Web3 gaming has long been concerned with digital rights to property and actual ownership of assets utilized within games. It is a developing field, and while its utility has changed throughout time, the core concepts have not. Gaming has evolved into a social platform that links gamers all over the world in ways we could never have envisioned just a few years ago.
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Asia is at the forefront of gaming and blockchain technology.
Asia is gradually establishing itself as a rich environment for the entire gaming business. Some of Korea’s major gaming businesses are looking to transition their existing web2 IPs into an on-chain environment.
The Asia Pacific region’s unique gaming experiences and investments are unequaled anywhere in the world. The future thinking is obvious, from the smallest to the greatest gaming companies. Instead of viewing web3 gaming as a risk, Asian game firms are actively promoting this new kind of gaming. This echoes their early position at the vanguard of the free-to-play and mobile gaming sectors, despite opposition from players and the industry.
Retail crypto trading is available in Hong Kong, Singapore, Indonesia, and Taiwan, indicating their willingness to embrace web3 technologies. With web3 on its agenda, Hong Kong has even formed a task force composed of industry representatives to advise the authorities on what to do in web3.
The Future of Web3 Gaming and Development
When we talk about the Future of Web3 Gaming and Development. Web3 gaming is about more than just improving the gaming environment; it’s about empowering both developers and users. With the emergence of web3, a new type of capital creation has emerged, in which digital ownership rights are vested in the hands of genuine owners.
In 2022, NFT sales will total $24 billion, with 90% of the value flowing directly to the creators and owners. This is in stark contrast to sites such as Spotify, which paid out only $8 billion to authors.
Web3 has practically democratized the gaming business, allowing small indie game creators to produce long-lasting games with tens of thousands of players. This shift in business structures has created new opportunities for creative and innovative thinking in the gaming industry.
The next phase of web3 gaming is about building communities, ecosystems, and sustainable economies, not just games. Web3 gaming, much like YouTube, is ready to transform and democratize the content development sector.
Candy Crush has demonstrated that there is a varied audience for games, and web3 must adapt to this diversity. To attract a diverse group of players, simple onboarding and creative game experiences are essential. We should expect an explosion of creativity and invention in the web3 world as more individuals understand the concept of ownership.