Since the development of blockchain technology, nearly every aspect of our lives is changing. Today, Blockchain tech is revolutionizing the gaming industry with the rise of Web3 gaming.
Web3 gaming uses the decentralized web to offer players unique gaming experiences. With Web3 gaming, it’s not just about playing games but owning digital assets and using the earned assets in and out of the game.
According to BitcoinCasinos.com, the web3 gaming industry is set to earn $1 billion by 2025, with the mass adoption of over 100 million gamers.
The site’s financial analyst, Edith Reads, comments, “Over the years, Web3 gaming has made a paradigm shift in the gaming industry. Thanks to web3-designed games, gaming is no longer viewed as a pass-time activity but as an opportunity. Gamers who’ve seized this opportunity are earning in-game assets on a massive scale. The predicted results in 2025 only serve as a testament to how web3 gaming has significantly changed the gaming industry, luring players to its side.”
The Success of Web3 Gaming
In 2022, over 717 new games were released, increasing players by 1000%, with over 800000 daily active users. By the end of the year, the total in-game market purchases amounted to $67.9B, and on-chain game transactions reached an all-time high of $7.4B. That year alone, web3 gaming accounted for over half of the blockchain activity.
In the last two years, about $15 billion has been invested to promote web3 games. In Q1 ’23 alone, $ 739 million has been invested in these blockchain games.
Why is Web3 Gaming Becoming Popular?
Most web3 games have incorporated NFTs, which drive in-game economies. NFTs games are projected to grow by over 200% in the coming years, fueling the players’ interest in digital asset ownership and resulting in more web3 gaming activity.
Based on their decentralized nature, web3 games are more secure and less prone to cyber-attacks. Gamers looking for a more secure and unique gaming experience are drawn to web3 games propelling their growth and popularity.
Unlike traditional games, web3 games allow one full control of data and assets. In addition, digital assets can be moved from one game to another, offering gamers flexibility—the flexibility and ownership rights the games offer, call in more and more players.
However, scalability is a big issue for Web 3 gaming networks. The networks must be able to handle massive data and transactions without compromising the users’ experience. To improve scalability, many platforms have invested their money and time in research to develop solutions that will not burden consumers with more costs.