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What Is Web3 Gaming?

Author: The Giftoin team

Date: 2023-Mar-01

Introducing Web3 Gaming

You’ve probably heard the term Web3 gaming, though it is still only in its initial stages of development. Considering how new this sector is, many questions arise: How does it differ from regular gaming? What makes Web3 gaming unique? What kind of Web3 games are there? How does it use NFTs and blockchain?

What is Web3 Gaming?

Web3 gaming is the term applied to games that use cryptocurrency, NFTs or blockchain technology to enrich the user experience. This technology empowers players and delivers greater control over their digital identities and assets. In regular games, the player does not own assets once the game is over. Web3 gaming enables the user to acquire virtual assets or tokens, and keep them.

Just how popular is Web3 Gaming?

Let’s take a look at some numbers: DappRadar reports that Web3 gaming accounted for half of all blockchain transactions in 2022.

A Coda Labs survey recently indicated that 75% of game developers expect to work with Web3 games in the future. 56% of the respondents believe that Web3 technology will revolutionize gaming. Web3 gaming is expected to be a critical driver for mainstream NFT adoption in the coming years. The blockchain gaming market size is expected to grow from $4.6 billion in 2022 to $65.7 billion by 2027. These statistics prove that Web3 gaming has a lot of potential.

How does it work?

NFTs play a central role in Web3 Gaming. Players are able to completely own in-game assets and collectibles in the form of digital NFTs. This may refer to in-game skins, rare collectibles or access passes to exclusive content or future releases.

Players can own in-game assets on one platform and transfer them to another gaming platform.

In trading card games, users can buy, sell or trade cards on the digital marketplace, in the knowledge that all of the transactions are secure on the blockchain. Players can benefit from in-game economies where they own assets and can trade them.

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What types of Web3 games are out there?

There are various game categories, each of which uses blockchain in a different way.

  • Metaverse worlds

    Metaverse worlds are immersive virtual spaces. Many contain game-like gatherings or gamification elements aimed to incentivize community collaboration. The Sandbox is a well-known platform where players can buy real estate and build games.

  • Play-to-earn

    In the play-to-earn model, users are rewarded with cryptocurrency or NFTs for gameplay. Often, an initial purchase of one of the game’s assets is required to start earning. They can be acquired in the game or on NFT marketplaces. Axie Infinity is an example of a popular play-to-earn game, which allows players to purchase in-game virtual pets as NFTs. They can battle and breed to earn in-game tokens.

  • Move-to-earn

    These games reward users for movement in the real world. For example, STEPN is a popular game where players buy or rent a pair of NFT sneakers to perform various physical activities in order to earn rewards.

  • Fantasy sports

These kinds of games allow users to collect digital player cards, build lineups and earn points based on sports players’ real-life performances. In the Hellebore game, for example, users can buy NFTs and predict the outcomes of live games in professional sports leagues.

What problems is Web3 Gaming currently facing and how can they be resolved?

  • Unengaging gaming experiences

    The use of blockchain technology for the creation of Web3 games is still at the initial stages. Users may encounter problems such as restricted scalability, high costs and long waiting times for transaction processing. Many of the games are unsatisfying. As Web3 games move forward, game designers and developers can improve the graphics and add new features to make the experience more exciting and immersive. They will also need to use the blockchain technology to reduce fees and facilitate technical aspects.

  • Game complexity

    Blockchain-based games use complex technology as well as cryptocurrency and smart contracts. Users without any blockchain knowledge may find the complexity challenging. In order to make Web3 games enjoyable and understandable, developers will need to simplify the user experience and make it both accessible and exciting. Blockchain can be made to be inviting if it adds more fun and challenges to the gaming process. An enticing element is to enable players to earn rewards and ownership of in-game assets. It’s up to the designers to overcome these obstacles and develop suitable solutions.

What makes Web3 Gaming really unique?

When fully developed, Web3 will enable players to move through various gaming worlds and undergo virtual experiences while maintaining ownership over a secure digital identity. It will basically be like living in a parallel virtual universe, where players will encounter new worlds and realities.

How can Web3 Gifting become a part of Web3 Gaming?

Web3 Gifting, in the form of crypto coins, tokens and NFTs, can add an exciting aspect to Web3 gaming. In the not-so-distant future, you’ll be able to give your pals NFTs such as accessories, horses, weapons, tokens, lands and other gifts to enhance and enrich their gaming experiences. Now that’s the kind of gift they are guaranteed to remember!

Visit the Giftoin website to find some exciting virtual gifts for your friends and family.

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