What is Web3 Gaming?
Web3 gaming refers to games that integrate cryptocurrency, NFTs, or blockchain technology to enhance user experience. These blockchain-based projects aim to give players more control over their digital identities and assets. Web3 games can include various genres like MMORPGs, puzzle games, and strategy games. The key difference lies in using blockchain to offer cryptographically secured payment systems and verifiable ownership of digital in-game assets through NFTs.
How Web3 Gaming Differs from Web2 Gaming
True Ownership: In Web2 gaming, developers own all in-game assets, and players don’t have actual ownership rights. Web3 games use NFTs to represent in-game items, giving players real ownership and control over their virtual assets.
Interoperability: Web2 games restrict in-game items to specific platforms, making them unusable elsewhere. Web3 games allow assets to be used across multiple games and virtual worlds.
Play-to-Earn Model: Traditional Web2 games profit from in-game purchases and advertising. Web3 games redistribute wealth, enabling players to monetize their gaming skills and time investments.
Types of Web3 Games
Web3 gaming is still in its early stages, but several popular categories have emerged:
Metaverse Worlds: These are immersive virtual spaces built from user-generated content. The Sandbox is an example where players can buy land and build games.
Move-to-Earn: This category rewards users for physical activities. STEPN is a popular game where players buy or rent NFT sneakers to earn rewards for moving in the real world.
Play-to-Earn (GameFi): Players earn cryptocurrency or NFTs through gameplay. Popular examples include: Axie Infinity, where players buy virtual pets as NFTs that can battle and breed to earn tokens, and Zed Run, an online horse racing game where players can buy, sell, or breed horses and bet on races.
Fantasy Sports: Platforms like Sorare allow users to collect digital player cards, build lineups, and earn points based on real-life performances. Hellebore lets users buy NFTs and predict outcomes of professional sports games.
NFTs as New Revenue Streams for Gamers
In Web3 games, in-game assets often come as NFTs that players can earn or purchase. NFTs allow players to verify ownership of specific items and can be traded or sold in-game and on secondary marketplaces, opening up new revenue streams for players.
“The easiest way to explain to a gamer the value of blockchain technology is that these are digital collectibles,” said Hellebore’s Cox. “Digital collectibles in a digitized form for digitally native people are here to stay.”
Data Ownership and Identity Management
Web3 gaming envisions a future where players have more control over their online identity and data. Crypto wallets could potentially serve as an alternative to existing single sign-on methods, allowing users to consolidate their logins and protect their data from third-party access. Companies like Ubisoft, Yuga Labs, and Animoca Brands are exploring ways to bring these interoperable digital identities into the metaverse.
Brush Up on Financial Literacy
Web3 gaming requires players to understand cryptocurrency and blockchain payment tools, which can be intimidating for some. It’s not about getting rich quickly but about redefining the gaming industry and giving players ownership of their identities and assets within gaming worlds and across platforms.
By grasping these concepts and staying informed about the latest developments, you can deepen your understanding and appreciation of Web3 gaming.
