From what it’s understood, gaming has moved beyond play stations to Web3.0 with decentralised and real-world reward benefits. Today gaming is not just a leisure activity but is also expected to be a passive source of income with awards which can be used for real-world uses. “Web3.0 gaming may potentially become a massive use case of blockchain. An expected shift can come in the Web3.0 gaming ecosystem. The world has many gamers and blockchain in gaming can help make this an income source. The ability to own, trade and earn assets is attracting global adoption of blockchain in gaming,” Nischal Shetty, co-founder, Shardeum, a smart-contracts platform, told FE Blockchain.
NFT-based reward or incentive models are believed to be a potent accelerator, driving the broader acceptance of the Web3.0 gaming ecosystem. The Global NFT Gaming market is expected to grow at a CAGR of 32.56% by 2027, as per insights from Mordor Intelligence, an NFT-gaming research market. The involvement of NFT-based reward has revolutionised how digital assets are acquired, traded, and owned in the Web3.0 gaming sector. “However, when it comes to a market like India, rewards in gaming have their own force of attraction. Web3.0 gaming also gives people the chance to take ownership of the game, with the user-based nature of blockchain and the incorporation of the decentralised autonomous organisations (DAOs).Therefore, it is quite possible that Web3.0 gaming could go very well into the future,” Ramkumar Subramaniam, co-founder,CEO, Guardianlink, an NFT-based startup, explained.
It is further believed that the Play-To-Earn (P2E) games model saw a rise in the previous economic cycle. Based on this experts hope that the next cycle can bring high-quality P2E games which will have a longer shelf life and stronger tokenomics. The Web3.0 gaming market is expected to reach $23.3 billion by 2028, as per insights from makeanapplike, a Web3.0 gaming market research platform. Supposedly, one of the reasons behind this rise could be non-fungible token(NFT)-based monetisation models which can enable players, developers and producers look into gaming as a business model.
Experts hope with more community involvement, decentralised administration and community-driven strategy Web3.0 gaming may leave the traditional gaming system behind. “Web 3.0 gaming’s growth and future success falls squarely on the shoulders of mostly depends on the community of players, both today and in the future. Moreover, good, active and inclusive community participation will not only ensure that the players directly influence the creation of the games they want, but will also encourage openness, diversity, and true ownership,” Navdeep Sharma, co-founder, ReelStar, an Indian Web3.0-integrated social media platform, concluded.
Reportedly, the Global NFT Gaming market is expected to grow at a CAGR of 32.56% by 2027
