Demystifying Web3 Gaming

Image source: Synesis One

Web3 gaming, also known as blockchain gaming, has seen continued growth in recent years. This type of gaming uses blockchain technology which enables players to own their in-game assets and have full control over them. This has led to a new type of gaming experience. There, players are able to build and maintain their own digital economies.

In spite of this, early blockchain gaming mishaps have pushed the larger gaming community away from it. It can be seen with a bad reputation to the unfamiliar. Contrary to crypto gamers, they tend to stay away from web3 gaming. You may wonder why. Simply put, most don’t know much about it.

One of the key benefits of web3 gaming is that it allows players to truly own their in-game assets. In traditional gaming, players may spend a significant amount of time and money building up their in-game characters or items, but they do not actually own them. They are at the mercy of the game’s developers, who can change the rules or take the assets away at any time.

Web3 gaming, on the other hand, uses smart contracts and other blockchain technology to give players true ownership. This means that they can trade, sell, or even lend their in-game items to other players. They can do so without fear of losing them. It also allows for a more vibrant and dynamic in-game economy, as players are able to freely buy and sell assets without interference from the game’s developers.

Source: Tanveer Zafar

In addition, another key benefit of web3 gaming is that it allows for greater interoperability between different games. Traditional gaming often confines players’ assets to a single game or platform. This means that they cannot use them in other games or even transfer to other players. With web3 gaming both become a possibility, granting players much more flexibility and freedom.

In fact, the increasing popularity of non-fungible tokens (NFTs) has driven web3 gaming’s growth. They are unique digital assets that are verified on the blockchain and cannot be replicated or counterfeited. They have become popular in the gaming world as a way for players to own and trade rare in-game items.

While crypto gamers are usually leaning on the try-hard and more competitive side, web3 gaming may seem challenging and intimidating to the more casual. This can be looked at as a matter of approach. As time goes on and blockchain gaming continues to proliferate, sense of opportunity, ownership and freedom will replace prejudice and fear.

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Written by Augusto Chiarito