Web3 gaming redefines play and the creator economy

The economy of makers is doing very well. Millennials no longer like the idea of working a normal job from 9 to 5. The creator economy will need to change in order to adapt to the rise of web3 and web3 gaming. They want to start their own business and add to online content.

With the evolutions in games, the  web3 game creation makes it possible for creators to take control of their work in a decentralized way, which is better than putting power in the hands of a central authority. This has led to the start of a new creative economy, and web3 gaming will be the future of this kind of economy.

Statistica predicts that the gaming industry will make close to $205 billion by the end of 2022, and the number of customers may reach 3,595,9 million by the end of 2027. These numbers clearly show that the gaming industry is growing at an unprecedented rate. Since 2019, the gaming industry has been going through a major change that has important effects.

What Web3 Gaming Means:

In other words, developers call games that use blockchain Web3 games. Due to the fact that blockchain technology is decentralized, all of the gaming platform’s operations, from making in-game assets to keeping track of who owns them, are run by the players, not by a central organization. This is true for both making new investments and taking care of the ones you already have. 

As investments and the Web3 gaming community grow, more blockchains designed specifically for gaming are launching.

Ronin Bitcoin:

Sky Mavis made the Ronin Blockchain so that its very popular game Axie Infinity wouldn’t have to pay the high gas costs that come with using the Ethereum blockchain. When the game was running on the Ethereum blockchain, these costs were made.

Immutable X:

The scaling solution for Ethereum Immutable X is the platform for making Web3 games. For games built on it, it allows 9,000 operations per second and transactions that are almost instant and don’t cost anything for gas.

Harmony, Polygon, Hive, and WAX are all blockchains that work very well for making web3 games.

Some of the different kinds of web3 games are:

Many millennials and people from Generation Z play video games for more than seven hours a week. Web 3 gaming has made it easier for people to make money in their spare time. In reality, web3 games have increased GDP in countries like the Philippines and Korea because many gamers can now make a good living through web3 gaming.

For Free Games:

More people are showing interest in free-to-play blockchain games. This is because people don’t have to pay anything to start playing these games.

Every year, 10–15% more people join the market for games. They can get better at what they do by playing these Web 3.0 games, which they can do before going on stage to make money. Also, people who play Web3.0 like that the assets they earn in the game are theirs to keep and can’t be changed in any way by censorship.

Money-Making Games:

Play-to-earn games are online video games that give players the chance to win real money based on how much time they spend playing. Games reward players with native cryptocurrency tokens—both fungible and non-fungible—in exchange for playing.

The player can make money in many ways, such as by defeating enemies in battle, staking territory or other game assets, making and selling items, etc.

Cryptocurrency Can Get Into Web3 Gaming:-

When you make your first crypto bet, it can be nerve-wracking because real money is at stake, the facts can be hard to understand, and you may spend a lot of time learning online, even though the advice you get may not be 100% accurate.

The gaming industry uses cryptocurrency in a way that’s much easier for people to understand. In this field, there is a strong community, and gamers can talk to each other and get a feel for what it’s like to own a digital asset.

Expansion of the Community:

How well gaming platforms interact with players and help them enjoy an immersive experience depends a lot on how good the community experience is. Like people in Web3 groups, the people in this group start to worry about who else is in the community and whether they are helpful.

When a lot of people use these gaming platforms to make money, the games don’t work as well and aren’t as fun for those who are there to play games and make money.

On the other hand, if the community is active, its usage of the platform may drive strong network effects. For example, 80% of Axie Infinity’s customers found the platform through recommendations. This makes it easy to try out new markets.

Conclusion

With web3, we can see a future where creators have more control over how their work’s data is used and how it’s shown, as well as more chances to get their work seen and make money. These changes will have a big impact on how well the creative industries make money, and most of those effects will be good for both producers and consumers.