How is WEB3 gaming increasing the adoption of blockchain technology?
What is Web3 gaming and how is it different from traditional gaming?
The growth of Web3 has had a profound effect on several sectors, including gaming. With a significant movement away from conventional gaming platforms, Web3-based games enable new types of decentralized gaming engagement; players are able to play and earn using cryptocurrencies and NFTs. It democratizes all elements of gaming by transferring control to the player from the central authority inside the game.
The first step in understanding “How Web 3 gaming differs from traditional gaming” is to identify what exactly constitutes “traditional gaming” in today’s world. The most significant distinction between games played before and after Web3 gaming is, in essence, which party is in control of the game. The traditional method of purchasing in-game assets like character skins, extra lives, weapons, and coins is for the user to do so via a central developer-owned marketplace. This means that the developers are the only ones who profit from these games, and they also have complete control over how the games are played. In other words, it makes no difference how much money, time, or effort players put into a game; gamers do not own the assets, progress, or time they spend playing the game.
In terms of development, traditional gaming platforms create closed loops: no one from the outside can design a new version, examine the underlying logic, or utilize existing data (assets). Blockchain solves this issue by providing users with a clear view of the game infrastructure, and this is made possible as the majority of the essential logic and data (assets) on the blockchain are regulated by smart contracts, which can be studied and reused.
How will Web3 gaming disrupt the traditional gaming industry?
It is the principle of play and earn games that users are given the chance to take part in PvP (player against player) conflicts or battle their way through a gaming plot in order to earn money. More points are earned as players move through the game and win more fights, and these points can then be redeemed in the form of cryptocurrencies. Traditionally, games are thought of as a “sunk cost,” which means that gamers don’t get their money back in terms of time or in-game purchases. The pricing of traditional video games, on the other hand, has become a cause of concern for the gaming community as more publishers search for methods to incorporate upgrades, premium editions, and microtransactions, through which players may speed their progress by buying in-game products. Blockchain gaming provides a solution to this problem by offering a representation of value that can be transferred in the form of non-fungible tokens (NFTs), allowing players to now monetize their in-game assets.
Here are some key points to take into consideration, on how blockchain technology tackles a number of long-standing issues in the gaming industry-
- Increased security-
As a result of the blockchain’s decentralization and highly efficient data encryption techniques, hackers will find it almost impossible to get access to information stored throughout the whole server network. Hence, Blockchain enables a safe atmosphere for both game entrepreneurs and developers, built on consensus, which leads to higher production. Because there are no servers to harm on a decentralized blockchain network, hackers would be unable to bring it down.
- Trading and earning-
Gamers and developers can use blockchain technology to create resource-intensive games and applications, as well as to improve existing games and receive rewards. This lets them interact with each other and earn tokens at the same time, giving a streamlined user experience.
- Integrated gaming profiles-
Most traditional gaming platforms require users to first register a gaming profile on the platform in order to access their services. Blockchain gaming, on the other hand, enables players with the ability to construct a single, integrated gaming profile that can be viewed and used cross-chain.
Future of Web 3 gaming
As we approach 2022, NFTs and games are the dominating sections of the blockchain industry in terms of utilization. According to reports, the gaming industry was valued at US $298 billion in 2021 and is expected to reach US $340 billion by 2027, growing at a compound annual growth rate of 8.9 percent over the next five years. Due to the nationwide lockdowns imposed in response to the COVID-19 outbreak, some residents resorted to gaming platforms for entertainment. Asia-Pacific is also expected to have the greatest market share in the gaming sector, with China, Japan, and South Korea exhibiting strong development potential.
Diego Di Tommaso, co-founder and chief operating officer of OVR.ai, notes that play-to-earn gaming also demonstrates how NFTs are the fundamental building blocks of the future internet. The ability to actually own a digital item and subsequently sell it in a permissionless manner outside of the platform on which it was developed is revolutionary, he argues.
When it comes to planning or developing a game, P2E challenges us to look beyond the box. With the advent of NFTs, games will be able to gradually gain the ability to tokenize via the use of blockchain technology. Gaming studios can reach a larger number of consumers all around the globe. For the players in the game, they may simply purchase, sell, and convert anything they want and monetize the time spent playing the game. Blockchain games are revolutionizing the gaming space by putting the player’s contribution at the forefront.
