cryptos or NFTs and can be sold to gain profits.
Let's explore web3.0 and its connection with the gaming world.
What is Web3 Gaming and Traditional Gaming
The web3 concept keeps affecting different industries and the gaming world is not left out. Unlike the traditional gaming which came with the internet, the web3 games promise a whole lot of benefits.
Web3 gaming lets its users play in a decentralized setting where they can play to earn with non-fungible tokens (NFTs) or cryptocurrencies. This decentralized world allows players to take full control of a game rather than leaving it to corporations. Players can also make contributions that can affect the games.
While in the traditional gaming world, there’s no promise of play to earn (P2E) because the central authorities reserve the copyrights of digital assets purchased in the game. This simply means that players cannot own the in-game digital assets because they only act as a license to keep playing.
These assets are mostly purchased with fiat currency but only hold value within the game ecosystem. This makes it impossible for players to trade the in-game digital assets in another marketplace.
Mechanism of In-game Assets in Traditional gaming and Web3 Gaming
Past (traditional gaming)
The last section in the picture above refers to the traditional gaming concepts and how it works. Here the game developers or publishers are in charge of everything that goes on in the game ecosystem.
Players are allowed to purchase items with fiat currencies and these items are only a guarantee to continue playing. Also, the items are kept in the game ecosystem forever and can’t be used elsewhere. These digital items purchased will be of no benefit to the players because the game developers own their copyrights.
Present (Web3 gaming)
This section shows what the Web3.0 concept is all about and how it affects the gaming world. It visualizes how the game developers or publishers hand over power and control to their players. Gaming is focused on giving players rewards or items for playing.
This concept is integrated into Blockchain technology which makes play-to-earn possible in the gaming ecosystem.
Some of the rewards given to players are NFTs and crypto which can be sold in another Blockchain marketplace for profits.
Players also enjoy self-sovereignty in the gaming world through the decentralized autonomous organization (DAO) mechanism. This also allows them to create an effect in the games through votes and stakes.
How can Web3 fix the gaming Industry? Why do we need it?
Although the Web3 gaming concept is less than a decade old, it is strongly seen as the future of the game industry. The major change it offers to the gaming world is its decentralization through Blockchain technology. This allows users to have ownership over many assets they acquire through playing the games.
These items or assets can be traded like a real commodity to earn money or used in another game. For instance, NFTs allow users to own and exchange different types of digital assets and they are part of the items or rewards players can get in Web3 games.
Players can also own the game or currencies used in the game, which will bring an end to corporations having total control over what happens in the ecosystem. We also need the Web3 concept because it will stop players from paying to play games or use items in the games. Web3 has shown a lot of benefits and developers are aggressively embracing the concept.
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