One area in particular that has profited tremendously from Web3 is the gaming business.
Blockchain-based games are a radical departure from traditional gaming platforms because they provide players greater flexibility to engage with the games in original and decentralized ways.
This is one of the reasons why these games have become so popular.
The proprietors of the game continue to own copyright ownership over all user-generated content, regardless of whether or not it can be bought with real money or is awarded as a reward in a particular game.
To put it another way, the digital assets a player obtains while playing do not legally belong to the person who acquired them.
At this time, game producers do not have the personnel or the experience necessary to monitor and authorize player-to-player transactions, such as selling and purchasing virtual products.
These types of transactions may include real-world trading items for in-game currency.
Blockchain Gaming
Blockchain-based games enable players to have true ownership over the in-game assets they earn. In some cases, players even have a say in how the game is updated and developed after release.
The development of crypto games involves integrating blockchain technology into the gaming system.
Blockchain technology makes it possible to pair in-game items with blockchain-based tokens, making it easier to own, transfer and trade these assets.
Play-to-Earn (P2E) gaming is a good example of this, where players can earn tokens or NFTs by playing and completing missions.
Players using Web3 gaming have access to and full ownership of all digital assets used in a game. The assets are unique and stored as non-fungible tokens (NFTs) relevant to the game.
Since blockchain-based assets can be freely transferred between user wallets, Web3 gaming adds a layer of interoperability to traditional gaming.
For example, a player can earn a new skin for their weapon or a vehicle and transfer it to their wallet, another player, and even another compatible game.
Players also get the feeling of autonomy that comes with having complete possession of their virtual goods and collectibles in the form of digital NFTs in blockchain games.
In traditional gaming, in-game assets are locked to the game and cannot be used or carried over to different games or platforms in most cases.
Blockchain gaming solves this problem by offering cross-platform compatibility and complete game ownership.
If a game supports cross-platform play, the player may maintain their in-game property from one system even if they transition to a different one. Of course, this only applies to games that enable cross-platform play.
Gaming in the Web3 era adds new dimensions and layers to traditional games.
For example, players can earn an income via P2E games by earning NFTs and in-game cryptocurrencies that can be sold and traded for fiat currency. Players can also join communities that govern how a game is developed, updated, and expanded upon.
In Conclusion
Web3 gaming adds ownership to traditional games while democratizing how in-game assets are acquired and traded.