By now, most of us have heard about blockchain technology, Bitcoin, and non-fungible tokens (NFTs), but how many of us understand the full scope of Web3 and how it affects our future? In some sense, Web3 can be said to be the newest form of the internet. However, that doesn’t mean the internet as we know it is obsolete and being replaced by something new. It is just a case of the current system undergoing some significant developments which have different implications for different interest groups.
Certain concepts of Web3 will not be so straightforward for the iGaming industry, though. If we take a look at the decentralized internet, there’s central governance at its core. Uncertainties over betting regulations and gaming may arise, and whether this may be a good or bad thing (only time will tell), sanity will prevail when you realize that free spins, no deposit in NZ, are one of the best offers.
In this article, we’ll take a deep dive into Web3 and how it will shape the gaming world in 2022 and beyond.
How does blockchain Gaming work?
Blockchain gaming which is intrinsically tied to Web3 will have huge implications for games. Let’s begin by looking at how it will work.
Essentially, blockchains are systems that link data blocks sequentially via cryptography. If one block is altered, it has implications for the whole chain. This is what sets blockchain apart from its more conventional counterpart.
One key aspect of the blockchain gaming space is the concept of play-to-earn, whereby gamers can win cryptocurrency or NFTs as they play the game, which can be converted to real money further down the line.
A huge benefit of blockchain gaming vis-a-vis traditional forms of gaming is that players maintain control over their assets. For example, in a regular game, if the server were to crash, the chances are that the player would lose their assets. However, on the blockchain, players retain full ownership over their digital assets and can trade, sell and use their in-game assets across various online realms.
Increasing Access To Blockchain Games
These days gamers are spoilt when it comes to gaming opportunities, from high-quality online casino games, Player versus Environment (PvE) games and Multiplayer Online Battle Arena (MOBA) Games. Moreover, there is so much information circulating online about gaming that it becomes difficult to know which gaming portals are worth investing your time and money in. The truth is some games available to us lack value which is what makes gamers reluctant when it comes to opening their digital wallets.
With Blocklords, MataKing has provided gamers with a highly accessible central portal. Thanks to the work of well-known investors and well as the desire to focus on the needs of gamers, the studio looks like it will be taking blockchain gaming to new levels in years to come.
Improving Opportunities For Gamers
We are all well aware of the fact that the gaming space is highly competitive, and developers have to work tirelessly to ensure their studio is able to stay ahead of the competition. For every game that experiences overnight success, there seem to be one thousand others that fall by the wayside.
In the world of online gaming today, it isn’t enough to develop an engaging game with state-of-the-art graphics and seamless navigation; developers need to find ways to infiltrate the lives of players via their devices and homes. In the same way, Netflix disrupted the film industry, blockchain gaming – which is more user-friendly and intuitive – looks to do this within the gaming sphere. After all, it’s a solution founded by gamers who know exactly what their counterparts see value in.
Why Gamers See Value in Web3 and Blockchain Gaming
Obviously, cryptocurrency and the blockchain are nothing new. However, mainstream adoption, which has accelerated over recent years, is what is most significant here. During the height of the COVID-19 pandemic, where populations worldwide went into lockdown, people were forced to look online for new forms of income generation and entertainment.
We saw increasing numbers of online casinos start to offer clients the opportunity to engage with their platforms using cryptocurrency. But it isn’t just about play-to-earn games for most serious gamers who see newer forms of gaming as a potential income stream. The cost of living and inflation are rushing across the world, and currencies are volatile, making people distrust fiat currencies. On the flip side, they have also become more open-minded about blockchain games and Web3 and have started to see these as the future.
It’s evident that the world of online gaming is migrating to Web3, and prominent gaming studios are leading the way. Thanks to the increased security and transparency blockchain gaming provide, gamers are embracing the disruption the Web3 revolution looks to provide.