Web3 is the new buzzword on the block and for good reasons. It is an umbrella term that touches on a range of sectors that fundamentally set a new chapter of our digital future – powered by blockchain technology and defined by a paradigm shift in our concept of ownership.
While there is no standard definition yet of what it is, Web3 is widely regarded as the next iteration and the future of the Internet – and it is particularly game-changing in the world of gaming.
So what makes Web3 different from the Internet that we have at present and what role does it play in the gaming industry?
Web 1.0 - The Read-Only Era (Read Only)
It may be hard to imagine now but once upon a time, you could barely do anything on the Internet other than consume the content that you would see on the screen, leading it to be known as the read-only web.
Back then, website pages were static and the only thing you could do aside from reading the text was to click on links, which would lead you to another webpage of the same nature.
Web 2.0 - The Age of Social Media (Read + Write)
Web 2.0 is what we have at present — the golden age of social media characterized by dynamic user participation and content creation.
Also known as the read-write era, Web 2.0 allows users to create content and interact with the content they consume. This proved to be a very successful model, propelled by key innovations like mobile Internet access and the rise of smartphones.
However, the main bone of contention of Web 2.0 is that it has become dominated by companies that provide the services we use to create content in exchange for our personal data – making the current Web 2.0 centralized and monopolized by big successful companies.
Web 3.0 - The Future (Read + Write + Own)
As the next iteration of the Internet, the fundamental concept of Web3 revolves around the idea that this version of the web will solve the main argument against its predecessor – ownership of content.
In Web3, genuine ownership over content, assets, and other digital rights is possible because of blockchain, the underlying technology that allows data to be stored in a decentralized, transparent, and immutable way.
For those unfamiliar with cryptocurrencies, it might be challenging to grasp the concept of Web3 and blockchain from the perspective of ownership – and that’s okay.
In fact, that’s where gaming comes in when we talk about Web3 because let’s face it, despite its growing adoption, the cryptocurrency and blockchain industry is still pretty nascent, largely misunderstood, and has a steep learning curve.
On the other hand, games and the desire to play, enjoy, and have fun are universal, and those are the elements of gaming that makes it a strong contender in onboarding the next billion users to Web3.
The most defining aspect of a Web3 game is that it uses blockchain as the underlying technology to power its in-game economy, which provides unprecedented opportunities for players.
As a result, in-game assets can now come in the form of non-fungible tokens or NFTs while in-game currencies are now tokens on the blockchain, just like your regular cryptocurrency that you can trade 24/7 on different exchanges.
In a Web 2.0 game, players can either play it for free or pay to play. Once they start playing, everything that they earn like gems, all the assets that they bought with real money like armors, everything they worked hard for and spent countless hours playing like limited edition skins, are just that – in-game assets and currencies that exist and are usable only within the game.
Blockchain changed that and with Web3 games, not only do players have the option of going for free to play or pay to play, they have the opportunity to monetize what they worked hard for and achieved in the game.
With in-game assets as NFTs and in-game currencies as blockchain-based tokens, players now have the option to monetize what they own within the game by selling them in marketplaces even outside the game or trading the tokens that they earn in cryptocurrency exchanges.
In a New York Times article, Packy McCormick, an investor who helped popularize Web3, defined it as “the internet owned by the builders and users, orchestrated with tokens.” Meanwhile, Harvard Business Review describes the concept of Web3 as an extension of cryptocurrency, using blockchain in new ways to achieve new ends.
Indeed, Web3 can be many things to different people. When it comes to onboarding users to Web3, games provide a bridge that’s easier to cross for most because they tap on a universal element that we all can relate to, regardless if someone is technically inclined to understand how blockchain and cryptocurrency work or not.
Among the noteworthy platforms that are going strong in their mission to onboard users to Web3 through games is Kingdomverse, the first Mobile Gaming Metaverse (MGM) on the market, consisting of various mobile games connected by a dynamic open-world mobile metaverse, NFTs, and tokens.
By partnering with InvestaX, Kingdomverse is also leveling up its Web3 commitment by being among the first organizations to take advantage of tokenization to future-proof its business model.
If you want to get involved in building the Kingdomverse project, feel free to email us at email@example.com.
At InvestaX, we offer the leading Singapore Licensed Tokenization Service-as-a-Software (SaaS) platform for Real World Asset Tokens (RWA) and Security Token Offerings (STO). We provide a one stop shop for tokenized assets for global investors, including real estate, private equity, venture, ESG, startup, private credit/debt and more. We also provide IX Swap, the first legal and compliant Automated Market Maker (AMM) for RWA and STO.
If you are interested to learn more about how you can build your business on top of our infrastructure and what we can offer you as your tokenization partner, then contact us here. Thank you.