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The gaming market has high potential for growth and is flourishing at a rapid pace. According to Deloitte’s 2021 reports for the India gaming industry, the CAGR of revenue from online games is projected to be 40% – around 2.8 billion by 2022.. The gaming space has also emerged as a significant pillar in few of the blockchain-based protocols such as Tron node. The decentralized blockchain-based protocol has plans to empower the game developers to create blockchain-based games and also provide the best gaming experience to users around the world.
Paradigm shift in gaming sector
An increasing number of people are seen getting hooked on to new gaming models such as play to earn, and hence a multibillion-dollar gaming industry is seen rising at an astounding rate. The proliferation of technology into the gaming space has dramatically changed the industry to a greater extent over time. Gaming industry players are already at the cusp of a paradigm shift in the industry as the web 3.0 evolves and takes on.
According to the gaming industry stats, the APAC gaming industry’s revenue was projected to touch over $174 billion by 2021. Reports also suggested that the APAC gaming market itself was worth $72.2 billion in revenue in 2019. The revenue figures are projected to scale up much higher and higher in the coming years with players turning their focus from the video games to blockchain-based games. Web 3.0 will completely transform the gaming market. In this new era of gaming, players will have the option to earn money as they play. Players will have the means to pay for a premium asset they own and be able to sell this item to other gamers within the game or outside the game of Web 3.0.
With gaming changing from free-to-play to play-to-earn, it is already altering the dynamics of the whole gaming industry. No wonder the prospect of web 3.0 is opening up a plethora of possibilities in the gaming industry and that has prompted a lot of experts to remain fully invested to be a part of the progress of the gaming industry. In this article, we would discuss how the web 3.0 with its introduction of the blockchain-based gaming can transform the gaming industry.
Reasons for which gamers are turning to the web 3.0 space
Web 3.0 aims to make the internet simple, open and decentralized. The upgraded web is having a dramatic impact on the gaming landscape and reshaping the market. These alterations are the outcome of contemporary developments in the sectors, including tokens, blockchain and AI. Web 3.0 will completely transform the gaming market. In this new era of gaming, players will have the option to earn money as they are playing. Players will have the means to pay for a premium asset they own and be able to sell this item to other gamers within the game or outside the game of Web 3.0.
Centered around ownership
Blockchain technology will give you ownership of your assets even after the sale because it links them to players, not games. This protects investments and ensures fair play in gaming environments where developers can’t easily take advantage or exploit users’ card information since all transactions are transparent with blockchain-based systems Blockchain technology will enable ownership of in-game products, digital scarcity, and the digital marketplace. In Web 3.0, each asset will have a specific supply, and asset ownership will be completed through players after the sale.
Players can earn money while playing
In the Web 3 world, gaming will enable gamers to make money while playing the game. In that new era of gaming, players can put up personal funds on the marketplace if they decide to buy a particular item in order to sell it to other players within the game or outside the virtual environment. It is the in-app purchases of the video games through in-game IAPs that make over half of the gaming revenues. In-game assets are infinite in number and sold through the IAPs only but despite paying for these assets, players do not have any ownership of these in-game assets in online games.
In Web 3.0, when a player buys an asset, the technology will tie the asset to the player instead of the video game, protecting not only the financial resources players have made, but also the scarce assets they have on their accounts. Gamers can then sell these digital items to others and store them outside the game.
Interoperability
With Web 3.0, gamers will be able to switch their digital assets easily in the form of NFTs- non fungible tokens which allow for interactive communication between different games and even outside applications!
Freedom of Modifying
One downside to modifying games on Web 2.0 was their creators proved to be reluctant to allow this, and any modifications could undermine the terms of service, which could be why members were prohibited from making changes to the game. The sole aspect of Web 3.0 that encourages modifying the game is its open source nature, allowing gamers to introduce changes in the game to fit their needs.
Democratic Gaming World
Decentralized features of Web 3.0 will enable indie developers to overcome the absolute dominance of leading studios. Indie developers will no longer face difficulties establishing their games in the online environment, and this will promote new innovations for futuristic games.
