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In a world where players are more empowered, gaming companies need to develop completely personalized, social, and engaging games. Luckily for gamers, Web3 is a new technology that brings many benefits that directly improve the player experience. As seen in the latest 2022 report by DappRadar, Web3 games continue to grow as “Web3 games and Metaverse projects have raised over $750 million since August 1st despite the challenging economic environment.”
To be on the same page, Ethereum defines Web3 as a new form of internet that “embraces decentralization and is being built, operated, and owned by its users. Web3 puts the power in the hands of individuals rather than corporations.”
Four general principles explain what Web3.0 entails:
● Web3 is decentralized: instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst users.
● Web3 is permissionless: everyone has equal access to participate in Web3, and no one gets excluded.
● Web3 has native payments: it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.
● Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third-parties.
So, what are the benefits of integrating Web3 technologies into games?
Gaming firms are making big moves in joining forces to adopt Web3 technologies. For example, as announced by VentureBeat, the video game studio Maze Theory merged with blockchain developers Pluto Digital PLC. The purpose behind the merger between these two studios was to integrate blockchain technologies into traditional game releases with the sole objective of making the player experience the number one priority.
As seen above, both companies were able to seize the synergies between games and Web3. To understand Web3 games better, LeewayHertz defines them as “technically digital games that utilize blockchain technology to store data and make transactions. The underlying components of the economy in Web3 games are tangibly owned assets and a liquid market to trade and sell those assets”. Here are the benefits of integrating Web3 technologies into games:
Improved asset ownership
When a player purchases a skin or a battle pass in a traditional game, the owner doesn’t really “own’” the asset. They only get a license to interact with them inside the game. However, Web3 allows players to have actual ownership of their in-game assets by using non-fungible tokens (NFTs). The reason why NFTs are being used extensively is their ability to get transferred between wallets. NFTs are increasing the value of digital assets by making them tradable with exclusive ownership rights.
Evolved trading mechanisms
Traditional games allow one to purchase assets with fiat money, so players must wait for bank wires to go through or get charged extra fees for using a credit card. Moreover, the acquired assets have no value outside of the game. In traditional game releases, if I am a player and own a skin for a new avatar, I can’t sell them on other platforms or transfer them to other games. Web3 tech is hammering this barrier down through the use of tokens, which are blockchain-based currencies used as an incentive for players to participate in games. Players can further utilize this new form of virtual money, allowing players to trade items on the market and thus make a profit!
Secured data through smart contracts
With blockchain-based games, developers can build the entire code around smart contracts. These contracts help execute lines of code automatically and define the rules of the agreement, lowering the risk of data manipulation by restricting intermediary control and making data manipulation more secure, accurate, and transparent.
Conclusion
The rise of Web3 technologies will introduce new realms to improve the player experience. With the advent of blockchain technology and decentralization, game developers have a unique opportunity to innovate with games that are impossible to create with traditional centralized models. As we approach unchartered waters, gaming firms can know one thing for sure — the player experience is ripe for disruption.
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