With the rise of Web3 Technology, video games are moving into a new era. This decentralized web could change the way games are made and played.
This would be good for both game developers and players. But also for the game Industry!
In this article, we will talk about how Web3 technology can change the world of video games.
Also, how game developers can use Web3, examples of Web3-based video games and game marketplaces.
Let’s see what experts are predicting for the future of the Game Industry. Additionally, we will address some of the criticisms of Web3 and decentralized blockchain technologies.
Come, let us check out the Web3-based video games of 2023 and know why are Unique.
Table of contents
- Review of Video Games, the Game Industry, and Web3 technology
- Gaming Industry
- What is Web3 Technology? and its Potential Impact on Video Games?
- Who was the Founder of Web3?
- How Web3 Technology Can Benefit Video Games?
- Advantages of Using Web3 Technology in Game Development
- List of Web3 technology-based Games.
- List of Web3-based Video Games
- Benefits of Web3 Marketplaces
- List of Web3 -based Game Marketplaces
- Criticism of Web3 and Decentralized Blockchain Technology
Review of Video Games, the Game Industry, and Web3 technology
Web3 is poised to revolutionize the video game industry, giving you more control over your data, assets, and experience.
NFTs, blockchain technology, and DAOs could create new genres of games and make them more accessible to you around the world.
However, there are still challenges to be addressed before Web3 can be widely adopted, such as scalability, user-friendliness, and regulation.
Conversely, you use an interface to make things happen on a video device when you play video games.
In the video game industry, there are companies that create, publish, and sell games for consoles, PCs, and mobile devices.
Web3 technology, also called the decentralized web, is an improvement on the current web(Web 2.0).
It aims to make the internet less centralized and give you more control over your personal information.
Chiefly, Web3 is based on the ideas of openness, security, and not having one person in charge of everything.
It is run by blockchain technologies. Web3 technology makes a big difference in the gaming industry.
For example, by letting game developers make decentralized games. Games that are safe, open, and give you new ways to make money from your games.
Read More GameFi- Why Adoption Is Slow?
Gaming has seen explosive growth over the last decade, thereby becoming a behemoth of an industry that’s worth over $200 billion.
But the gaming industry continues to face two age-old problems:
- For developers: To create a game on traditional infrastructure, developers need to build complicated backend systems that take years alone — raising the barriers to entry to create games.
- For players: In-game items are locked into closed ecosystems — meaning that players can’t capture any value from their investment of time & money.
But there’s a solution to both of these problems: web3 gaming is primed to disrupt the entire gaming industry by providing true ownership for players, opening up new monetization opportunities for creators, and lowering the barriers to entry for developers to create games.
What is Web3 Technology? and its Potential Impact on Video Games?
Can you imagine a video game where you truly own your in-game assets, and can buy, sell, and trade them outside of the game itself? This is the future of Web3.
Web3 is making video games more transparent and accountable. You can now see how games work and how their data is being used. This is a win for everyone involved.
Web3 is also making video games more social. You can now easily connect with each other and collaborate on projects. This is leading to new and innovative ways to play games.
Basically, Web3 technology, which is also called the decentralized web, is a new way of thinking about the Internet.
It uses blockchain technology to make it possible for applications and services to run, without a central server.
This is different from the traditional web. Because this kind of web uses centralized servers and middlemen to store and process data.
Who was the Founder of Web3?
The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms. The concepts of Web3 were first represented in 2013.
How Web3 Technology Can Benefit Video Games?
Essentially, Web3 technology has the potential to help video games in a number of ways, such as ;
Web3 technology lets game developers make decentralized games that do not use centralized servers or middlemen. This can give you more security, privacy, and control over your data.
It can also make it less likely that the server will go down or be hacked.
New Ways to Make Money
This Web3 technology gives game developers and players new ways to make money. You can get rewards and cryptocurrency for playing decentralized games. Crypto is traded or exchanged for real-world money.
Systems that are Clear and Trusted
This technology is based on blockchain technologies, which offer systems that are clear and trusted. This can make it easier for you to trust game developers and make the game more fair and clear.
Potential Impact of Web3 on the Game Industry
Yes, Web3 could have a big effect on the video game industry. This technology could shake up the current gaming industry by allowing new business models.
These new business models are reducing the need for middlemen. Giving you more control and transparency over your data.
