Influence of Web3 and Blockchain Technology in the Fashion and Gaming Industries

In the last two decades, the world has evolved (in every sense of the word). Modes of communication, interaction with peers and family, how we earn and save money, and even how we unwind and have fun with activities like video games, all of these have changed.

A pivotal part of this change has been the role of science and technological advancements. Their influence can not be denied because we see proof every single day and in our individual lives.

A perfect example of the role of science and the advancement in technology has been the advent of Web3 technology in the last decade.

This technology has affected a wide range of industries as it leverages blockchain technology to improve systems and establish work cultures across these industries.

The effectiveness and efficiency of Web3 and blockchain technology have seen a rush for its adoption. From the banking sector to the entertainment industry, industry execs want to be a part of this amazing piece of tech.

However, the two industries where blockchain technology has had the most effects are the gaming and fitness industries.

In this article, we will be discussing the gaming and fitness industries and how Web3 is impacting them.

Concept of Web3

Before Web3, there were Web1 and Web2. Web1 is the traditional Internet we all know. It mainly had content on web pages that allowed readers access to facts and information. It essentially was read-only as it lacked the visuals, controls, and interactivity that are found in today's Internet.

Then there was Web2.

While web1's architecture was made up of a small number of people who were producing content for a large audience, web2 became a large number of people generating content for an audience that kept growing. This made web2 more participation and contribution-focused.

Web2 saw the advent of social media, communities, and collaborations, and it quickly became the primary form of web interaction. It still is for most people.

Unlike its predecessor, web2 was a better version of the web as it adopted browser technologies like JavaScript frameworks. Access to mobile internet and the rise of social networks and other forms of interaction like blogging and podcasting contributed to the immense growth of web2.

It is also important to mention how much of an influence the popularity of Android-backed devices and iPhones had on web2's growth.

Web1 was the read-only Web, Web2 is said to be the social web, and Web3 is the read, write, and execute Web. Web3 is built on the principles of decentralization and openness.

Also sometimes called Web 3.0, this web is taking users away from centralized platforms that characterized web2 like Google, Twitter, and Facebook to largely anonymous and decentralized platforms.

This is the supposed next big evolutionary forward leap of the internet and was initially called the Semantic Web by Tim Berners-Lee, the inventor of the World Wide Web (WWW).

With Web 3.0, Tim envisioned an autonomous and intelligent internet that is open and uses artificial intelligence (AI) and machine learning to process content and information conceptually.

Web3 is still in its nascent stages and has a way to go before reaching its full potential, but it is already showing positive signs.

The term Web3 was first coined and used in 2014 by the co-founder of Ethereum, Gavin Wood. It was Wood's opinion that web3 technology had the potential to be the powerful catalyst that would enable the global tech ecosystem to thrive.

Web3 brought with it accompanying technologies and infrastructure like blockchain games, Metaverses, Decentralized Autonomous Organizations (DAOs), Decentralized Finance (DeFi), blockchain technology, cryptocurrencies, and NFTs.

Most of these technologies listed have contributed to the facilitation of unprecedented transparency, immutability, and security in the financial sector.

Blockchain Technology in Web3

The blockchain is a shared, immutable ledger that helps to facilitate the process of carrying out transactions, recording them, and tracking assets in a business network.

Blockchain tech has propagated the gospel of decentralization, and this has become one of the main tenets of the technology.

Web3 and the blockchain have proven a solid match so far as networks backed by blockchain technology in the third generation of the Web have shown a strong propensity for automation (leveraging smart contracts), interoperability, and seamless integrations.

The immense level of usefulness that the blockchain offers to web3 has made it clear that it would become the main driving force for this current generation of the internet and indeed that of the future.

Blockchain is introducing machine learning and its connections through the Internet of Things (IoT), and transforming traditional approaches to data storage and management.

For all of its potential, which includes:

• Increased transparency — Stakeholders in the ecosystem become increasingly aware of the process and worth of the transactions they are involved in.

• Data Ownership — People can control the information and details they provide to advertising agencies and companies, and be able to earn money off of it.

• Improvement of data connections on the internet through the semantic web, and

• Lesser number of middlemen,

Web3 also has potential pitfalls like:

• How difficult it is to understand for newbies.

• Easy access to users' private and open data.

• The need to own devices with above-average sophistication in hardware to access it, and

• The difficulty in regulating the space.

Web3 and the Gaming Industry

The gaming industry is one of the many industries that blockchain technology and the third-generation web have a major influence on. The integration of blockchain tech and the advent of play-to-earn has had the gaming ecosystem experience a huge level of success.

