The Future Of Web3 Games: Analysis And Perspective

| Updated on July 17, 2024

If you are a seasonal gamer considering playing Web3 games, this is high time. With the leaps and bounds growth of blockchain technology, gaming enthusiasts are exploring its handsome rewards and opportunities. 

Besides tokenization and interesting NFTs, it also caters to absolute authority with no interference from third-party regulations. After all, as the world is consistently revolutionizing, it’s relevant to understand the future trends in Web3 gaming. 

It might become a reality that in the coming years, there will be no cash or gold rewards or points to win in a video game, but only virtual currencies and tokens. 

In this write-up, we will acknowledge the evolution of Web3 games and look at the contribution of sites like  https://nationalcasino.com/, which provides a lifetime opportunity to build a strong gaming portfolio to stay ahead of adversaries.

The Rise Of The Web3 Games 

From Web2 to Web3 Games and the Next Phase

From Super Mario and Pokémon video games to CryptoKitties and Decentraland, we have come a long way since the initial launch of crypto. Being part of a trendy gaming ecosystem is exciting and challenging at the same time.  

It was easier to understand the features and reward system of Web2 with in-game rewards, however, with the surge of digital payments, Web3 has emerged as a safer playing arena. 

Many traditional gamers question its inclusivity because playing Web3 games requires knowledge of blockchain technology and owning a crypto wallet. 

However, as per the 2024 quarterly report, Web3 gaming has captured approximately 30% market share with 2.1 million average daily active wallets. 

Let’s learn how blockchain is transforming the gaming sector by utilizing virtual currency transactions through safe networks, offering a new experience to its users. 

Blockchain Transforming the Gaming Industry

Components of Web3 Gaming

Coders, virtual gamers, and financial analysts are keeping a close watch on the way Web3 is slowly being adopted. The reason is an increase in the different methods of transactions, which now includes decentralized token distribution in online gaming. 

It is an overhaul of new methods, where instead of the gaming company, the players have complete ownership of their virtual assets like tools for a character or a rare collectible. 

Let’s analyze deeply some more features of blockchain networks and Web3 games that are transforming the future of gaming:

Transaction Models

Earlier it was easier to understand a game, put money in it, and in return win rewards in points or cash. Nowadays, transaction models have been upgraded with different types of transaction models such as play-to-earn, move-to-earn, metaverse worlds, and fantasy sports. 

For example, the most popular model is the play-to-earn, where players can earn real-world income for their active participation in virtual economies. 

FUN FACT
In 2017, CryptoKitties launched by Dapper Labs on Ethereum was the first widely recognized implementation of NFTs.

Player Ownership

Another factor we mentioned earlier in this article, is an opportunity for players to own their winnings. Whether it’s NFTs or a rare gaming item, it can be owned and distributed across virtual channels. 

It is due to the non-interference of any third-party governance that is usually costly because of cross-border currency taxes.

Digital Identity

Digital Identity Building Blocks

When logging into an account, every user has to input their personal information verified by the government. This traditional system may not be flawless, because hackers can steal your identity and profits earned through gaming. 

However, in Web3 games a Player ID system is integrated which keeps the user’s anonymity and virtual assets safe. It connects your identity information to digital wallets, making it easier to do transactions. 

Maintaining Transparency

There are not enough attempts made to create a safe online environment where people can store, manage, and make payments without any fear of losing their data. 

In this regard, blockchain technology is a game-changer, with networks aligned across digital channels and faster fund transfers. This has won the trust of most gamers, as they can enjoy playing and diversify their profits conveniently.  

Advanced Security System

Web3 games foster a collaborative environment where gaming assets can be owned and therefore sold further to other players. While there are numerous learning and growth opportunities for new gamers, securing data and digital wallets is also required. 

Hackers and phishers are aware of the growing interest in Web3 gaming and are on the constant lookout for loopholes to infiltrate the system. The digital assets are secured using blockchain encryption protocols and decentralized solutions. 

Investments in Web3 Gaming and Metaverse Projects from Q1 2023 to Q1 2024

STATISTICS
The graph shows the promising growth investments in the Web3 gaming arena and Metaverse projects from Q1 2023 to Q1 2024. 

Web3 gaming holds a promising future for everyone with its large infrastructure and advanced technology. However, there is a greater need to focus on making it affordable for everyone worldwide. 

However, the cultural and economic differences sometimes may seem like a roadblock. With the widespread use of cryptocurrencies in every sector, soon this new system of transactions will be conveniently adopted. 

Some future trends of Web3 games that will soon become popular are:

  • Well-known video gaming market leaders and players will actively engage in playing Web3 games, resulting in its rapid growth. 
  • The quality of online sports will diversify as well as improve with high-tech gaming like Metaverse worlds and fantasy sports. 
  • Experts are anticipating the rise of several AAA blockchain games that will be launched shortly. 
  • There is a consistent trend seen in the play-to-airdrop reward model that rewards players with tokens for their social media engagement and interaction with games. 
  • Polygon and Ethereum networks have seen steady interest since 2023, continuing their popularity in 2024. 

In conclusion, Web3 games are here to stay because of the faster adoption of advanced technology and the introduction of new transactional methods. Gaming is no longer just an ideal activity; but through the blockchain network, it encourages collaboration and safe distribution of funds. Therefore, it’s high time to make the switch from in-game currencies to support the larger gaming world. 




Charu Thakur

Expertise


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