With the introduction of Web 3.0, the game industry is undergoing major change.
Web 3.0 is predicted to increase the number of Indian gamers. The gaming industry has been transformed by Web 3.0 technologies. As society increasingly goes online, the gaming industry is growing. Because of the introduction of Web 3.0, the gaming industry is undergoing major change. With the arrival of decentralisation and blockchain technology, the globe is entering a new era of gaming.
The Indian gaming market is expected to grow from $2.8 billion in 2022 to $5 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 28–30%. This spread is aided by the emergence of online gaming platforms, more affordable smartphones, and increased internet penetration.
Furthermore, the number of gamers in the country is expected to rise from 420 million in 2022 to 450 million by 2023 and 500 million by 2025. Web 3.0 has played an important role in this expansion and will continue to do so.
There have been online games since the inception of the internet, but they have always been limited by the fact that they are hosted on only one server.With a functioning server,the game continues to have players staying for a longer period of time.
When playing an online game, each player has a copy of the game running on their computer. While the game is being played through a browser, each player’s computer connects with the others to keep everyone up-to-date on what is going on in the game.
The gaming industry is changing as a result of Web 3.0 technology, which offers numerous benefits for both players and game developers. One of the primary advantages of Web 3.0 is the use of non-fungible tokens (NFTs) for in-game assets.
NFTs are distinct digital assets protected by the blockchain that offer numerous advantages over traditional in-game items.
NFTs, for example, allow players to truly own their in-game possessions, which can be traded on decentralised markets. This allows users to profit from their gaming activity and provides game developers with a new revenue stream.
Advantages of Web3 for Gamers
The many advantages of Web3 for games are:
Dedicated to ownership
Web3’s guiding principles revolve around data ownership and allowing users control over their online information. This could lead to gamers owning in-game products rather than being at the mercy of game developers in the gaming industry.
Possibility of becoming an early influencer
The evolution of Web3 and the decentralised web has opened up numerous new options for the gaming industry. Players can now claim ownership of their in-game assets and data thanks to blockchain technology.
Earn extra income
As society increasingly goes online, the gaming industry is growing. Furthermore, as online economies have evolved, so have online games, providing gamers with more opportunities to benefit from their interests than ever before.
Varieties in Gaming
Gaming is currently one of the most popular and profitable industries. It is also among the most diverse, with participation from all walks of life and geographical places. The games themselves, however, lack this variety. Women and other minorities are typically marginalised or ignored in most games, which are still dominated by men.
The ability to change
One of its most appealing characteristics is the ability of anyone with coding knowledge to modify open-source games. This indicates that the content provided by developers does not limit users’ ability to create their own game experiences.
The gaming sector is expected to undergo significant development and prosper. Web3 and the current economic climate are expected to force the gaming sector to change. As a result, gaming businesses are moving closer to building the Web3 gaming platform. There will be a period of significant advancement as companies make the framework to support actual gaming activities and the ecosystem continues to emerge for more complicated sorts of game investing.
Credit: The Coin Republic