Evolution Of The Gaming Ecosystem
Web 3.0 is the new gaming landscape that is fast changing in the ecosystem which introduces new concepts like the Metaverse, Cryptocurrencies, Blockchains and NFTs to change the experience of games. Which Implies that web3.0 is the new phase in the evolution of global gaming. It is safe to say that Web3 gaming is the rebirth and a modification of gaming on web2.0.
Unlike the web2.0, the web3.0 drifted power from being centralized to becoming highly decentralized and allows its users access to their privacy across the ecosystem. In Web 3.0, gaming allows players to earn money in the form of blockchains and NFTs which are one of the biggest asset players in the web 3.0 metaverse stand to gain ownership of.
One of the early preceding factors is that players could only have access to an asset spectacular to a game. Moreover, in transition to recent time and technology, a player can freely move items around in multiple games between metaverses.
Key Difference Between Web2 and Web3 Gaming?
Web2 Games rely on a central server and have limitations on ownership of assets in the game.
Web3 Games offers more control to the players such as trading tokens, using the tokens or NFTs across different platforms, and ownership of tokens. Web3 offers complete security as blockchains are hard to hack compared to a single central network.
What is Blockchain Technology
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. A blockchain network does not have a centralized/single ownership or control because it is distributed and the transactions carried out are open to every user.
Understanding The Concept of Gaming In Web3
Web 3.0 gaming has fast replaced the traditional gaming systems, whereby web 3.0 based games gives room for its players to participate in games in a decentralized structure, which enables players to play to earn either via NFTs or Cryptocurrencies rather than the pay to play traditional structure.
The modern technology (Web 3.0) has vested power in the hands of its players making them sovereign unlike in the traditional gaming where power was confined to the authorities in the game. In traditional gaming, players do not own an in-game digital asset, their means of ownership was simply a license for engaging within the internal domain of the game.
Furthermore, its centralized gaming servers keep records of all game-related information on its server, which only the game administrators have access to and operate. The traditional gaming model limited its players from exchanging their digital assets to make a profit.
Due to its incapability and inadequacy of providing centralized servers,which paved the way for hackers to access the gaming system and lead to higher risk of losses, it gave room for Gray markets to surface, which exploited from players and provided no benefits to administrators.
These incapabilities of safeguarding it’s gaming platform gave birth to web 3.0 gaming which in turn offered innovative measures which includes Decentralized Autonomous Organization (DAOs) to address the problems and shortcomings of the traditional gaming.
In web 3.0, gaming uses a Play to earn(P2E) structure which enables a player to make an incipient capital by acquiring a valuable commodity (NFT).
What are NFTs?
NFTs known as Non Fungible Tokens are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
Unlike cryptocurrencies, they cannot be traded or duplicated in any way. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions. Nfts can also be referred to in gamers terms as digital collectibles or assets that have real-world value which allows users to earn money as they play with it, in turn used to generate income.
NFTs have the potential for several use cases. For example, they are an ideal vehicle to digitally represent physical assets like real estate and artwork as a virtual object. Because they are based on blockchains, NFTs can also work to remove intermediaries and connect artists with audiences or for identity management which potentially simplify transactions.
Key Difference between Cryptocurrencies and Nft
Like physical money, cryptocurrencies are fungible, meaning that they can be traded or exchanged, one for another. For example, one bitcoin is always equal in value to another bitcoin, But NFTs shift the crypto paradigm by making each token unique and irreplaceable, thereby making it impossible for one non-fungible token to be equal to another. Nfts are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens.
What is the Metaverse
A metaverse is a shared, virtual world in which players, usually represented by avatars, can interact with each other, construct experiences, and create virtual objects and properties. Metaverses typically have their own native economies and currencies, with which users can buy, sell, and trade digital real estate, items, avatar accessories, and more. You can experience the metaverse via a computer, virtual reality (VR) headset, or smartphone.
Specifically, a crypto metaverse is a metaverse that incorporates blockchain into its underlying technology and crypto assets, such as metaverse tokens, into its economy. While crypto metaverses (and NFT games in general) are still in the early stages of development, these new worlds present intriguing social and financial opportunities for the future of Gamers and Enthusiasts in general. Crypto metaverses can offer users new ways to play, invest, gather, and interact and to earn from it all.
Further, while development on multitude singular metaverse platforms is highly noteworthy, there will be greater potential if the various metaverse games interact with one another. It could drive the potential of the blockchain gaming ecosystem into a pillar of the global economy.
Example if the immersive environments of VR, the addictive playability of video games, the interactivity of social media, and the value propositions of crypto,can be built around each other, metaverse games are definitely going to become the biggest element in the next phase of the internet.
Web 3 gaming is structurally designed to enable people trade and own in-game objects and collectibles in the form of NFTs using Cryptocurrencies. It is highly decentralized in that it is self-owned(sovereignty) and assets can be accessed without having to involve a third party.
Ownership and interoperability:
Web 3 gaming is highly decentralized, this implies that it vests much power on its players giving them access to completely own an in-game asset and collectibles as digital NFTs. In web 3.0, each asset will be solely owned by players after being bought, unlike in traditional gaming where assets owned by players can be completely lost when there’s a change in decision making over a choice of gaming platform. In Web 3, when a player buys an asset, technologically, the asset is tied to the player instead of the game, making them the sole owners of the investment.
Integration of old gaming:
In Web3 gaming, the gaming feature is personal and players are allowed their choice of games. Games are upgraded from older game models into Blockchain platforms which gives room to improvement of game models by also extending them into the metaverse, where players can make their own avatars and trade with it.
Player driven gaming:
Web3 gaming has its diverse ways of being beneficial to its players, One of which is its decentralization and support for self-sovereignty where power is vested on the player to make personal decisions that would be of advantage to them. It brings with it a fairer internet by enabling individuals to be sovereign and completely be in control of his benefit in the decentralized Blockchain platform. Another beneficial aspect is the P2E model, where players earn profit through their in-game assets and allow them to play their favorite games on the metaverse. In web 3 players earn money while playing and through this monetize their gaming skill within the game .
Transparency & Availability
Hosted on blockchains, games on Web3 ensure complete security. Peer-to-peer hosting ensures that the public has all the information and none of it is restricted or hidden by one party. These games are easily accessible and available for interested gamers. It is easy to buy a cryptocurrency and set up a wallet to begin playing.
Web3 games are centered around the player’s experience. Buying tokens is a relatively easy process and so is trading the said tokens. The earn-as-you-play module is a big motivator for many players. Since the main focus is the player, the game is designed in all its aspects, to cater to a gamer’s passion and skill, which makes it not just enjoyable to play, but also worth the time spent on it.
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