How Does The Gaming Industry Evolve With Web3 And Blockchain Technology?

by JamesAnders

The word Web3 and blockchain are the most talked words in the news and social media these days. You hear a lot of news that popular brands are getting into web3 with Non-Fungible Tokens. Not just popular brands, it also includes popular game developers developing their own NFT platform. Having NFTs in games is getting a mixed reaction from the developers and gamers globally. Though the Game developers conference gave a negative result on NFT gaming, many mainstream gaming companies and gaming giants like GameStop are showing their support for this new technology. What is the buzz with this technology and the gaming world? Should the gamers and small-scale game developers be concerned about this new evolving trend? What can you expect from this regarding the future of the gaming industry? Here is a short blog curated for enthusiasts like you to get to know what is happening around you.

Games and NFTs go hand in hand

The games we have experienced so far are traditional video games where you have to pay to get a certain new experience in the game. Right from the games, we play using television consoles to the MMORPG (massively multiplayer online role-playing games), we always do something new.

Paying for in-game items to get a new gaming experience is what gamers are doing today. An improved gaming experience is what they get in return and nothing else. But today, with Non-Fungible Tokens on the blockchain, the in-game items are not just digital data but a token on the blockchain that gives tradeable ownership. With this, gamers can not only just play with them; they can sell them whenever they don’t feel the need for them to other fellow gamers. 

The blockchain influence doesn’t stop just there. With the evolution of web3, play-to-earn NFT games emerged. This not only allowed the gamers to sell their in-game assets but also earn from them. This web3 model of gaming gave the gamers rewards for their time spent on the platform. They are also compensated for their gaming skills and the effort they put into this game. 

While some gamers think this is a fortune for the gaming industry, others feel that this might disturb the overall gaming experience. Getting blockchain into gaming is something that is in its infancy, and game developers are still working on it to extract the best out of it.

The bottom line

It has been found that these games use 60% of the blockchain. And it has beaten the decentralized finance-based Dapps, which went down during the crypto crash at the beginning of 2022. But NFT games recorded the highest number of Unique daily active wallets withstanding the cold winds of the crypto winter. NFT gaming platforms for beginners are emerging, and they are said to redefine the new generation of gaming.

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