The gaming world has evolved constantly and developed many great games, giving players different ways to spend time and have fun. However, with time, players have become more demanding, and for them, having fun with different games is not enough. That is why Web3 technology has emerged as the new generation of games that gives the demanding players more possibilities. This blog will focus on Web3 gaming and its essential features.
What exactly is Web3?
Web3 is all about giving people ownership of their data and digital assets. Unlike the current internet, where big companies like Google, Amazon, and Facebook control and store most of the data, Web3 uses blockchain to keep information in decentralised databases. This means no single company has control, but everyone can trust the system because transparent algorithms and protocols power it. In Web3, platforms are open, and tokens or cryptocurrencies help run the economy, separate from traditional banks. Though still developing, Web3 is already transforming gaming by introducing web3 gaming, giving players real ownership of in-game items and new ways of earning money.
What are Web3 games?
Web3 games, or GameFi, sometimes called play-to-earn games, are digital games built on blockchain technology. Players can earn and own digital assets like NFTs or cryptocurrencies in these games. Unlike traditional games, where in-game items are locked to one platform, Web3 games allow players to trade these assets across different platforms and blockchains. This means players own their in-game items like physical goods and can sell, buy, or trade them freely. This creates new opportunities for players to profit while playing games, creating a fun environment and financial incentives.
Different types of Web3 games
Web3 games can be divided into two main categories: Play-to-earn and Walk-to-earn games. Both offer unique ways for players to earn digital assets while enjoying their favourite activities.
1.Play-to-Earn
In play-to-earn games, players earn rewards like NFTs or cryptocurrencies by playing. The more you play and complete tasks or challenges, the more rewards you can unlock. These digital assets can be used further for web3 gaming or can be sold in digital marketplaces for real money. Unlike traditional games, play-to-earn games are decentralised, meaning players, not just developers, help create value. Popular examples of best web3 games include-
- Axie Infinity
- Splinterlands
- Alien Worlds
- Silks
Note: To start, you usually need to buy some crypto tokens.
2.Walk-to-Earn
Walk-to-earn games reward you for physical activities like walking or running. The more you move, the more digital assets you earn, which can be used in-game or traded.
Two leading examples of these types of web three games are:
- STEPN: In this game, users are rewarded with GST tokens for activities like walking or jogging.
- Walken: Here, users combine walking with fun gameplay, levelling up their character and competing with others to earn WLKN tokens.
Note: Some walk-to-earn games require purchasing crypto upfront to get started.
What are the key features of Web3 gaming?
Web3 gaming is an innovative approach that is more practical and beneficial for players than traditional gaming. Thus, the following are the key features of –
1.Ownership
Web3 games give players full control over their digital assets. Unlike traditional games, where in-game items are tied to one platform, Web3 games allow players to trade and use their assets across different games and platforms. This means that items collected in one game can still be valuable in another, giving players greater flexibility and real ownership experience.
2.Transparency
Web3 gaming ensures transparency by using blockchain technology. All data and transactions are stored on the blockchain, making them easily trackable and verified by anyone. This creates a fair and open gaming environment where everyone can see what’s happening and trust the system.
3.Player-Driven Experience
Web3 games are designed with the players’ essential needs in mind. Whether in play-to-earn or walk-to-earn games, the goal is to maximise players’ rewards and create an enjoyable environment. Additionally, players have more control and ownership over their in-game assets, further empowering them in the gaming ecosystem.
Risks of Web3 gaming
While Web3 gaming offers exciting opportunities, it also comes with several risks like-
1.Imbalanced Economy
In Web3 games, both players and developers help shape the game’s economy. If the economy struggles or crashes, the game itself could collapse. An unstable in-game economy can lead to declining interest and eventual failure.
2.Security and Regulation
Web3 gaming operates in the largely unregulated world of cryptocurrency, where scams and frauds are common despite using smart contracts. Regulatory bodies like the FATF and SEC are working to improve security, but it’s unclear how Web3 gaming will adapt to stricter regulations.
3.Hype and Speculation
These risks highlight the importance of cautious participation in Web3 gaming, especially as the industry evolves.
Is the hype worth it?
The hype surrounding Web3 gaming is driven by its advanced approach, which gives players true ownership of digital assets and the chance to earn while playing. This represents a significant shift in the gaming industry, and players currently enjoy the play-to-earn and walk-to-earn models. However, whether this hype is sustainable depends on how well the industry addresses existing challenges. If issues like imbalanced economies, security risks, and regulatory hurdles are handled effectively, the excitement around Web3 gaming could continue. On the other hand, if these problems remain unresolved, the enthusiasm might fade as players and investors lose trust. Ultimately, the future of Web3 gaming depends on the industry’s ability to evolve and build long-term value for its users. The excitement is real for now, but only time will tell if it’s more than just hype.
Web3 Gaming Is The Next Gaming Evolution
Web3 is more than just the next step in gaming evolution—it’s a complete rewrite of the rules. It’s transforming how we think about ownership, interaction, and rewards in the virtual world, inviting us to explore uncharted territories where players have true control. Every transaction, new player, and game in this Web3 revolution is shaping the future of gaming. The future of web3 gaming is filled with excitement, innovation, and limitless possibilities, offering a whole new way to experience and benefit from the digital world.
