Web 3.0 and how it will transform the gaming industry
- Sooraj Balakrishnan
- November 30, 2022 (UPDATED: January 31, 2023 12:55 IST)
Marketing Head of Acer, Sooraj Balakrishnan expounds how the onset of Web 3.0 might change the world of gaming as we know it.
(For context, Web 3.0 refers to the upcoming internet ecosystem that is essentially democratic in nature, free of any central authority. It is driven by AI technology, machine learning, and other latest innovations like the blockchain, which has given rise to the metaverse itself.)
There is no denying the fact that today we are surrounded by technological advancement and innovation. And the current hot topic in the tech universe is web 3.0 and metaverse. Everyone is talking about how web 3.0 is going to impact different industries and the overall change it can potentially bring, in how we use the internet. It is expected to be the internet’s next major evolution. And when we talk about advancement in technology, we are bound to mention how it has revolutionized the gaming industry over the last decade and played an important part in the growth of the industry. Today the online gaming industry is growing rapidly, and the internet has played a huge role in it. Now how this new internet revolution will further change the industry is something we are all eagerly waiting to see.
According to industry experts, web 3.0 has the power to bring revolution in the sector and provide gamers with an evolved and more immersive gaming experience. The upcoming games that will be launched in the market will boost advanced and immersive game designs. The pandemic has also led to a huge surge in the popularity of online gaming, and with this new technology, it can further increase the demand for games. Not only that the overall gaming experience for gamers will have a huge shift in web 3 compared to the experience now. The world of web 3 and the endless possibility it can provide is very exhilarating.
Gaming Industry will shift from playing for free to playing to earn model
There is no doubt that the shift from web 2.0 to web 3.0 is going to transform the gaming industry and give more opportunities to gamers. It will open the possibilities of earning from the time spent on gaming which can further lead the way to monetise the gaming industry. Another interesting development here will be that the mode of payment will support cryptocurrencies and NFTs will be integrated into it. Play to earn model is based on NFT gaming that offers revenue and rewards to the players for spending time playing games. The players can further sell these tokens (digital assets) to other players or on cryptocurrency marketplaces to build an internal economy. The benefit here is that even if the game shuts down, you still buy or sell the purchases made during the game because they exist in the blockchain protocols. These assets cannot be duplicated or lost because they have their records on the blockchain. Though this model is still in the budding stage, revolutionary progress is being made when it comes to new games introduced worldwide.
Web 3.0 will increase the willingness of gamers to spend on games, gaming setups, and gadgets
Today all the active gamers across the world are looking for choices and opportunities to do more with their craft. And web 3.0 is going to do exactly that, providing ample ways for gamers to have better playing opportunities and the potential to earn money. Also, today gamers are willing to spend on high-end technological products. There has been continuous growth in the gaming industry because of technological innovations like Augmented Reality (AR) and Virtual Reality (VR). There has also been innovation on the software and hardware front and an increase in the production of advanced technologies. Consumer tech brands today are going all out to provide the best feature products catering not only to professional gamers but also to entry-level gamers. So, web 3.0 will help take this to another level altogether. So, game developers and companies can think of different ways they can design the games, the innovation they can include, and different ways they can monetise these games. Not only the games but also the consoles and other gaming products can be made available on the subscription model. Like we subscribe to different OTT platforms, gamers can subscribe not only to games but also the gaming equipment and products. The possibilities are endless.
Conclusion
The introduction of web 3.0 technologies will change the way games are created, powered, and played. Though web 3.0 is still at a very nascent stage, everyone is trying to make sense of it and apply it in their respective industry. However, when it comes to the gaming industry, there is already an emerging trend, and that is Play to Earn games. So, the industry can potentially take the lead in utilizing the technology to its best potential.
The author, Sooraj Balakrishnan is the Head of Marketing for Acer India. Acer is one of the world's leading hardware and electronics maker. You can find out more about some of its latest products from the archives of India Today, right here.
As for this article, it is a personal opinion, and India Today Gaming neither endorses, nor disregards it, and is not responsible for the same.
-Edited by Megha Murty