Gaming is not a new concept to introduce, but the evolution of gaming with the advancement of technology sure is. It won’t be unfitting to state that the gaming industry is at the cusp of advances as the industry steps its foot from free-to-play to the play-to-earn concept. The gaming industry dynamic is changing significantly, so drawing user and gaming app development companies’ attention is necessary.
The global gaming market has been witnessing significant growth since 1997. Still, a recent report highlighted that the market revenue of the gaming industry was around $178.2 billion in 2021 and is projected to spike up to $196 billion by the end of 2022. All thanks to the advanced tools and technologies.
Let’s revisit the Web 2.0 ecosystem, where players must spend hours to get to the zillionth level. But sooner or later, every gamer starts to think that the present gaming applications are nothing but a resource sink. Because if the player decided to stop playing the games, they couldn’t make use of the hard-earned in-game money after spending real dollars to purchase the perks.
Fast forward to the introduction of Web 3.0 to the gaming industry: now, players will be able to earn actual money while having fun at the same time. As highlighted at the Phonato Studios, the gaming industry is creating a new era wherein gamers can purchase in-game goods/ assets and sell them to other players if they don’t wish to continue the game.
But how will this evolution take place? The answer is quite simple– advanced technologies will help bridge the gap between gaming applications and their users’ emotions toward them. Let’s see how!
Technologies That Will Help In Revolutionizing Gaming Industry
- NFT is a technology that allows for the ownership and scarcity of digital assets like digital money.
- Players will have complete control over their purchased in-game assets, thanks to the simplicity with which they can convert them into NFTs.
- The fact that players can keep their converted holdings for as long as they like, even after the game is done or stopped, makes NFTs more persuasive.
- “Show me the incentives, and I’ll show you the outcome.”- a famous quote by Charlie Munger, a successful American businessman, seems true with the advent of Web 2.3 in the gaming world.
- Gamers can earn and reap benefits after giving their time, effort, money, and soul to their games using tokens inside the game.
- It won’t be an overstatement to convey that tokens will shape the gaming industry’s future for everyone involved– from the game developers to supporters of the game to the players themselves. Everyone can incentivize their assets using the tokens inside and outside the gaming world.
- The ability to create one game on top of another and make the gaming ecosystem interoperable is inherent to the openness and permission-lessness of the blockchain.
- The introduction of avatars in the game can help players interact with environments, objects, and other gamers.
- In short, a digital multiverse could be created by transferring things via blockchain between various video games and gaming universes.
It would suffice to mention that Web 3.0 will create an unparalleled gaming experience for its users. It’s not a hidden fact that the Internet has been a king; soon enough, it will include Web 3.0 in its kingdom with an open arm. Including users’ concerns regarding their hard-earned assets will make the Web 3.0 landscape even more widespread and favored. Lastly, the best part to look forward to will be how both, when combined, will revolutionize the gaming industry for a stellar experience for the users.