Web 3 is an enhanced version of the Internet. Web3 majorly uses blockchain, cryptocurrencies and Non-fungible tokens (NFTs) to create, run and maintain the ecosystem. In web3, users have the ultimate power of ownership, whereas in traditional web they have limited access to their work.
What is Web3 Gaming?
Web3 gaming is an upgraded version of online games that uses decentralized blockchain technology to provide a better gaming experience, where users have the ultimate power of ownership of their digital assets. Web3 gaming, also known as Blockchain gaming, has revolutionized the gaming industry to a great extent. It provides an innovative approach to the gamers to participate and receive cryptocurrencies as rewards by playing.
The major advantage of gaming is the incorporation of blockchain technology to make it available to the users to provide a better gaming experience.
The limitations with traditional online video games include:
- The player does not get the ownership of the in-game assets which they have purchased. They only have the license to the items while playing.
- The game items are permanently lost if the player stops playing the game.
- The operators or developers can discontinue the game whenever they want.
- All the game related data is stored in game servers.The administrators will hold the control over your information and use it for their marketing needs.
- There is an enormous risk of stealing your personal data.
- You may have game restrictions based on your region.
- You can face downtime because of maintenance issues.
Features of Web3 Gaming
- It is an open source blockchain platform which is not controlled by any centralized authority.
- Players will have full ownership of their in-game assets. The players can trade their items/tokens and as NFTs if they do not wish to play the game anymore.
- By playing games, gamers can earn cryptocurrencies through Play-to-earn facility.
- The players will have the opportunity to carry their assets from one platform to another platform.
- Players can upgrade their old games or their favorite games into blockchain enabled platforms.
- Blockchains are transparent as anyone in the ecosystem can view the data/information freely, but cannot modify it.
- As blockchain is distributed through several networks, no one can tamper the data, hence provide security.
- There is no intervention from any authority.
- You won’t experience any downtime while playing games, as they are built on a robust platform.
- It provides interoperability to the gaming, where you can transfer the items to other platforms easily.
The key components of Web3 gaming include:
- Smart Contract
- Decentralized Autonomous Organization (DAO)
- Digital Wallets
- Web3 libraries
Blockchain: Blockchain is a decentralized distributed ledger which enables users to perform various activities without the need of any intermediaries. Games are built on blockchain enabled platforms like the Ethereum ecosystem, which are transparent and permissionless. As the data is stored in the form of blocks and each block is connected to its previous block using hash value, the data cannot be tampered.
Smart Contract: Smart contract is an algorithm with a set of protocols which helps to execute an action. Smart contracts play a vital role in building decentralized apps (dapps). Smart contracts allow us to perform an action without the need of any middleman.
Decentralized Autonomous Organization (DAO): DAO is a decentralized organization that operates autonomously, with no central authority. A collective decision is taken based on a voting mechanism to mcryake changes to a game. Anyone can take part in the voting based on the number of tokens they hold. This enables players and other members to provide ideas and take part in the game’s development and make necessary upgrades.
Digital Wallets: Digital wallets help to provide a unique address assigned to a player connecting with the blockchain. It stores and manages players’ digital assets like cryptocurrencies, NFTs, in-game items on Ethereum ecosystem.
Some of the gaming wallets include:
Web3 Libraries: It acts as the interaction between the application and the blockchain, which is an open source network.
Web3 libraries on Ethereum blockchain:
List of web3-based games
- Sorare: a fantasy sports game (free and paid version) available on Ethereum blockchain.
- Planet IX: NFT- based (free) strategy game built on Polygon blockchain.
- DeFi Land: an agriculture simulation game(free) built on Solana blockchain.
- Faraland: a play-to-earn fantasy game(free) available on the Binance Smart Chain.
- Crabada: a play-to-earn(P2E) undersea adventure game (Paid) built on Avalanche.
Limitations of Web3 Gaming
- Need to build games with a better and flexible user-friendly interface.
- Need to have a proper knowledge about the crypto and gaming industry before entering it.
- Regulations need to be implemented to tackle scams and cyberattacks.
- Falling prey to fake wallets.
As web3 gaming is evolving, we can see a promising future of the gaming industry that provides equal opportunities to the developers and gamers. Blockchain gaming has seen a prominent rise in companies that invest and new projects are flourishing the industry.
Web3 is not just about cryptocurrencies; it has much more to offer. There are vast possibilities in the market which need to be explored.
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