The economy of creators is thriving. The idea of doing an ordinary job from 9 to 5 is no longer appealing to millennials. To adapt to the emergence of web3 and web3 gaming, the creator economy will need to transition. They want to run their own business and contribute to online material.
Web3 game creation is making it possible for creators to assume control of their work in a decentralized fashion, which is preferable to the alternative of placing power in the hands of a centralized authority. This has resulted in the planting of the seed for a new creative economy, and the future of this form of the economy will be web3 gaming.
According to projections by Statistica, the money produced by the gaming business will approach $205.00 billion before the closing of 2022, and the customer base may meet 3,595.9 million by the close of 2027. These data unequivocally demonstrate that the gaming business is expanding at an unprecedented rate. Since 2019, the gaming industry has been undergoing a fundamental transition, which has significant implications.
Meaning of Web3 Gaming
To put it another way, games driven by blockchain are known as Web3 games. Because of the decentralized nature of blockchain technology, all of the gaming platform’s operations, from the production of in-game assets to their ownership, are managed by the players rather than by some centralized organization. This applies to the creation of new investments and the management of existing ones.
As the size of investments and the number of Web3 gamers continue to rise, we are seeing the launch of many blockchains that were specifically designed for gaming:
Sky Mavis devised the Ronin Blockchain to bypass the high gas charges spent by its tremendously popular game Axie Infinity while functioning on the Ethereum blockchain. These expenses were incurred when the game was running on the Ethereum blockchain.
Ethereum scaling solution Immutable X is the Web3 game creation platform. For the games built on it, it offers a pace of 9,000 operations per second and transactions that are almost immediate and incur no gas price.
Blockchains like Harmony, Polygon, Hive, and WAX lend themselves very well to the creation of web3 gaming.
Some of the many types of web3 games
Many members of millennials and Generation Z spend more than seven hours each week playing video games. Web 3 gaming has been a significant contributor to the ability of users to earn money from their free time. In reality, countries like the Philippines and Korea Web3 games have increased GDP because many gamers can now sustain themselves handsomely via their involvement in web3 gaming.
Games for free
Games that can be played for free on a blockchain are now gaining popularity. This is because no initial financial commitments are required to participate in these games.
Annually, 10 to 15% more people join the gaming market. They have the option to perfect their talents via the use of these Web3.0 games, which they may do before entering into the play to earn money. In addition, players of Web3.0 enjoy the fact that the assets inside the game they earn throughout gameplay are theirs to keep and are unaffected by censorship in any way.
Games that make money
Play-to-earn games are online video games that allow players to win real cash in return for the amount of time they spend playing the games. Tokens of the game’s native cryptocurrency, both non-fungible and fungible varieties, are awarded to players in exchange for participation.
The player may make money in various ways, such as defeating enemies in combat, staking territory or other game assets, creating and selling items, etc.
Web3 gaming: Entry point for crypto
When you place your first crypto bet, it may be nerve-wracking since there is actual money on the line, the facts can be complicated, and you may find yourself spending so much time learning online even though the advice you get may not be completely true.
A far more user-friendly approach to cryptocurrency is taken in the gaming industry. There is a strong community in this industry, and gamers can communicate with one another and get a taste of what it’s like to possess a digital asset.
The quality of the community experience is a significant factor in determining how well gaming platforms interact with players and assist them in enjoying an immersive experience. The members of the group, much like the members of Web3 groups, start to become wary of who else is a part of the community and whether they are useful members.
When a horde of players starts draining these gaming platforms for money, the game’s performance and the enjoyment for those gamers who are there to game and make money greatly suffer.
On the other hand, platforms may depend on the community’s activity for network effects if the community is engaged. For instance, eighty percent of Axie Infinity’s customers came to the platform via recommendations, which enables you to explore new markets easily.
Read more about Metaverse of Web3: A Manifestation of Reality in the Virtuality, here.
With web3, we can see a future in which creators have more say over their work’s data and presentation and more opportunities for exposure and financial gain. These shifts will have far-reaching effects on the financial health of the creative industries, with most of those effects benefiting producers and consumers alike.
The future, according to projections, will see a surge in the popularity of community-driven gaming platforms that facilitate the acquisition, ownership, and exchange of in-game virtual assets. Play-to-earn games can potentially provide users in economically unstable nations with a new way to make money in the future.