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- Web3 is expected to increase the number of gamers in India
- Web 3.0 technology has revolutionized the gaming industry
- The gaming sector is expanding as society increasingly goes online
The game business is undergoing a significant transition due to the emergence of Web 3. The world is approaching a new era of gaming with the introduction of decentralization and blockchain technology.
With a CAGR of 28–30%, the Indian gaming market is anticipated to increase from $2.8 billion in 2022 to $5 billion in 2025. The growth of online gaming platforms, more affordable cell phones, and rising internet penetration all contribute to this expansion.
Also, it is anticipated that the number of gamers in the country will increase from 420 million in 2022 to 450 million by 2023 and 500 million by 2025. The introduction of Web 3.0 has played a crucial part in this expansion and will continue to do so.
NFT-based Gamification
Since the beginning of the internet, there have been web-based games, but they have always been constrained by the fact that only one server hosts them. The game can no longer be played if the server goes down.
Each player has a copy of the game running on their computer when playing a web-based game. To keep everyone informed of what is happening in the game, each player’s computer communicates with the others while the game is being played through a browser.
The gaming industry is transforming thanks to web 3.0 technology, which has several advantages for both users and game producers. Using non-fungible tokens (NFTs) for in-game assets is one of Web 3.0’s main benefits.
NFTs are distinctive digital assets protected by the blockchain that have many benefits over conventional in-game items.
For instance, NFTs enable players to genuinely own their in-game possessions, which can be exchanged on decentralized markets. This enables users to make money from their gaming activity and opens up a new revenue source for game producers.
Advantages of Web3 for Gamers
The many advantages of Web3 for games are:
1. Focussed on ownership
The core principles of Web3 centre on data ownership and returning user control over their online information. This might result in gamers owning in-game products rather than being at the whim of game developers in the gaming business.
2. Possibility to participate as an early influencer
The development of Web3 and the decentralized web has created many new opportunities for the gaming sector. With blockchain technology, players can now claim ownership of their in-game items and data.
3. Get extra income
The gaming sector is expanding as society increasingly goes online. Additionally, as web-based economies have grown, so have web-based games, giving gamers more options than ever to profit from their hobby.
4. Variety in the Gaming
One of the most well-liked and rich sectors nowadays is gaming. With participants from various spheres of life and geographical locations, it is also one of the most diversified. The games themselves do not, however, exhibit this diversity. Women and other minorities are frequently marginalized or neglected in most games, which are still predominantly dominated by men.
5. Freedom to Change
One of its best features is that anyone with coding skills can alter open-source games. This implies that the content offered by developers does not constrain players, and they have the freedom to design their own gaming experiences.
Conclusion
It is projected that the gaming industry will experience profound change and prosper. The gaming industry is expected to adapt to Web3 and the current economic climate. Consequently, gaming companies are making headway towards establishing the Web3 gaming platform. As companies build the environment to support actual gaming activities and the ecosystem keeps growing for more complex types of game investing, there will be a period of substantial advancement.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
