Web3, commonly referred to as Web 3.0, is the third and latest version of the World Wide Web, which includes technologies and concepts such as decentralization, blockchain, and token-based economy. Online games created using Web3 also utilize these elements and provide a much wider scope to the gaming industry in terms of development.
Web3-based gaming, known as Web3 Gaming, is conceptually distinct from traditional gaming. Web3-based games provide a unique perspective for engaging in games through decentralized techniques. While blockchain games have been available since 2017, they gained widespread attention and adoption from 2021 when the gaming sector started seeing a massive growth.
The components of Web3 games make use of blockchain technology like cryptocurrencies and non-fungible tokens (NFTs), which enable players to exchange in-game goods with other players or sell them for a price. Web3 Gaming allows better accessibility, meaning where a person can play a game from and helps in easy monetization for startups in the sector.
The Indian gaming sector has also been rapidly adopting this form of online gaming. The Indian market is dubbed as one of the fastest growing ones and several firms, be it in the real money gaming, esports or casual gaming spaces have shifted their focus to Web3 games as well and are coming up with different genre and varieties of games.
Web3 Gaming has many other advantages, most important of them being the play-to-earn model and better security for gamers and their assets. Play-to-earn allows players to collect in-game items that can be sold to other players due to the very nature of Web3 and blockchain technology.
Many firms like Dream11, Nazara Technologies, nCore Games, Tegro and Yudiz Solutions are working on their own Web3 games. Yudiz Solutions has recently filed its DRHP with the National Stock Exchange’s NSE Emerge for an initial public offering (IPO). It would become the first company from the blockchain sector to ever list on the Indian stock exchange if the required approvals are obtained.
Speaking on the importance of Web3 Gaming, chairman and director of Yudiz Solutions, Bharat Patel said, “The Web3 gaming ecosystem presents an exciting opportunity for businesses and individuals alike. By entering this space now, we can shape the industry’s future and establish ourselves as key players in the global gaming market.”
One of the most popular Web3-based gaming companies ‘IndiGG DAO’ recently announced ‘IndiGG Web 3 Championship’ with a prize pool of $200k. IndiGG is also currently working to expand the Web3 gaming ecosystem and has released many Web3 games which users can play and earn from.
IndiGG was recently acquired by Bengaluru-based Web3 gaming venture ‘Kratos Studios’. The latter is one of the biggest investors in the Web3 gaming space. IndiGG is focusing on recruiting highly skilled gamers that can help build an active and cohesive community along with games that can thrive.
“We are providing the 500M+ South Asian gamers with an opportunity to leverage their time and skill to become creators of digital goods on the blockchain for global games. This will enable South Asia to transform into a digital goods factory for the gaming world,” said Manish Agarwal, founder of IndiGG DAO.
Last year in December, Delhi-based Trinity Gaming partnered with EmChain to further promote and facilitate Web3 businesses worth $10 million in the Web3 and blockchain-based gaming sector. As part of their collaboration, Trinity Gaming and EmChain FZE will provide training, guidance, and revenue streams for Web3 and blockchain developers.
“The Web3 space provides new and exciting opportunities for companies to engage with their audiences. By incorporating blockchain technology and creating immersive experiences, brands can build stronger customer connections and create long-term loyalty,” said Shivam Rao, founder and COO of Trinity Gaming India.
While the growth of this new generation of gaming has been swift, users need to be vigilant while selecting the Web3/blockchain-based platforms and playing the games as there may be some bad actors, too. However, it is not too difficult to conduct your own due diligence. Choosing a reputed platform is one of the safest methods to achieve that.