Is the future here? In Web 3.0, it is definite.
The advent of Web 3.0 is not just a signal of next level innovations but a door to bigger opportunities as decentralization takes place in different aspects of game development. Game developers and players get to soar to new heights as decentralization makes way for smart contracts, in-game assets, and decentralized finance (DeFi); the main focus of this article
Empowering Smart Contracts Amplifies Game Development
The decentralization in Web 3.0 brings forth smart contracts: a tool wherein contracts are self-executed with predefined rules embedded in the code and the mutual fulfillment of the obligation is assured due to automatized transactions between two parties engaged in the contract.
In terms of gaming and game development, smart contracts enable better transparency due to blockchain technology. Automatizing obligation fulfillment through codes also impacts game development as a thicker layer of security is ensured, making partnerships more dynamic and authentic. A well-known blockchain, Stellar, is set to invest in Soroban Smart Contracts Platform to encourage developers to make more apps and boost the blockchain company.
In-game Assets and Digital Ownership
If there’s one thing that decentralization can offer as a huge edge from Web 2.0, it is definitely its ability to ensure that the ownership of digital assets belongs to their rightful owners and not just companies who monopolize them. Digital ownership in Web 3.0 means gamers can own their in-game purchases and have real-life value, which are possible through non-fungible tokens (NFTs). This translates to profit as digital ownership through NFTs and decentralized currency can be traded in better terms with other owners, without going through traditional platforms that have implied drawbacks.
More than higher profitability, the weight of digital ownership in a decentralized web is something that will convince people that the future is indeed here. Once a person obtains digital ownership, the ownership is recorded on the blockchain and altering the ownership record will not be an easy feat. This mechanism makes it hard for other parties to reverse claim on ownership, something that is appealing to some people compared to copyright.
Gaming Profitability and Decentralized Finance
In Web 2.0, gaming profitability is primarily tied to streaming and advertising revenue. For gamers and developers who launch their games through platforms like Steam, profit is always contingent on marketing—something that is not easy for most people. However, in the decentralized nature of Web 3.0, gaming profitability is on another level. Axie Infinity is one of the first to introduce profitability through NFT trading and has become a massive hit in Asia, particularly in the Philippines, where the general demographics of players are not oriented towards digital trading.
Even in an industry that thrives in Web 2.0, like Australian online casino sites, decentralized finance finds itself normalized and integrated as one of the reliable payment methods for casino players. Some of the online casino games of today offer Bitcoin and alternative currency payments, which some players find better due to certain benefits like faster and anonymous transactions.
Web 3.0 is more than just a benchmark of technological innovation. Beyond marking a new age, its decentralized nature opens up a better territory for technological advancement with better ownership rights for developers and digital asset owners, an advantage that has become seemingly volatile in Web 2.0. While this can be a minute detail for the general public, it implies a huge nuance in ownership and creation, something that makes or breaks creative pursuits and the future of web technology.
