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đź—ŁThere are so many reasons why the blockchian industry will advance. Web3 Gaming is one of those reasons. Millions of people worldwide, are still avoiding anything with the word blockchain or NFT involved. The fact is they don’t understand the difference between the traditional way and the Web3 way.
The gaming industry is one of the biggest and most lucrative online markets in the world. The blockchain industry is full of problem solving technology like healthcare data storage using IPFS on the blockchain, which makes it very secure, and money transfer networks that remove the middle-man and allow for fast and cheap transactions. These are some of the biggest industries in blockchain, but adoption for these industries are overall slow. I believe that web3 gaming, done the right way by the right brand will overall advance mass adoption of blockchain tech.
Revenue in the Video Games segment is projected to reach US$221.40bn in 2023. In the Video Games segment, the number of users is expected to amount to 2,776.9m users by 2027. User penetration will be 32.8% in 2023 and is expected to hit 34.9% by 2027.
credit to Google.com
HOW WILL WEB3 GAMING ADVANCE MASS ADOPTION?
One of the most complex debacles that divide the crowds of traditional gaming and web3 gaming is simplicity. Users don’t want to jump through multiple hurdles just to play a game they like. The more simple it is for gamers to play a game and enjoy it, without the smokescreens of how to buy and own an NFT, the more interesting the gaming platform becomes. Web3 gaming is on the cusp of breaking that barrier. 🎯
It’s becoming easier and easier to progress, as builders realize the thin line between gamers and the Web3 world of ownership is the stress of creating and managing a crypto wallet, or understanding the difference between an NFT and the items they already control in their game.
đź—ŁThe experience of gaming should be fun nonetheless. More companies are designing games in Web3, but that does not mean the masses will adopt. The only way gamers will fully adopt Web3 gaming is if the experience of gaming is put first.
Play and earn is a very neat concept, but is this a sustainable model that cannot be gamed by bad actors? I’m not sure about that yet. Play and earn will work within a network of gamers that understand the building and growth aspect of web3 gaming. In-game assets can be NFTs that are playable in the game, or a crypto token that you earn for playing the game. The neatest thing about play and earn is the ability to use that earned crypto in the game store to buy other in-game assets. Gamers will love this experience overall, but the play and earn model has been an industry-wide experiment to say the least. Noone has yet to crack the code behind how a play and earn model can and will sustain for hundreds of millions of gamers.
The gaming industry inspires creators and entertains hundreds of millions of people daily, who spend hundreds of millions of dollars collectively on gaming. đź’¸ The problem is those gamers do not own any of the assets in their game. The assets are owned by the company who made the game.
đź—ŁI believe one of the major catalyst for Web3 adoption in gaming is true ownership. Imagine spending thousands of dollars on a game and the company experiences a network threat that requires them to reset all servers on the network. This has happened before. In December 2022, Epic Games shut down servers for several games using the Unreal Engine. This move affects a lot of gamers.
Epic Games Shutting Down Online Servers For Rock Band, Unreal Tournament, And More
Decentralized gaming or web3 gaming solves this problem by creating a network of servers run by the gaming community. The network cannot experience network threat because there is always hundreds of others servers online. Owning the server where your game is played is very important to the future of gaming. Now, more than just playing the game is an option. You can actually own your game and the server. To run a server you will need a computer or a VPS, and this process is becoming more simple by builders in Web3.
NFTs should be called in-game assets, because that’s what they are. The confusion happens when using the word NFT, because people want their games to stay the same and aren’t sure what it means to actually own the asset, and why they should be paying more for this added in-game exerience.
Not only are in-game assets an important piece to creating a sustainable play and earn ecosystem, but it allows gamers to resell their assets when they are done with the game.
đź—ŁBeing an early adopter to a Web3 gaing platform, that is a huge hit, I imagine millions of people will have their eyes on my limited edition in-game assets. Not only can I enjoy the experience, but I can also sell my assets on the secondary market.
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