The digital gaming industry has been rich with revenue since the inception of home gaming consoles in the 70s. With over half a decade of history, the domain has seen several technological improvements that made them better. Blockchain technology’s advent in the gaming world has given rise to several changes. Web3 games embrace gamers more than ever with immersive environments and assets that can be owned completely. As a popular Web3 gaming studio, it is our duty to explain how the industry pans out.

Web3 Gaming: What Does It Hold?

According to DappRadar’s Q1 2023 report, Web3 gaming made up 45% of the total blockchain activity. Such a volume is encouraging, adding to the fact that multiple popular gaming giants have been entering the industry. Funding for these blockchain-focused games in 2022 had a huge share (62%) of all funding secured.

Web3 gaming platforms mainly focus on bringing the maximum decentralization possible to enable people “virtually” in the games. They move the control lever from businesses to users while creating opportunities for businesses in different ways. These games use a combination of cryptocurrencies, non-fungible tokens, metaverse technology, and gaming experiences.

Why is the Gaming Industry Transitioning from Web2 to Web3?

The global gaming industry has generated trillions in revenues over the years, increasing its emphasis on profiting. This, in turn, reduced the importance of making games gamer-inclusive, as demonstrated by most Web2 games. The Pay-to-Earn model did little to the industry in terms of user satisfaction, and gamers were left with spending a lot.

Web3 gaming applications resolved such problems by making games inclusive to gamers, starting with incentivizing mechanisms. Although these meant businesses had to compromise with profits, the focus on fostering a long-term community impressed them. Hence, gaming corporations and startups embrace this new-age model, with Web3 gaming studios providing essential development services.

DAO: The Special Secret Behind Web3 Games

While crypto coins and NFT gaming assets enable Web3 games to use blockchains, DAOs enhance their true colors. In-game Decentralized Autonomous Organizations (DAOs) are essential to bring in the core advantages of the Web3 space. These groups, governed by pre-defined smart contracts, assist with in-game changes of various degrees.

Most Web3 gaming platforms have DAOs where players can participate in making in-game decisions. These organizations can even serve specialized functions like grouping gamers, financially accelerating games, and developing the core infrastructure. Using these code-governed groups eliminates the ambiguity surrounding opaque mechanisms offered by early-day NFT games.

Benefits of a Web3 Gaming Platform

• Platforms built by our Web3 gaming studio can enable complete asset ownership and interoperability. Players can fully own in-game items and trade them through external marketplaces without a fuss. This activates an in-game economy governed by gamers’ moves.
• Existing Web2 gaming applications can be made Web3-compatible by replacing back-end servers with blockchain nodes. Such integrations can elevate the fandom for existing game titles and bring success to game businesses.
• Incentivizing mechanisms like Play-to-Earn (P2E) and Move-to-Earn (M2E) are becoming popular in such games due to blockchains’ involvement. These further accelerate in-game economics that can be supplemented by in-app trading practices.
• Web3 games are not prone to server deficiencies, hence, leading to negligible downtimes. This, in turn, helps businesses running them earn revenue throughout the year.
• The extensive use of DAOs allows businesses to make collaborative decisions that enhance their operations. They can easily gain an understanding of the current trends and gamer needs using consensus-based decision-making.

Technology Used by Our Web3 Gaming Studio

Our Web3 gaming studio, an exclusive cell concentrating on creating Web3 games, uses advanced technological stacks. These solutions help us to build quality platforms that aim to revolutionize the gaming industry. Some of them are mentioned below:

• We use updated Web3 Libraries and dApps to create Web3 gaming applications. These provisions enable our developers to link blockchain technology to gaming platforms. Inside the gaming ecosystem, they help to process asset transactions by interacting with smart contracts.
• Our usage of Smart Contracts for Web3-specific games allows us to customize in-game operations. They govern transactions and voting processes to implement changes inside the gaming ecosystem. Our developers use multiple tools to write smart contract code per your requirements.
• Blockchain Node Providers enable gaming applications to take out data from the blockchain. They play an instrumental role in making Web3 libraries interact with smart contracts.
• In-app Web3 Wallets enable storage and transaction of NFTs and in-game tokens with ease. We can even facilitate wallet integration by offering support to existing wallet providers like MetaMask.
• If you want to go a step further, our expertise with XR (Extended Reality) Provisions can help you. We can implement high-grade augmented reality (AR) and virtual reality (VR) provisions to enhance your gaming venture.

Blockchain App Factory: The Perfect Kickstarter for Your Gaming Venture

As a renowned Web3 gaming studio, Blockchain App Factory strives to build out-of-the-box applications for aspiring businesses. Our extensive field expertise combined with access to the latest technology allows us to launch Web3 games with entertaining and incentivizing gameplay. Our excellence in building multi-chain gaming platforms expands across networks like Ethereum, Polygon, Solana, and BNB Chain. With so many benefits for all users involved, a Web3 gaming platform is undoubtedly the go-to business option right now!

Inspired? Contact us by filling out the form below to initiate a 1-1 meeting with our experts to form an action plan!