The industry has gone from pay-to-play to play-to-earn, and this has brought with it numerous earning opportunities.

These earning opportunities had a large number of people thronging to take advantage of them, mainly because of the global economic crisis that followed the breakout of the COVID-19 pandemic of 2020.

People discovered blockchain gaming and its earning potential and signed up to play. An example is the financial impact the blockchain game Axie Infinity had on people, especially people in the Philippines.

The Axie Infinity game, at its peak, was valued at $30 billion, with the most expensive Axie NFT sold at $820,000. Early-stage investors were also able to gain over 110,000% return on their investments, and the platform boasted over 1,000,000 daily active users.

Blockchain gaming is still in its early stages, but this hasn't prevented the industry from building an over 3 billion strong global community, and its value is pegged at over $202.7 billion in 2022.

Leading advisor on management strategy and market research worldwide, International Market Analysis Research and Consulting Group (IMARC Group), expects that by 2028, the gaming market will reach $343.6 billion. Exhibiting a growth rate (CAGR) of 9.08% during the period of 2023-2028.

The introduction of web3 technology to the gaming scene has brought with it, a level of sophistication and technological advancements that were otherwise not there. Web3 in gaming now provides gamers with an immersive and interactive gaming experience.

These games are basically digital games but utilize blockchain tech to make transactions and store gaming data. The games have an economy that mostly exists on in-game liquid marketplaces where users can exchange their tangibly owned assets for fiat.

A gaming platform doing great things in the industry is Mendax AI. Mendax AI is a social gaming platform where users can play, create, and watch games in real time with others. The platform connects users to the Web3 ecosystem through a variety of mini-games in the multiverse.

Users can earn and use the native utility token, MC, to buy special accessories in the marketplace and create their games amongst other things.

Another awesome gaming platform is Project Lambo. Project Lambo is a gaming company that is pushing the next frontier of gaming.

The company is incorporating Augmented Reality (AR), Artificial Intelligence (AI), and NFT Sharing to provide gamers with immersive and cutting-edge gameplay.

The first installment of games to be released by Project Lambo is Lambo. It is a Role Playing Game (RPG) where users play as Lambo, the hero.

Alaska Gold Rush is another impressive gaming platform. It is a Web3 native game with an open world and exciting plot and adventures within the Metaverse. Alaska Gold Rush boasts of a thriving in-game economy where players also benefit from long-lasting incentives.

The platform empowers players to earn in-game tokens and NFTs as they play and enjoy the game. Players can compete with other players for rankings, collect gold, and improve their equipment and assets while being able to sell the assets they earn on the open market.

Web3 and the Fitness Industry

A weird but innovative combination we have today is the blockchain and fitness industry. At the start of the blockchain boom, it'd have been difficult to see beyond cryptocurrencies and how they are backed by this nascent technology.

But because the potential and use-case of blockchain technology are very dynamic, we are seeing this tech adapted to industries that have until now been very traditional and their operations.

Blockchain has changed how we see fitness today. From looking out for the nearest gym or fitness center to being able to work out at home or take a walk or a jog using an app while being rewarded for the efforts put in. The fitness industry is changing and continues to.

Blockchain has brought gamification to the fitness scene, and now, people are more motivated to accomplish exercise routines and workouts. With a transparent reward system, blockchain is adding value to fitness platforms.

An example of such a platform is Fitburn. Fitburn is an AI-powered burn-to-earn fitness app that is revolutionizing health and lifestyle. To motivate users to reach their fitness goals, the app combines cutting-edge AI mechanics with NFT rewards.

Users can earn points for exercising and join a community of other fitness enthusiasts.

Hypermove is another fitness platform with gamification. HyperMove promotes both mental and physical health by offering a platform that allows users to exercise, improve their fitness, and play games while earning cryptocurrencies as passive rewards.

The primary goal of the company is to combine play-to-earn (P2E) and move-to-earn (M2E) mechanics into a single app where users can earn as they move as well as earn as they play exciting games.

Conclusion

The world is changing as a result of Web3 and blockchain technology. These technologies are affecting our lives, and we shouldn't ignore them. The benefits of blockchain technology are many, especially to the gaming and fitness industries.

From providing players an alternative means of earning money while they have fun to giving fitness enthusiasts a platform to earn while they meet their fitness goals, blockchain is taking care of people's needs.

As the technology matures, there will be improvements and an increased number of innovations, and this is an exciting prospect to think about.