Gaming industry shifting to Web3 and Blockchain

Gaming is one of the most popular and rapidly growing industries in the world today. During COVID-19 pandemic, some people turned to game platforms to pass the time. Thus, these platforms attracted hundreds and thousands of new visitors to online traffic. Video gaming trends are experiencing a massive surge in players and revenue. Now the gaming Industry is shifting Into Web 3.0; What Does the Future Hold?

With advancements in technology, games have become more accessible and immersive than ever before, attracting people from all walks of life. The Gaming Market was valued at $198.40 billion in 2021, and it is expected to reach a value of $339.95 billion by 2027, registering a CAGR of 8.94% over 2022-2027.

Today, gaming has become a keystone in the entertainment sphere – replacing TV and even movies in key demographics. Constant innovation and technological advancement such as 3D graphics, VR, and AI that video games are continuously evolving and players want more realistic, fully immersive simulation for their gameplay.

Mixed-reality experiences, Blockchain technology, NFT, and virtual worlds like Metaverse are what web 3.0 would mean for the consumers. Hence, gaming companies have already started to work towards these advanced technologies for a better consumer experience in the gaming space.

Despite its popularity, this booming industry still faces many challenges such as guaranteeing fair play models and creating effective payment systems. Luckily, upcoming technologies like blockchain are gradually solving these pain points.

At its core, blockchain tech introduces decentralized and secure solutions that can be used to power a wide range of functions within the gaming industry. Most notably, non-fungible tokens; these are unique digital assets that can be traded and sold on secondary markets without third party interference.

Unlike the centralized traditional gaming ecosystems, NFTs allow gamers to truly own their virtual items and to participate in decentralized tournaments with minimal risk of fraud or tampering. Will the next era of games be hosted on blockchain?

Going forward, it is likely that most games will pivot into the metaverse. It is a new platform and a new application type, similar to how we talked about the web and websites in the early 90s. This explains why tech giants such as Microsoft and Meta have been making strategic moves recently. Experts say, we are still in the infancy stages of the metaverse.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA