We are building virtual worlds and exploring investment opportunities that were considered mere amusements and recreational activities. As the year ends the gaming industry has been favorably assessed as the big-fat hen. A hen that's laying golden eggs and the industry is looking forward to carrying out profitable engagements shortly too. The figure stated by IMARC shows that the global gaming market size is on the profit. With a market capitalization of more than 202.2 billion USD dollars with a CAGR of 9.08% for the following couple of years.
There are many reasons for this sudden surge in the market size of the gaming industry, but one of the most crucial factors revealed is technology. The technology helps experts to develop in their field of expertise and technology on the user side. One can observe how the diverse use of various technologies has enabled to build of the entire gaming ecosystem. Because these technologies are able to deliver scalability, security, and stability.
One of those technologies that will more significantly boost the advances is Web 3.0. Yes! its benefits will have a massive impact as its been widespread across the world. But to perceive its benefits for the gaming industry first we need to gain some understanding of the concept of Web 2.0 itself.
What is Web 3.0?
The evolution of the web hinges on how we mobilize data and interact with it in general. To explain, let us focus on just one factor which is the benefit of the web in three version stages. Out of many benefits, we identify the one related to data - as the web is just a massive sea of data flowing in a free direction.
The original version of the web was like a library that presented us with data. There, we could go and read the information. Then came web 2.0, which is the version we're using right now. Here, we might alter the information and create unique sets of guidelines. As soon as the software improved, we used those batches of data to utilize the web. Finally, as we shift to Web 3.0, we are seeing a transition in functionality, applicability, and authority.
Let's Dig Into Deeper
In Web 3.0, people are owners of the data they share, there is no unique entity that authenticates and regularizes the information. One can say that in this space data can move voluntarily from one source to another source without being disrupted by any mediator. There is heavy hardware usage in Web 3.0 too like AR/VR headsets and IoT-based peripherals.
Software applications that are performing under the banner of Web 3.0 will have more enhanced features and functionalities. Interestingly one example is Metaverse where users will be able to interact with each other in virtual worlds designed, developed, and administered by themselves. However, many experts have revealed this is just a fraction of Web 3.0's applications.
The industry web3.0 industry is one of the most profitable and fastest-growing industries in the world right now. Looking at the statistics mentioned in Mckinsey Technology Trends 2022, we observe Web 3.0 has enjoyed investments to the tune of $110 Billion.
The global media and entertainment industry have been one of the primary contenders to take part in this substantial investment. There are multiple reasons why every mobile game development firm is ready to revolutionize its products and solutions. Let's look into those benefits and what Web 3.0 gaming brings to the table.
What are some of the Web 3.0 gaming concepts?
Here we are listing some of the Web 3.0 gaming concepts that will elevate the gaming industry by building a hyper-intelligent ecosystem.
1. Decentralized Gaming
The concept of gaming leverages blockchain technology to fulfill its necessary demands. If a game is developed to employ this particular concept, it allows the users; developers, and creators to validate their ownership of the digital gaming assets.
Decentralized gaming eliminates any chief power that governs the activity related to those digital assets. When we talk about in-game purchases and digital trades and even tokenization of the assets becoming decentralized, It means there will be a less expensive and more direct channel of communication between the game developers and the users.
2. GameFI
GameFi stands for Game Finance and it covers a more comprehensive method of managing expenses throughout the gaming industry effectively. On its own GameFi is a pretty straightforward concept. It's the framework and technology built around it that increases the complexity. But the result of building an intact virtual financial ecosystem for a gaming platform, product, and solutions remain a profitable concept.
The key supporting pillar for these complex developments is blockchain technology. It allows developers to create virtual marketplaces. These platforms can be centralized if they are adopting digital currency or can be decentralized if players are using decentralized cryptocurrencies.
Game developers invest in research to make these marketplaces safe and scalable as there have been rising threats of crypto and data mining. Integrating with the blockchain allows for the development of safe, secure, and scalable platforms. Currently, the most favorable use of this integration is allowing the trade of NFTs and other gaming digital assets.
3. VR/AR gaming
The use of modified variants of game hardware has come a long way. From pushing buttons with heavy fingers to maniacally banging keyboards, users have started to level up their demands significantly. As we identify innovations taking over the game development industry, we see a modern breed of gaming technology that demands massive proving grounds.
Developers will display the potential to utilize the technological functionalities of Web 3.0 and integrate them with VR and AR gaming. These will encourage them to deliver a more immersive experience to the users as they will be capable to customize their virtual avatars and characters according to their preferences. Ultimately, these technologies benefit the user by providing them with the possibility of customization.
Generally, the trick to personalize the experience is used for increasing the individual base, and the gaming community has a massive user base for peculiar game features like personalization. Also, customization helps game developers to scale well with the ever-changing expectations of the users.
