By Yash Pariani
In the modern-day world, online gaming is no longer just seen as a way to unwind or pass the time at home. In the last ten years, there has been a paradigm shift in it, where it is now more than just a pass time or enjoyable activity and rewards users for their time. Gaming is one of the world’s most widely used types of entertainment, with mobile devices revolutionising the experience for most users. Through gaming, people can create a community that is inclusive of all ages, races, and religions. Thus, playing video games is one of the most effective ways to introduce new technologies to the people and will pave the way for the widespread adoption of Web3 and the digital revolution.
The gaming industry is booming rapidly and has tremendous potential for expansion. According to Deloitte’s forecast for the Indian gaming business, the CAGR of income from online games was anticipated to be 40% by 2022, or over 2.8 billion. A few blockchain-based protocols, namely Tron node, have seen the gaming industry develop as a critical pillar. In addition, the decentralised blockchain-based protocol enables game producers to produce blockchain-based games and give consumers throughout the world the best gaming experience.
Beginning of a New Age!
Web3 is a transitional technology from the free-to-play (F2P) to the play-to-earn (P2E) model of entertainment, heralding the beginning of a new age in the gaming industry and bringing up new opportunities for the industry to be monetised. Everything a player owns can be bought or sold inside and outside the game, including the equipment used to play the game and any goods they may have created. This will create a new gaming ecosystem in which e-payment gateways will power all market transactions, creating a truly digital economy. In addition, a thorough consolidation of the gaming network is predicted. Each person taking part in the trade of in-game currency can also interact with others outside the gaming world.
Economic Effects of Web3 Gaming
Financial Express analysis indicates that the online gaming industry will grow from its current $180 billion worth to $256 billion by 2025, bringing in more than 2.3 billion players globally. It is also one of the fastest-growing global industries, with an anticipated growth rate of 9.2% by 2025 and a 7% yearly growth rate. Today, online gaming is a significant part of the global economy as the local communities have benefited due to the industry’s growth in earnings, tax revenues, and the job market. One of the most data-intensive applications today is gaming. As a result, it also encourages the creation of novel technology. Moreover, online gambling has already benefited many jurisdictions and is expected to have a substantial economic effect.
No matter how exhilarating, venturing into the future will undoubtedly bring many inhibitions. The gaming enterprise is, however, enthusiastically embracing the Web3 influence, and this exceptional response is due to the allure of this cutting-edge technology. The independent nature of the system is the most enticing of the several disruptions and use cases that Web3 gaming provides. It has distributed and democratised the game industry, enabling it to function with little to no influence from a top-tier organisation. This lessens reliance on a single server while enhancing the user interface’s transparency and accessibility.
The story doesn’t end there, though. Offering players individualised experiences is preferred in a decentralised gaming ecosystem. In other words, a player may control how they engage with the game and its rewards, which sounds like every additional feature or update that is present or yet to be added. Because the physical prospects of reality are on the verge of changing, one must also be aware of the metaverse cloud that comes with Web3 technology. Moreover, the fundamentals of fantasy games and esports will undoubtedly be redefined by the metaverse, even though the concept is still extremely young. Thus, players can create their virtual worlds, personalise existing ones and interact with them.
Business’s Upcoming Trends
Web3 will alter how people play games despite this paradigm shift. Although switching from gaming consoles to computers is not a change that is unique to this technology, it will give rise to a new generation of gamers because this technology is now available on smartphones. When a user is addicted, the game business can also standardise the subscription model. Thus, it is possible to design a better pay-per-use business model for already-existing gaming consoles, controllers, streaming services, and community memberships, similar to the business models for music and over-the-top (OTT) apps. It will undoubtedly increase customer engagement by a factor in terms of conversions.
All Things Considered!
It is anticipated that the gaming business will not only undergo significant transformation, but will also thrive. It is projected that the gaming sector will change to accommodate Web3 and the current financial environment. Thus, in order to establish the Web3 gaming platform, gaming businesses are working progressively. There will be a time of significant advancement as businesses develop the ecosystem to support actual gaming activities, and as the ecosystem continues to expand for more sophisticated sorts of game investing.
The author is co-founder and CEO, House of Gaming