The Web3 Gaming Ecosystem

• Blockchain Council
• September 17, 2024

Before you understand anything about the Web3 gaming ecosystem, it’s first worth understanding Web3 itself. The current version of the internet, Web2, is one that we’re all familiar with. It’s essential to remember that Web3 is still an idea in its initial period of conception, but many people are talking about concepts like Web3 gaming as if Web2 was dead and gone. Essentially, the premise behind Web3 is to create a new iteration of the World Wide Web. Incorporated into Web3 is a focus on concepts like decentralization, blockchain technology, and token economics. We’re already seeing bits of Web3 drip-feed into society in the form of Web3 gaming and the Metaverse. Let’s explore it in more detail. 

What’s Web3 Gaming?

Web3 gaming is a type of video game that leverages blockchain technology and decentralized networks to create new gaming experiences that are more transparent, secure, and user-centric. Web3 gaming uses decentralized protocols and platforms, such as Ethereum, to enable developers to create games that allow players to truly own their in-game assets, identities, and data. You’ll notice that most, if not all, games and gaming platforms will have a token or cryptocurrency coin attached to them, like the UFO Gaming Price, UFO Price, which is attached to the UFO gaming platform.

In a Web3 gaming environment, players can earn cryptocurrencies or digital tokens by participating in games, completing in-game challenges, or trading their in-game assets on decentralized marketplaces. These tokens can then be used to purchase new in-game items or even traded for other cryptocurrencies or fiat currencies. This gaming genre is also known as play-to-earn gaming, and it has many people excited who would usually spend hours a day gaming for fun. 

But why has Web3 chosen to create a decentralized gaming market? As well as providing players with a new realm of gaming, it also aims to solve some of the major issues of a centralized gaming market. One thing that Web3 notices is the inefficiency of the centralized gaming market. Gray markets have emerged that puts gamers at the mercy of hackers and provide no benefit to developers or gamers. Web3 aims to solve that with innovative solutions like gaming Decentralized Autonomous Organizations.

Putting The Power of Gaming In The Player’s Hands

With centralized gaming markets, you’re very much at the mercy of the developer. For example, when you buy the new Call of Duty game, you’re purchasing the game and putting the money in the developer’s pockets. You can then spend more money to get more perks, like new maps or weapons. Fifa is another example of a game that keeps on taking rather than one that keeps on giving. What Web3 gaming promises to do, is put the power back into the hands of the player. Sure, the games aren’t as advanced or perhaps not yet immersive, but they’re new, developing, and exciting. 

Within the Web3 gaming ecosystem, you won’t see money funneled into a centralized market. The activities of the game, or the gaming platform, including gaming assets and decision-making, are funneled instead into a decentralized and growing market. 

How Accessible Is Web3 Gaming?

The question is, how accessible is Web3 gaming? It’s not like you can go into the store or browse the Microsoft store on the Xbox and buy a new game. In fact, you won’t have to buy a game at all, but what you will often have to do is buy tokens related to that game in order to buy what you need to start, which is usually an animated character. You then earn and learn as you play and can use acquired tokens throughout the game to either trade and earn or buy more features within the game. 

But how do you access it? You first will need a wallet to interact with decentralized applications (DApps) such as Web3 games. Examples of popular Web3 wallets include MetaMask, MyEtherWallet, and Coinbase Wallet. You’ll then need to fund the wallet, typically with Ether (ETH), and then search for games on online gaming platforms. You can find Web3 games on various platforms, such as OpenSea, SuperRare, and Rarible. There are also dedicated Web3 gaming markets.

Some Of The Best Games On The Market

Since the creation of Web3 gaming, some incredibly fun and immersive games have made their way onto the market. From the likes of Axie Infinity – the perfect example of a game where you must buy an animated character to start playing – to the failed Formula 1 game, there’s an endless list of successful and equally unsuccessful Web3 games. Here are some of the most current and popular that only show signs of an upward trajectory:

• Axie Infinity
• Crypto Kitties
• Ember Sword
• League of Kingdoms
• Blankos Block Party

Each game has a unique selling point, so it’s essential to do your research and find one that appeals to you.

Web3 gaming is one of the most exciting gaming concepts of the last decade. Finally, we’ve got a way to play games and earn money without having to start a career. It’s only the beginning of play-to-earn gaming, with more entering the market daily.