Web3-based games also give you new ways to make money from your games. For example, like by doing things in-game that earn you cryptocurrency.
Also, game marketplaces, based on Web3, let you buy and sell in-game items and virtual assets in a safe and decentralized way.
Overall, Web3 technology can change the gaming industry by making games more secure and decentralized. Creating new ways to make money, and giving you more control over your data and virtual assets.
How Game Developers Can Utilize Web3 Technology.
Using Web3 technology, game developers make decentralized games that are safe and open. This new technology will give you new ways to make money.
Game developers can achieve this by making decentralized applications (dApps).
dApps that will run on the Web3 network with the help of Blockchain technology.
Here, I am listing some ways below, game developers can utilize Web3 technology.
Creating a Decentralized Game
Most importantly, game developers can use Web3 technology to create decentralized games. These games are not reliant on centralized servers or intermediaries.
Additionally, this can provide greater security, privacy, and control over your data. As well as reduce the risk of server downtime or hacking.
These game developers can integrate cryptocurrency into their games. It allows you to earn and spend cryptocurrency for in-game activities or virtual assets.
Consequently, it will create new revenue models for game developers. Further, it offers you greater control over your virtual assets.
Developing Decentralized Marketplaces
These developers can create decentralized marketplaces, where you can buy and sell in-game items. The same counts for virtual assets in a secure and transparent manner.
Read More Blockchain Gaming- What Is The Future?
Advantages of Using Web3 Technology in Game Development
Above all, using Web3 technology to make games means more security, and control over your data.
The future of gaming, evidently is Web3, where pixels meet profits and ownership gets a blockchain upgrade.
So grab your NFT-powered sword, strap on your decentralized armor, and get ready to level up your gaming experience like never before.
Get ready to trade, and embrace the wonders of true ownership, transparency, and player-driven economies.
In this world, the game is on, the rules are yours to rewrite, and the possibilities are as endless as the blockchain itself. The revolution starts here.
a. True Ownership
Web3 gaming introduces the concept of true ownership through the use of non-fungible (NFTs). You can own unique in-game assets that are on the blockchain.
This ownership extends beyond the confines of a specific game, allowing you to trade, sell, or transfer your assets across different games and platforms.
2. Player Driven Economy
Web3 gaming enables player-driven economies where virtual assets hold real-world value. You can monetize your in-game achievements, creations, or rare items, and trade them with other players for crypto tokens.
This opens up opportunities for you to earn income and participate in decentralized policies.
3. Transparency and Trust
The blockchain technology underlying Web3 gaming provides transparency and immutability. Game mechanics and asset ownership are recorded on the blockchain, ensuring trust and preventing fraudulent activities.
Smart contracts govern interactions, enabling transparent and automated transactions between players.
4. Interoperability and Cross-game Interactions
This helps you to use your assets across multiple games and platforms. You can take your characters, items, or achievements from one game and use them in another, creating seamless and connected gaming experiences.
5. Community Governance and Participation
Web3 gaming embraces decentralized autonomous organizations(DAOs), and community governance models.
You have a say in the development, decision-making, and future direction of the games you are involved in. This fosters a sense of ownership, community engagement, and collaboration.
6. Enhanced Security and Anti-cheating Measures
The decentralized nature of Web3 gaming reduces the risk of centralized hacks or data breaches.
Additionally, the use of blockchain technology, enables anti-cheating mechanisms, ensuring fair play and maintaining the integrity of the gaming experience.
Conversely, Web3 gaming offers a paradigm shift in how you interact with games, providing greater ownership, economic opportunities, transparency, and community participation.
It expands the possibilities for gamers and introduces novel experiences in the gaming industry.
High entry costs
In order to play many Web3 games, you need to purchase NFTs, which can be expensive. This can create a barrier to entry for new players and make Web3 gaming inaccessible to many people.
Blockchain technology is still in its early stages of development, and it is slow and expensive to process transactions on some blockchains.
This can lead to scalability issues for Web3 games, making it difficult to scale up to a large number of players.
It can be complex and difficult to understand for new players. This is because a basic understanding of blockchain technology and cryptocurrency is needed to play many Web3 games.
There are a number of security vulnerabilities in Web3 games being relatively new.
This means that you are at risk of losing your NFTs or other assets if you are not careful enough.
Blockchain technology is energy-intensive. And this can lead to environmental concerns. This is especially a problem for Web3 games that are built on blockchains with a high energy consumption.
