How will Blockchain and Web3 Gaming revolutionize the gaming industry?

The new era of gaming, also popularly known as Blockchain and Web3 gaming is all set to capture and revolutionize the gaming industry. And, LootMogul, a sports-driven metaverse platform has initiated a step forward in building the community for athletes and sports fanatics.

The Basics of Web3 Gaming

A third-generational concept of the internet, Web3 is powered by blockchain and token economy. It offers interoperability of assets and self-sovereignty and features a value exchange model.

To get an understanding of Web3 games, we can think of special terms such as play-to-learn, play-and-earn, true ownership, crypto, NFTs or digital gaming collectibles, etc, all secured within the advanced blockchain technology.

The purpose of Web 3.0 games is to provide a decentralized authority to the games and allow the owners true and genuine ownership of their in-gaming assets, thereby engaging in creating a sports-friendly ecosystem.

How does Crypto Blockchain Gaming Work?

A decentralized finance or DeFi economy created using blockchain technology offers players several incentives and financial opportunities within gaming marketplaces through play-to-earn blockchain games. Online gamers can use different underlying cryptocurrencies to participate, play and explore the gaming world.

One can redefine the gamer-creator relationship with blockchain games as it promotes fairness and transparency compared to the conventional style of gaming. To understand the benefits of blockchain games one can take into account the usage of crypto gaming tools such as crypto wallets, smart contracts, and blockchain tokens.

With the objective of bringing revolutionary changes with Web3 gaming, we can formerly see adoption from regular gaming models to transform the industry. It is however possible only because it comes with a list of benefits combating the downfalls of traditional gaming.

Key Reasons for the Mass Adoption of Web3 Space

Ownership

True and outright ownership is the key feature for the success of decentralized gaming. Self-sovereignty allows users complete control over the in-game assets and virtual goods/utilities that can be sold, traded, or exchanged in the marketplace.

Secure and transparent transactions

Blockchain technology promises a secure and transparent ecosystem to maintain fair and unbiased transactions. This ensures security against any kind of breach and fraud.

Play and earn

The time invested by players enables money-making opportunities and opens several revenue streams. Rewarding gamers with handsome digital goods, tokens, collectibles, and in-game achievements create a competitive incentive structure for gamers to stay engaged.

The future- how is blockchain transforming the gaming industry?

One can see a promising future with blockchain gaming and it is likely that more and more businesses will adopt the technology. Significant growth is expected with the mass adoption of web3. With the unique opportunities provided by decentralized gaming and as a fast-approaching model, it is expected that the future of web3 gaming is bound to take the world by storm.