Diversity in Gaming
Web 3.0 game designers may draw more people from underserved countries and underdeveloped nations into the industry, giving them the chance to create income that magnifies small victories. Modeling 3.0’s Web concept will entice people from developing countries and the underserved to engage in gaming. Gamers provide a vital opportunity to Web 3.0. This can have a significant impact on the livelihoods of those who see gaming as a hobby.
Opportunity to be an Early Influencer
Gamers who adopt web 3.0 early enjoy broad advantages over their late counterparts. Gamers who are transitioning to Web 3.0 will have a profound impact and leave their legacy for future players in the new space while leaving a legacy when deciding on the new technology.
Elements Responsible for the Transition in the Gaming Industry
Gamers can fully transition to Web 3.0, and a certain set of technologies will help make this possible. These include the following:
Blockchain
The gaming industry is likely to approach two billion users from the current 100 million users of blockchain gaming. Blockchain games are decentralized and immutable systems, where users can interact. Gamers, particularly, will have many opportunities to build multiple games into a single gaming ecosystem using a blockchain system.
NFTs
Non-Fungible tokens, also known as crypto tokens, consist of digital information that is stored in a block-chain data structure. They can be transferred between wallets and can be used for in-game assets. Current non-fungible NFTs can only be obtained by players that have achieved the highest rankings on the leaderboards. Only the rarest NFTs are transferable within the gaming platform. Some players can avoid using the game’s resources if the game is played out.
Artificial Intelligence
AI combined with natural language processing makes computers capable of understanding information in the same way humans do, which as a result improves the speed and progressiveness of test results. AI leads to the ability to build quick and effective game worlds that are driven by non-playable characters that feel as if they were meant to be controlled by a human game player.
Tokens
Tokens are used as the incentive for players participating in the gaming industry. When the value of these tokens increases, it will have a positive effect on the entire gaming community. Everyone will see this increase in value as a reason to take the game to greater heights. Players will be able to purchase the currency by selling tokens available on the market.
Expanding the use cases of Web3 in gaming
Game tech companies are redefining the gaming industry with the foray of the web 3.0 and this in turn has led to more use cases of the web 3.0 in the space. Game developers are now allowed to develop highly scalable projects with the introduction of the web 3.0. Gamefi project owners are trying to leverage the technology that takes the games away from the centralized publishing platforms. Hence, the control is no longer in the hands of centralized brands that own those but in the hands of the players themselves. Eventually, the value of the games will be concentrated much within the gamer’s hands as they are directly responsible for the success of the games.
Tron providing a boost to gaming sector
Tron – blockchain-based protocol announced the launch of a $100 million blockchain gaming fund in 2018 with an objective to achieve its vision of facilitating a free multi-layered decentralized entertainment platform accessible to everyone in the world. This fund was created to help game developers build and create blockchain-based games and provide a boost to the blockchain-based gaming sector. The Tron community believes that the key challenges of the gaming industry can be resolved with the help of the immutable, transparent and also decentralized nature of the blockchain sector. Gaming has been a significant pillar in TRON’s development and its chief founders have stressed how they aim to continuously take initiatives to build the next gaming generation by merging together the blockchain and gaming industry.
Final thoughts
The gaming industry is not only expected to change drastically but at the same time also expected to prosper. The gaming industry is anticipated to adapt to Web 3.0 and the modern economic climate. While the gaming industry will benefit, gamers and all involved in the industry will, as well. Gaming companies are gradually working to develop this platform of Web3 gaming. There will be a period of considerable progress as we nurture the ecosystem to accommodate actual gaming acts as the ecosystem continues to scale up for more mature types of game investing.
About The Author
Dr. Ravi Chamria is co-founder CEO of Zeeve Inc, an Enterprise Blockchain company. He has an experience of 18+ years in IT consulting spanning across Fintech, InsureTech, Supply Chain and eCommerce. He is an executive MBA from IIM, Lucknow and a prolific speaker on emerging technologies like Blockchain, IoT and AI/ML.
Passionate About: Blockchain, Supply Chain Management, Digital Lending, Digital Payments, AI/ML, IoT
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