Web3 gaming has also been criticized for its potential to be addictive and exploitative. Some Web3 games have been designed to be as addictive as possible, in order to keep you playing and spending money.
Additionally, some Web3 games have been accused of being predatory, targeting vulnerable players and scamming them out of their money.
You should do your research and only invest in Web3 games that they trust.
List of Web3 technology-based Games.
Several game developers have been able to use Web3 technology in their games.
a. Axie Infinity
It is a popular blockchain-based game where you can earn cryptocurrency. By doing things in the game like breeding “Axies” and fighting them.
In this game, you can buy and sell virtual land and assets in a decentralized market.
It is a virtual reality game in which you can own and trade virtual real estate. In a world where that is not controlled by a central authority.
List of Web3-based Video Games
These games do not have a central server, which makes them safer, and more open. It gives you more control over your data.
It is a game where you can breed and trade virtual cats on the Ethereum blockchain. Each cat is unique and represented as a non-fungible token (NFT), making them rare and valuable.
It is a blockchain-based trading card game that uses NFTs to represent each card. The game offers you ownership and control over their digital assets. As well as, as a decentralized marketplace for buying and selling cards.
It is a Web3-based game collectible card game. In this game, you can earn cryptos for winning matches and completing quests. The game uses blockchain technology to provide you with ownership and control over your digital assets.
Star Atlas is a massively multiplayer online (MMO) Web3 game built on the Solana blockchain. It is a space exploration, territorial conquest, and political domination game where players can earn real-world income for their contributions.
It is still in development, but it has already generated a lot of excitement among gamers and investors. The game’s NFTs have sold for millions of dollars, and it is expected to be one of the most popular blockchain games when it is released.
It is a blockchain-based MMORPG Web3 game that combines science fiction and fantasy. Scheduled for full release later this year, the game allows players to accomplish space missions, and explore and use weapons while using all sorts of items and assets like NFTs.
The game will also feature a marketplace where players can buy and sell NFTs.
Guild of Guardians is a fantasy action RPG where players build their dream team of Guardians and compete in a guild to earn epic rewards. The game is built on the Immutable X blockchain, which means that all in-game assets are NFTs and can be traded freely on the open market.
Players can earn tokens by completing quests, winning battles, and participating in events. These tokens can then be used to purchase new Guardians, upgrade existing Guardians, or enter into new battles.
Guild of Guardians
This is a free-to-play game, but players can choose to spend money on in-game items, such as new Guardians or cosmetic items. However, all of the core gameplay mechanics are available to players who do not spend any money.
The RPG-based web3 game is currently in alpha testing, but it is expected to be released in full later this year.
It is a web3 gaming platform built on Solana. The platform features play-and-own mechanics, meaning that all of your in-game assets are owned by you, and verifiable by the blockchain.
Aurory is a turn-based strategy game where players collect, breed, and battle Nefties.
Nefties are unique digital creatures that are stored as NFTs on the Solana blockchain. Players can use Nefties to battle other players in the Aurory arena or to earn rewards by completing quests and challenges.
It is still in development, but the team has released a pla
is a free-to-play, turn-based tactical RPG game inspired by retro games of the 1990s and 2000s. Players can collect, battle, and earn in Voxie Tactics.
Voxies are cute, lovable, and collectible 3D voxel buddies that live and play on the Polygon blockchain. There are only 10,000 Voxies in existence and no two Voxies are identical.
Players can earn VOXEL tokens and item NFTs in the game and they have full ownership of their assets.
Voxies can be used to battle in the game, explore the VoxelVerse, or be used as companion pets. Voxies can also be used to breed new Voxies, which can then be sold or traded on the Voxies marketplace.
Voxie Tactics is a free-to-play game, but players can also choose to spend VOXEL tokens to purchase in-game items, such as weapons, armor, and potions.
Players can also earn VOXEL tokens by completing quests, winning battles, and selling items on the Voxies marketplace.
The alpha version allows players to collect Nefties, hatch eggs, and battle other players.
The team is currently working on adding new features to the game, such as a breeding system, a quest system, and a multiplayer arena.
It is a free-to-play, open-source, blockchain-based MMORPG game developed by Planetarium Labs.
The game is set in a fantasy world called Yggdrasil, and players can explore the world, fight monsters, and earn rewards in the form of NCG tokens.
