Web3 Gaming: What it is and Why it Matters
The gaming industry is constantly evolving, and one of the latest trends is the rise of Web3 gaming. Web3 gaming is a type of game that uses blockchain technology, cryptocurrencies, and non-fungible tokens (NFTs) to create a more immersive and player-driven experience.
is built on the principles of decentralization, ownership, and interoperability. This means that players own their in-game assets, such as characters, items, and land, and they can trade them freely with other players on a global marketplace.
Now onto the next subject, Does Web3 gaming matter?
Web3 gaming has the potential to change the gaming industry in several ways. First, it gives players more control over their in-game experience.
This means they have full ownership over their own assets in the game/metaverse, and players can decide how they want to use them and how they want to interact with the gaming world.
For instance, in the Otherside Metaverse, owners of an Otherside Koda can use the NFT to participate in other gaming activities and functions in the Otherside Metaverse created by Yuga Labs.
Secondly, web3 gaming can create new economic opportunities for players. Professional gamers can earn cryptocurrency or NFTs by playing games, participating in governance, or creating content online for their fans or community to view.
Third, web3 gaming matters because it creates a stronger community among players. Because players own a stake in the game, they are more likely to be invested in its success, work together to improve it, and see their profits move forward.
The Power of Digital Ownership in Web3 Gaming
The power of digital ownership in Web3 games lies in the fact that players truly own their in-game assets, such as characters, items, and land, thanks to blockchain technology.
This ownership transcends the confines of the game itself, granting players unprecedented control, economic opportunities, and a deeper connection to the gaming community.
In traditional games, players essentially rent in-game items from the developers. They can use them within the game’s boundaries, but ultimately, those items remain the property of the company.
Web3 games flip this model on its head by leveraging NFTs and transforming in-game items into verifiable, unique digital assets that players truly own outside of the game experience.
Here’s a quick example…
Imagine a rare sword you acquire in a web3 game. Not only can you wield it in battle, but now you can also:
- Sell it on an open marketplace: Unlike traditional games where items disappear when you quit, web3 assets persist on the blockchain. You can sell your sword to other players for cryptocurrency, potentially turning a profit.
- Rent it out to other players: Earn passive income by renting your sword to players who need it for a specific challenge.
- Use it across different games: Web3 games compatible with metaverses of other web3 games allow you to bring your sword to other compatible titles, expanding its utility and value.
But, digital ownership extends far beyond just fancy items.
In some games, you can even own virtual land, shaping your own corner of the game world. Imagine buying a plot of land, building a house on it, and renting it out to other players for events or gatherings.
This level of control over in-game assets nurtures a deeper connection between players and the game development company because knowing you truly own your items motivates you to invest in the game’s success and participate in its development.
That’s not all, some even implement Decentralized Autonomous Organizations (DAOs), where players collectively govern the game’s rules and future direction.
DAOs and Web3 Gaming
The winds of change are blowing in the gaming industry, and DAOs (Decentralized Autonomous Organizations) are at the forefront. But are they the revolutionary force they’re cracked up to be, or just another fleeting trend?
On the one hand, DAOs offer a tantalizing vision:
Player empowerment: No more top-down decisions from faceless corporations. DAOs put the power in the hands of the players, who can vote on features, propose changes, and even influence the game’s economy.
Decentralization and transparency: DAOs run on blockchains, where everything is transparent and immutable. No more shady backroom deals or hidden agendas. Every decision is laid bare for the community to see, fostering trust and accountability.
Community-driven innovation: With players actively involved, DAOs unleash a wellspring of creativity. Imagine collaborative game design, where the best ideas from the community rise to the top, leading to groundbreaking experiences.
At the same time, there are also challenges to consider:
The hype might be overblown: DAOs are still in their early stages, and many projects are experimental. It’s easy to get caught up in the hype, overlooking the potential pitfalls.
Inclusivity and governance: Ensuring everyone has a voice and preventing manipulation within a DAO can be tricky as power struggles and factionalism can pose serious threats to the stability of any community.
