Is Web3 the future of traditional gaming?
With Web3 and blockchain technology becoming more and more prominent each day, companies in the tech sector are eager to carve their place in this new frontier. The gaming space has always sat on the cutting edge of technology, and as we move towards this new era of innovations, Web3 seems so much more attainable and closer. But at what cost, what opportunities can it provide to our beloved gamers?
Let’s face it: using these new and emerging technologies like NFTs, blockchains or the Metaverse ain’t for the weak: the gaming space is not only changing, it is going through a revolution, providing benefits that were previously unattainable by gamers. Getting back to it, broader concepts like decentralization, security, tokenization, and ownership will play a big role in remaking the old gaming space we have been familiar with, incorporating Web3 technologies in it.
Did you know?
HYVE has many listings looking for Web3 game developers. Nevertheless, we have more than just technical professionals, including marketers, creative writers, copywriters and graphic designers, which can help you out for the more creative aspects of your gaming project.
Decentralization
Blockchain gained its popularity due to its decentralization and ability to empower users to act online without the need for intermediaries. Putting people in charge of their online decisions and protecting their information and data through decentralized platforms makes a lot of sense for gamers who want to immerse themselves in a game but not necessarily be beholden to the game creator.
Therefore, it is not excluded that decentralizing and democratizing the actual game development process gives more power to the gaming communities themselves.
DAOs are governed by smart contracts, removing the need for human supervision and intervention. Organizational decisions and changes are determined through voting and reaching a consensus among members. In most cases, voting rights are determined by the possession of ‘governance’ tokens, which can be freely bought and sold on secondary markets (or exchanges).
While DAOs do have founding members, meaning that there is no centralized head (such as a CEO) or management team at the top of the organization making isolated decisions that impact gamers. This creates a flat management structure, as the gamers shape their own game. Maintaining decentralized power for games means those who are closest to the game can have an input into its development and evolution thanks to Gaming DAOs that often incorporate the financial element of GameFi into their structure. This means that members of the DAO stand to make real-time returns on investment depending on the rules set out in the smart contract.
Tokenization
The proliferation of cryptocurrency in the financial sector is well known, but tokens secured on blockchain have much more utility than simple monetary transactions. Within the gaming space again, there is a need for in-game purchases — but the current method of buying in-game tokens is plagued with issues. There is a real lack of security with these tokens, and this economy’s control lies entirely in the game creator’s hands. Tokenization solves this issue and gives power back to the community.
Tokenization also powers NFT functionality and DAOs meaning a new economy can form – one that is secure, decentralized, and empowers the gaming community.
Showcase your assets!
Aspects like NFTs showcase how important and influential individual and verifiable ownership is for people. NFTs have taken the art world by storm, but the very reason they are so popular there also translates into gaming with in-game assets. In-game items are not only highly prized by gamers, but they can also form the basis of an entirely new off-game market. Gamers can collect skins, ammo, weapons, or any other in-game usable assets, but as an NFT they will have authentic and fully transparent ownership they can take off the game.
As Web3 gaming grows alongside the concept of the Metaverse, these assets will become increasingly interoperable between gaming titles, meaning gamers will be able to show off their assets across several different gaming worlds.
Skins and weapons or tools in-game are essential to gamers, and they want full ownership and control — as well as verifiable rarity and information on their items. Ownership of assets can impact gaming on a massive level if done right with blockchain. Imagine a rare collectible sword that you acquired in an action game being easily transferable to your avatar in a social media Metaverse. Equally, if a gamer would rather monetize that particular asset, they can trade the NFT-secured asset on external platforms such as OpenSea.
Briefly said, having desirable in-game assets with the ability to be bought and sold on secondary NFT marketplaces will bring a new dynamic to games and for gamers, while creating the opportunity for them to accrue real value and be collected for their resale value as well as the prestige of ownership.
Watch it evolve…with us!
The move towards Web3 gaming is inevitable. Gaming is a growing sector and one that looks to be at the cutting edge of technological advancement. With a new host of technologies emerging in this shift to Web3, gaming will undoubtedly be at the forefront.
A lot of coders take a career step towards game development. With HYVE, you can try your luck whether it’s a whitepaper you need, somebody that can code or even better, some creative talent that can help contribute to a web3 gaming project. Many independent studios have made the transition towards developing web3 projects, and as the market is increasing, so will adoption and the number of gamers looking for immersive experiences.
If you have an independent gaming studio and are looking for professionals, HYVE will fit all your needs to help you transition to web3. What is more, you can provide your services through offers and start developing GameFi ecosystems!
Are you ready for the future?