4. Metaverse Gaming
One of the most social segments of the gaming industry which has been seeing much buzz is Metaverse gaming. Since its introduction, the metaverse has been an in-demand innovation that has received the attention of various industry investors. But, seemingly, experts in the gaming industry were ready to reap the benefits of Metaverse by integrating it into the end stage of the game development process. The sole issue was maintaining a network where information was shareable and multidimensional to make the work of developers easy.
Web 3.0 represents the ultimate solution, a platform where users can compile the information in any manner and the other user gets end benefits. This solved the problem of developing virtual worlds which were user-centric and utilized vast amounts of information gathered from real-life scenarios. One example is avatars of celebrities, clothes, shoes, and experts performing experiments with properly structured data-centered algorithms.
Combining Web 3.0 with the metaverse to elevate one's gaming experience will include establishing a virtual decentralized financial system. Here we start to consider data as digital assets that will be secure without any middleman or monitoring authority. The characteristics of Web 3.0 being decentralized as mentioned above will increase the operational efficiency in the metaverse.
Will its high-scale functionality be its downfall?
Web 3.0 gaming is regarded as a highly functional space. A space where the most viable use of data is to improve current technologies like blockchain, metaverse, and AI/ML.
People are unfamiliar with how beneficial Web 3.0
There are survey experts who have gathered and analyzed large amounts of data, providing healthy insights into the general awareness of Web 3.0 gaming. The results were quite surprising but at the same time understandable. The Coda labs Web 3 gamer study stated 52% of global gamers have no idea about Web 3.0 gaming. Surprisingly 41% of typical users are not sure how Web 3.0 gaming works.
Most of these users were prepared to accept Web 3.0 gaming because it was a profitable medium of earning. However, there are still alot of hidden functionalities of Web 3.0 that are yet to be explored. What does this mean? Will these statements of ignorance regarding the undeniable potential of Web 3.0 gaming work as a self-destruct switch?
What are the best features of Web 3.0 gaming?
We don’t have the answer to that intriguing question yet but we do have points of benefits that could enlighten you about Web 3.0 gaming a bit specifically.
1. Transparency & Ownership
Thus far we know that Web 3.0 gaming applications will have their own space. This space, just like the real world, will require proof of ownership. That ownership will be validated by a single mediator working on centralized norms. Blockchain will be integrated into the application's framework, creating a transparent record and representation of ownership of the digital space. The prime example of such kind of Web 3.0 gaming benefit can be seen in games like Axie infinity.
2. Hyper-Personalization
With the technology involved in Web 3.0, gamers will be able to develop and elevate the features as well as the elements of the game according to their preferences. But these series of developments will not alter the framework and the fundamentals of the game. It will only enhance the user side.
For instance, by combining creators mode and focusing on asset allocation through smart contracts, where the things you create are owned by you. There is a massive shift in the behavior of users but integrating Web 3.0 gaming with other technologies will address that effectively.
3. Community Booster
Web 3.0 gaming is acting like a ship that could encourage users towards virtual reality, mixed reality, and AR-based gaming. The gaming community is genuinely excited to board that ship.
The most substantial benefit of Web 3.0 is increasing the reliability factor of a particular platform. And through that high standard reliability factor, those platforms will be able to increase their user base. Many experts believe Web 3.0 will be able to house new breeds of gaming communities with efficiency. As these communities will contribute to the ecosystem and thrust it towards robust development.
4. Accelerator
The impact of Web 3.0 will largely profit the accelerators of this business. Experts forming Decentralized organizations that help the area of interest to grow by researching and developing modern elements.
There will be several platforms housing gaming projects with tremendous potential to scale efficiently with the demands of gamers. The most amazing part about it is even an SME group or an individual can act like these accelerators to gain profit.
5. Cross-gaming compatibility
Some organizations have started experimenting with this feature. It allows the developer to integrate the dedicated platform with others to develop a multi-dimensional data mobilizing space. Blockchain standards will govern the link and developers will have to meet a few of the regulatory compliance requirements. Game development platforms can generate an impressive amount of profit if they decide to establish a collaboration working on high interoperability aspects of Web 3.0 gaming.
A Christmas carol for the gaming industry
The Web 3.0 gaming industry needs time to develop also, It needs resources to be upgraded. One might propose that the best way to do it is by developing beginner-level products and solutions that operate on the properties of Web 3.0 gaming.
“We are looking at a world advancing with modern technologies at the same pace at which we are perceiving information, instantaneously.” is An enigmatic statement made by experts working for a game development company.
Experts are trying to proliferate by educating the masses on the benefits and impact of Web 3.0. They have considered gaming a crucial stepping stone to accomplishing a prosperous outcome.