Technical hurdles: Blockchain technology, while powerful, can be complex and user-unfriendly. Not everyone has the technical know-how to participate in DAOs effectively, potentially creating an uneven playing field.
So, what’s the verdict?
Surely, DAOs certainly hold immense potential to change the landscape.
However, the challenges should not be ignored. The success of DAOs will hinge on their ability to overcome these hurdles and ensure they truly empower, rather than exclude, the communities they aim to serve.
What are your thoughts? Are DAOs the future with web3 gaming, or are we witnessing a passing fad? Share your opinions in the comment section below or on our socials.
Speaking of which, let’s shift gears and delve into the top web3 games of 2024, where DAOs are already playing a pivotal role in shaping these immersive and player-driven experiences.
Top Web3 Games to Try in 2024
There are many Web3 games to choose from, but here are some of the top ones that you should try in 2024:
- Axie Infinity
- Ember Sword
Axie Infinity is a popular and successful Web3 game that lets you collect, breed, battle, and trade cute creatures called Axies. Axies are NFTs that have different traits, abilities, and rarity.
You can use your Axies to compete in various modes, such as adventure, arena, and land.
Axie Infinity is built on the Ethereum and Ronin networks and has a vibrant and active community of players and developers.
Visit the website to find more details here: Axie Infinity
Ember Sword is an upcoming Web3 MMORPG that promises to deliver a sandbox world where players can explore, fight, craft, and trade.
Ember Sword features a player-driven economy, where players can own, create, and sell NFTs that represent land, items, cosmetics, and more. Ember Sword also features a skill-based combat system, where players can choose from four classes and customize their abilities.
Ember Sword is built on the Polygon network and aims to launch its beta version in 2024.
Visit the website to find more details here: Ember Sword
Splinterlands is a Web3 game that lets you collect, trade, and battle with digital cards. Splinterlands features a strategic and fast-paced card game, where you can choose from six factions and hundreds of cards, each with different stats, abilities, and synergies.
You can also earn DEC and SPS tokens by playing the game, which can be used to buy more cards, rent cards, or stake for rewards. Splinterlands is built on the Hive network and has a large and loyal fan base of players and collectors.
Visit the website to find more details here: Splinterlands
Skyweaver is a Web3 game that lets you play a unique and innovative trading card game. Skyweaver features a card game that combines elements of Magic: The Gathering, Hearthstone, and Pokemon, where you can choose from five elements and build your deck from over 500 cards.
You can also earn and own your cards as NFTs, which you can trade or sell on the market. Skyweaver is built on the Ethereum network, and is currently in open beta, with plans to launch its full version in 2024.
Visit the website to find more details here: Skyweaver
How to Make Money Playing Web3 Games
There are many ways to make money playing Web3 games, but here are some of the most common ones:
- Flipping NFTs: This involves buying and selling NFTs that represent in-game assets, such as characters, items, land, etc. You can profit from flipping NFTs by finding undervalued or rare NFTs and selling them at a higher price on the market.
- Breeding NFTs: In web3 gaming, this involves creating new NFTs by combining existing ones, such as in games like Axie Infinity, you can profit from breeding NFTs by creating unique or desirable NFTs and selling them on the market. You can also earn rewards by participating in breeding events or competitions.
- Selling the in-game currency: This involves earning and selling the in-game currency of Web3 games, such as AXS, SLP, SAND, etc. In web3 gaming, you can profit from selling the in-game currency by playing the game and completing tasks, quests, or challenges that reward you with the currency.
- Liquidity pool staking: This involves providing liquidity to a pool of two crypto tokens, usually the in-game currency and another token, such as ETH or SOL. You can profit from liquidity pool staking by earning fees from the trades that happen in the pool, as well as rewards from the game.
These are some of the ways to make money playing Web3 games, but there are many more to discover and explore.
Web3 gaming is a rapidly growing and evolving industry, with new games, features, and opportunities emerging every day.
If you are interested in Web3 gaming, you can check out some of the best web3 gaming companies and communities on Dipprofit.
See also: How To Make Money With Web3 in 2024