Gaming’s Future

How Web 3 Solutions Are Revolutionising the Gaming Landscape

Out of all of the benefits Web 3 can offer, gaming is considered to be one of the most exciting use cases, largely because it can address some of the long-standing issues with Web 2 gaming.

Blockchain game investments grew from US$27 million in 2019 to US$7.6 billion in 2022.

Steffy recently caught up with two industry leaders to talk about the future of gaming: Prashant Maurya, co-founder and CEO of decentralised infrastructure company Spheron Networks, and Carlos Rene, CEO of innovative startup DEGA, which provides scalable infrastructure and fast transactions for Web3 gaming and the Metaverse. Our channel is filled with the latest information about Web 3 gaming and all you need to know about fintech, digital assets and blockchain technology, be sure that you subscribe.

Together, they are addressing the limitations of Web 2 gaming and paving the way for a brighter future with Web 3.

The Promise and Challenges of Web 3 Gaming

Gaming has always been at the forefront of technology adoption, so it’s no surprise that Web 3 is now making its mark in this industry. Web 3 games offer a host of benefits, including true ownership of in-game assets, vibrant, engaged communities, advanced AI integration, enhanced security, and cross-chain interoperability through blockchain technology and Non-Fungible Tokens (NFTs).

The Web 3 gaming market is experiencing unprecedented growth. Reports from DappRadar reveal a staggering 2,000% increase in activity from 2021 to 2022, with gaming accounting for 45% of all blockchain activity in Q1 2023. Blockchain game investments have surged from $27 million in 2019 to an astonishing $7.6 billion in 2022.

As Web 3 gaming gains traction, it’s crucial to address the challenges that come with this innovative landscape. The major pain points centre on scalability, security resilience, user experience and community engagement.

Sharing the same Web 3 ethos, Spheron and Dega partner on a mission to onboard gaming developers and projects into the infrastructure of the future: more resilient, secure and scalable, with community at its core.

“Working with companies, the user should not have to worry about the difference between Web 3 and Web 2 infrastructures. The intent should be to look the same, but the underlying technology and functionality should not be. People should not be forced to open a certain kind of wallet and the whole process should be simple, there are companies building into the space. The predominant solutions are still AWS and Google Cloud — however, Spheron is building scalable technology that has enterprise capabilities. It’s a unified platform and can be used by anyone who wants to build or launch their applications all within a line of code or click of a button,” says Prashant.

“With the current solutions, there are limitations such as a single point of failure, i.e. people invest money and time in the development of games and if that company makes a mistake, it’s all gone because you’re not part of an ecosystem,” says Carlos.

“This leads to a bigger issue about true ownership of assets — that’s why we’re building infrastructure that gives users ownership, and has the ability to scale,” adds Prashant.

“When it comes to the actual product i.e. the game they’re playing, users don’t need to be aware that they’re using Web 3 UX to play their respective game/s. That’s not where we are right now, but it’s where we should be, one good example is the use of the internet e.g. every time you use the internet, you’re using protocol encryption, plus networking protocols and systems, but you’re not aware and couldn’t care less — it works,” adds Carlos.

Decentralisation Unlocks Value

One of the cornerstones of Web 3 gaming is decentralisation. It unlocks several key benefits: asset ownership:

• Players truly own their assets, ensuring their investments have real value;
• Reduced costs: running a gaming ecosystem is expensive, but decentralisation can make it more cost-effective.
• Growth and compatibility: decentralisation allows for compatibility with multiple blockchain networks simultaneously.

Decentralisation is the real power, and when it comes to infrastructure, new value can be unlocked for gamers and creators:

• Immutable storage of gaming assets
• Cost optimisation for gaming projects
• Speed of building
• Cross chain compatibility
• Security
• Interoperability across chains / multichain approach

Decentralised infrastructure is revolutionary, and we need to make Web 3 gaming more about people. This will create wider communities that actively engage, enabling tokenomics where reward systems benefit from decentralisation.

True Ownership

One fundamental difference between Web 2 and Web 3 gaming is true asset ownership, made possible by blockchain.

In Web 3, users truly own their in-game assets, breaking away from the restrictions imposed by centralised systems. This opens up possibilities for open APIs and seamless asset management.

“True asset ownership implies that I should own my assets regardless of the system I am using. Creators currently will tell you what you can upload, what kind of assets you can use etc,” adds Prashant.

