By the end of 2022, Statistica projects that the gaming category will generate US$205.00 billion in revenue, and by the end of 2027, it may have 3,595.9 million players. These figures unequivocally show that the gaming sector is expanding dramatically. But since 2019, there has been a significant change in the gaming industry. Creators desire to seize control rather than cede it to a single entity, and Web3 game creation makes this possible in an unreliable way. The future of this kind of economy is Web3, which has sown the seed for a new creative economy.
Describe Web3 Gaming.
Web3 games are essentially those that use blockchain technology. Due to the decentralized structure of a blockchain, users rather than a central authority manage all aspects of the gaming platform, including the production and ownership of in-game assets.
The industry that creates Web-3 games raised more than $3.3 billion in 2021 for ecosystem expansion. We saw various gaming-specific blockchains emerge on the market as the scope of investment and the number of Web3 participants grew.
Sky Mavis created it to get around the high gas costs that the Ethereum blockchain-based version of its very popular game Axie Infinity was experiencing.
The Web3 game development company is a way to scale Ethereum. For the games developed on it, it provides 9,000 transactions per second speed, almost instantaneous transactions, and gas fee-free transactions.
A web3 development firm believes blockchains like WAX, Polygon, Harmony, and Hive are ideal for creating Web3 games.
What kind of Web3 games are available? What distinguishes them from the centralized competition?
A recent survey found that Generation Z and millennials game more than 7 hours each week. Gamers may now make money from their free time largely to web3 gaming. In reality, since Web3 games have become a major source of income for gamers in nations like Korea and the Philippines, they have helped increase GDP.
Blockchain-based free-to-play games have recently gained a lot of popularity. This is because there are no initial expenses associated with playing these games.
Every year, 10 to 15 percent more people join the gaming sector. They may practice their abilities before entering the play-to-earn market by playing these free Web3 games. Additionally, Web3 users like that the in-game items they gain via play are theirs to keep and are censorship resistant.
Play to Earn Games
Play-to-earn games, as their name indicates, let users make money from the time they spend playing. The gamers get fungible and non-fungible cryptocurrency tokens in exchange for their time.
A web3 game development company creates a variety of gameplays that players may play to make money. The player may make money by defeating opponents in combat, staking land or other in-game assets, creating and selling in-game goods, and more.
The Web3 Gaming Technology Stack
A Web3 game contains a creator economy and financial transactions, which makes it technologically extremely different from traditional game production and requires the services of only an expert Web3 game development firm. The four key technological elements of Web3 gaming are as follows:
Decentralized applications (dApps)
A tool that leverages Web3 frameworks to enable communication between players or game producers and the blockchain is known as a decentralized game application. The interface players use, called a “dApp,” is created using Unity or Unreal SDKs.
They use smart contracts to allow the trade of in-game items and transactions.
Smart contracts allow game designers to modify their creations and utilize in-game resources to user preferences. These are set up to keep an eye on and control the economy and game mechanics.
The gameplay data is saved on the blockchain network when a Web3 game is created and deployed. Nodes assist in extracting this game data and delivering it to Web3 libraries. As a result, genuine gaming is made possible via the interplay of Web3 libraries and smart contracts.
There are usually related digital wallets with dApps and Web3 gaming platforms. Every user is identified by this wallet, which also allows them to gather in-game assets or tokens safely.
You’ve just read some excellent information on creating Web3 games. However, you still need to figure out what you should make, or you have an idea but require a highly qualified web3 development company.
With the aid of innovative technologies like blockchain, DAO, and the metaverse, web3 gaming is also boosting the financial side of the game business. It allows players to engage in lucrative activities, including in-game trading of digital assets and play-to-earn employing NFTs. Web3 gaming is a positive development for the future of the online gaming sector.
Web3 development firm has fundamentally altered the gaming industry by integrating blockchain and metaverse technologies. By eliminating centralised game administrators and platform owners, it has democratically changed the gaming business.