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How Web3 Revolution is Transforming the Gaming Industry?
By Shikha Singh
Several protocols have taken the gaming sector by storm. With Gen-Z immersed in online gaming activity, the potentials have only increased. The recent advent of Web3 gaming is set to alter the way games are played and more importantly, deciding the outcome in the event of reaching the finale.
Undoubtedly, video games have become integral part of the majority of netizens or game lovers, whether as a pastime or a source of amusement or even for earning rewards. Majority of game players on the internet or on digital platform, are aware of Minecraft, Tetris, Call of Duty: Modern War, Fortnite. Many have grown up playing these games. However, the gaming sector started to change with the development of Web3 because the gaming community began to meet with Web3 games.
Web3 gaming is a decentralised gaming process in which any central authority is removed from the operations of a gaming ecosystem or gaming platform, specifically the ownership of gaming assets and decision-making in all game-related areas.
Blockchain technology is being used to create Web3 games which give players a voice in how and when the game should change. It basically, decentralizes certain parts of and activities within gaming ecosystems and platforms. By providing asset trading, tradeable game tokens, and opportunities for players to earn in cryptocurrencies while playing, Web3 gaming also provides the groundwork for play-to-earn for users and transforms the pay-to-play aspect.
For the gaming industry, Web3 gaming offers fair virtual marketplaces where gamers can access and fully control in-game digital assets. These assets are stored in the form of gaming NFTs and are distinctive.
By connecting in-game assets and players across platforms, web3 gaming also offers extensive interoperability among various gaming ecosystems. The sort of blockchain platform chosen for creating a gaming ecosystem will affect interoperability. For instance, the interoperability capability in cross-chain communication bridges is offered by Polkadot or Solana.
Axie Infinity ($AXS), Galactic Arena ($GAN), The Sandbox ($SAND), and MOBOX ($MOBX), are among the current top 20 largest blockchain gaming platforms based on protocol balance.
According to DappRadar, the balance is the value of assets in a protocol’s smart contracts. It is one of the most important metrics that can be used to determine how well a dApp is performing in a given market segment compared to other platforms.
The current top 3 Axie Infinity, BinaryX ($BNX), and Galactic Arena have the lion’s share with a total balance of $1.5 trillion.
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