Community at core

Building a strong gaming community is paramount in Web 3 gaming. Unlike the typical boom-and-bust cycles of Web 2 games, Web 3 emphasises fostering vibrant and engaged communities. Successful games like Roblox and Fortnite demonstrate the power of building ecosystems and social experiences around games.

“We’re launching a scalable compute that’s enterprise ready so that users’ security concerns are addressed; this will secure all API endpoints irrespective of what’s being worked on,” enthuses Prashant.

“We’re aiming for better experiences for targeted users, since Web 3 is very new in terms of infrastructure. It took some time to understand what kind of user experience is needed. People don’t want to switch their attention here and there, so at Spheron, we are focused on the Web 3 experience with the required infrastructure,” adds Prashant.

Community is also key at DEGA, and they have created a tribes programme, which aims towards a progression system that connects everything. “People aren’t aware that the normal growth for a game is parabolic for the first few weeks for months or weeks, then it dies. How do Roblox and Fortnite grow? They have a community. They have an ecosystem and social experience around the game. In Web 3, this is super obvious as Web 3 is all about community,” highlights Carlos.

AI enhances Web 3 gaming experiences

Web 3 gaming also brings advanced AI integration, enhancing gameplay experiences. AI allows games to adapt and respond to player actions, creating dynamic and immersive worlds — the metaverse is a reality for Web 3 and players are actively involved in its creation.

Security remains challenging

Based on a study by Kaspersky Labs, from 2021 to 2022 alone, there was a 13% increase in the number of gamers affected by attacks. While this could result in loss of funds, user data is even more sensitive. Most modern online games gather multiple types of information from their users, including geographical, behavioural, and social. Anything from data breaches to unethical business practices could put gamers at risk and compromise their sensitive personal information.

Security is a major concern in the world of gaming, especially in Web 3, where decentralised infrastructure is the norm. Solutions like Spheron are stepping in to provide enterprise-ready security, safeguarding both user data and in-game assets.

“Wherever you go into decentralised infrastructure, you need to be aware of the caveats regarding security. At Spheron, whatever data is stored uses Spheron security. We’re launching scalable computing that’s enterprise ready, so all security concerns are taken care of. This will secure API endpoints, whatever you are working on,” adds Prashant.

Cross-Chain Interoperability as a goal:

Web 3 gaming is breaking down barriers between different blockchains. Imagine playing a game built on Ethereum and seamlessly connecting to another blockchain network –this cross-chain interoperability is a game-changer for the industry.

“Interoperability provides an unprecedented level of player agency. This allows gamers to transfer, trade, and utilise their in-game assets across different games or platforms. It’s the ultimate UX for players. Which creates a value-based gaming ecosystem that is underpinned by blockchain technology. It also transforms players into active contributors and beneficiaries of the gaming economy- which is what we want. We want gamers to have ultimate control of their respective assets. At Dega we’re currently building an API on meta transaction data, which allows abstraction and removes high gas fees,” says Carlos.

Creating a Bigger Community with Tokenomics

Tokens represent an opportunity to drive community engagement, which is at the heart of Web 3 gaming. Reward systems, gamification and tokenomics fosters community engagement in DAOs but combining it with a progression and reputation system we can further protect the community from hostile takeovers.

“At Spheron, we’re transforming the web3 space by making it affordable to run a node, host a web app, or even manage your own APIs and databases. It’s not just about cost-cutting — it’s about innovation using technology. If you create tech that’s more accessible by default, you encourage participation,” adds Prashant.

More about Web 3 gaming on FinancialFox.

A Bright Future for Web 3 Gaming

“Decentralised gaming offers players more exciting possibilities while enhancing user support and protection,” says Carlos. Web 3 empowers players with true ownership of their data and assets, making hacks and data mining a thing of the past.

Prashant notes that the metaverse contains many protocols that provide cloud storage and servers in a decentralised manner, aggregating them on a single platform will provide a better experience for new developers who are exploring new technologies in the blockchain. The solutions provided by Spheron will also provide access to multiple protocols and give developers an easier way to use them without necessarily learning new languages. An empowered developer is able to create in-gaming experiences that puts users and ultimately communities at the centre of the gaming experience.

With innovators like Prashant and Carlos leading the way, Web 3 gaming is set to reshape the industry and provide gamers with an unprecedented level of freedom and security. As Web 2 games begin to transition to Web 3, integration and adoption will further accelerate, ushering in a new era of gaming. The future is bright, and it’s decentralised. Follow the FinancialFox interviews on Twitter, LinkedIn and subscribe to our Youtube Channel if you have not already done so.

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