NCG tokens can then be used to purchase in-game items or to trade on cryptocurrency exchanges.
It is a unique game in that it is both free-to-play and blockchain-based. This means that anyone can play the game without having to purchase any NCG tokens, but players who do choose to purchase NCG tokens can earn additional rewards by playing the game.
This is a play-to-earn (P2E) farming and tower defense game built on the Solana blockchain. Players can collect, breed, and battle with adorable plant pets called Sprouts, while also growing crops and defending their farms from the Blight.
The game is set in a post-apocalyptic world where the Blight has ravaged the land. Players must restore the balance of nature by growing crops, raising Sprouts, and battling the Blight.
Everseed is a decentralized game, meaning that players own their in-game assets, including Sprouts, crops, and land. Players can trade and sell their assets on the Everseed marketplace.
Benefits of Web3 Marketplaces
These Web3 marketplaces use blockchain technology to make sure that digital assets are real and that they belong to the right people.
It also lets you buy and sell things directly with each other without the need for middlemen.
Few benefits of Web3 Marketplaces.
1. Greater Security and Transparency
By using blockchain technology, it helps to verify the authenticity and ownership of digital assets. This reduces the risk of fraud and hacking. It also provides you with greater control over your virtual assets.
2. Decentralized Transactions
Web3-based game marketplaces enable peer-to-peer transactions without the need for intermediaries. It allows you to buy and sell digital bassets directly. This reduces transaction fees and enables faster and more efficient transactions.
3. New Revenue Model for your in-game activities
This type of marketplace allows you to earn cryptocurrency for your in-game activities. Or for selling virtual assets, and creating new revenue models for you and game developers.
List of Web3 -based Game Marketplaces
OpenSea– It is a decentralized marketplace. You can buy and sell NFTs, such as those used in Web3-based games.
Rarible– It is placed on the Web3 where you can buy and sell NFTs. Such as those used in Web3-based video games.
Nifty Gateway– It has become well-known because artists and famous people hold NFT sales here.
Ultimately, these marketplaces show how Web3 technology can be used to make safe, open markets for digital assets. For example, like those used in Web3-based video games.
Criticism of Web3 and Decentralized Blockchain Technology
Even though Web3 and decentralized blockchain technologies could be good for video games, there are also criticisms and worries.
For example, about how they are used. Some common complaints are as follows.
Blockchain technologies are still in their early stages. Their speed and ability to grow are still limiting. . This can be a problem for games that need a lot of people to interact with each other in real time.
Implementing Web3 and decentralized blockchain technologies can be hard and require specialized knowledge and skills.
AI can make it harder for people to play Web3 games.
Some people have said that the amount of energy that blockchain technologies use could be bad for the environment.
Adding Web3 and blockchain-
It can be hard plus expensive too. Especially, for smaller game developers. This can make it harder for you to play Web3-based games. But also slow down the progress in the game industry.
Adoption is limited-
Since these technologies can make it harder for developers to reach a critical mass of users.
Simplifying and teaching-
Web3 and blockchain technologies need to be taught and made easier to understand. This way game developers can use them. This could include making tools and platforms that make it easier to add these technologies to games.
Regulation and Standards-
There is a need for clearer regulations and standards. This could give game developers more peace of mind. It will help solve problems with taxes, intellectual property, and data privacy.
Lastly, Web3 gaming is still in its early stages of development, but it is growing rapidly and attracting a lot of attention from both gamers and investors.
It is an exciting gaming space, and there are many opportunities for innovation and growth.
In the future, gamers will be able to trade, sell, or transfer their digital items across different platforms as NFTs by using Web3 technologies. This will not only create a seamless experience for players, but it will also open up new revenue streams and support a thriving digital economy.
Giving players more Power and adding digital value. Web3 technology is revolutionizing the gaming industry by shifting the focus from creators to players., empowering them with ownership of in-game assets and the ability to earn real-world value.
Web3 games have the potential to become a significant player in the gaming industry. Thereby, contributing to a substantial market share over the next decade. However, as with any developing innovation, the realm of Web3 gaming is not without its challenges.
For 2022, the market size was US420,432.1 million.
You can not invest directly in Web 3.0 but you can choose to be an active or passive investor through a variety of investment options. These options include crypto and NFTs, while passive investment options involve buying stocks in companies actively engaged in Web 3.0.