How is Web3 gaming increasing the adoption of crypto among the masses?
According to Stefan Ateljevic, creator of CryptoBlokes, many people worldwide are currently earning a side income through play-to-earn games, and the potential is limitless. Average gamers earn a few hundred dollars each month just by playing a few hours every day. If you already have a 9–5 job, he argues, this is an excellent opportunity to boost your side income while having fun.
This has become a gateway for many gamers outside the crypto space, who were previously skeptical about getting into crypto. Now has opened doors for entry to blockchain and crypto-and they are experimenting with different play-to-earn games and making a healthy side income.
This approach has enabled players in developing countries to make a decent living through playing metaverse games. Many individuals in countries like Venezuela and the Philippines were “playing-to-earn” on blockchain games as a full-time job. Bringing in divergence from top-tier players who make a full-time living playing mainstream games like Counter-Strike, DotA, and so on, which are extremely competitive and have a very low barrier to entry but no value given back to new players. Games that run on blockchain, on the other hand, are connected to their native cryptocurrency and blockchain, allowing them to give players infinitely more value.
The evolution of the entire industry occurs in real time. The number of initiatives are also increasing as more individuals get involved in WEB3 games. As a consequence, interest in cryptos and NFTs has surged. Ultimately, WEB3 gaming is more than a new taste in traditional gaming; it’s a means to make money doing what you love.
No. of unique wallets connected to crypto gaming Dapps in last year (source: DappRadar)
How is Asva Games Guild helping build a sustainable play-and-earn ecosystem?
Asva Games Guild is involved in a variety of divisions within this industry and is working to bring play and earn games to a larger audience in the near future. We are launching our initiatives in phases. Let us examine how AGG intends to do this.
Asva Games Guild is partnering with industry leading play and earn games and help new players get onboarded with them to get the exposure to play and earn through a variety of scholarship programs built exclusively for the AGG community. Become a part of our fast growing ecosystem by signing up for the scholarship programs and starting your journey with Web3 games. AGG has already launched a scholarship program with one of the prominent projects in web3 gaming, Pegaxy, this program will help our community get exposure to the game. We look forward to partnering with different Web3 games, which will fuel our dedicated AGG community.
Secondly, to help our community be better informed about Web3 gaming space and AGG’s initiatives, we have created our own newsletter, which we will be sending weekly soon.
Asva Games Guild will be putting effort into building a streamlined content hub through our own as well as partner channels which will solely be dedicated to educating the Asva community members through educational, how-to, as well as entertaining content about web3 gaming all under the same umbrella.
Not just virtual! Asva Games Guild aspires to bring large-scale adoption of Web3 games to the masses by curating physical events, tournaments, and conventions where players can join in and participate directly on these occasions and gain first-hand experience with Web3 gaming with proper guidance. This will also generate various networking opportunities for all the stakeholders in this space and push the industry forward.
The Web3 gaming industry is preparing to emerge as one of the most exciting elements of the crypto ecosystem. Nonetheless, it is safe to say that play-and-earn blockchain games are here to stay, giving investors and players from all over the world an interesting way to make money online. With these projects in the pipeline, AGG is gearing up to deliver a big push to the WEB3 gaming industry! Let’s strengthen the play-and-earn revolution together.
About Asva Games Guild
Asva Games Guild is a platform where players can connect with multiple like-minded individuals from across the globe to develop their skills and knowledge about gaming while being rewarded financially for their time and skills by the Play and earn games model. AGG will provide scholarships for various games and build an ecosystem where gamers will get access to training and mentoring from the finest and most experienced veterans of the gaming industry.
To receive quick updates before everyone else, you can join the AGG discord server
About Asva Labs
Asva Labs is a Metaverse innovation lab that aspires to build an Asvaverse ecosystem to integrate itself into the metaverse economy. Asvaverse is building its flagship products to the metaverse like, The MetaLaunch- a multi-chain launchpad and an incubator that supports a promising projects raise capital, The Metaverse Marketplace — trade,launch and rent metaverse assets and Asva Games Guild to power the Play and Earn model in the gaming community.