The Future of Web3 Gaming: 5 Major Trends to Watch in 2024
Gaming has long been one of the most captivating and enduring forms of human entertainment, attracting millions of fans all over the world. From the early days of pixelated adventures to today’s rich virtual settings, the growth of gaming demonstrates human innovation and technological advancement. However, blockchain technology has brought a new layer to this popular hobby, providing consumers worldwide with an even deeper and more interesting experience.
In this article, we will look at the present condition and future possibilities of Web3 gaming in 2024, as well as how blockchain technology is transforming the gaming industry and giving project players unprecedented opportunities to create new experiences.
Gaming and the Readily Expanding Web 3 Opportunities
The phenomenon of Web3 gaming appeared in an environment when, at the beginning of the 2010s new games based on blockchain, CryptoKitties, Decentraland, etc. It is a type of game through which players can purchase, trade, and incubate virtual assets using Ethereum and other coins. And since then, Web3 gaming has grown, and the game developers have attempted to explore new concepts and subgenres.
‘Real ownership’ is one of the most powerful ideas in Web3 games and, as a result, one of the core pillars of the entire paradigm. In real-life gaming, most people wager on avatars or characters they do not own in the real world. But what if it’s Web3 games, all of the interacted goods are stored in a blockchain network, and you own all your gaming assets? This has led to the opening of a player-driven economy and decentralized gaming.
You can also cover another aspect of Web3 gaming, specifically NFTs, when it comes to those tokens. The trend with NFTs is that there are a limited number of items implying ownership of a certain object or a certain portion of data. In gaming, NFTs can be used to make limited, scarce, and in-demand items, with examples being weapons, skins, and characters. This has given birth to a new genre of NFT gaming platforms where the gamer uses the platform to sell, trade, and purchase gaming assets P2P.
What is Web3 Gaming?
Blockchain is used in the creation of decentralized applications (DApps) to provide security and transparency. Web3 gaming, which is a crucial component of this, provides users with actual ownership of digital assets through non-fungible tokens (NFT) and smart contracts. Decentralized governance allows players to influence the game’s progress. Web3 game creators may use blockchain technology to build engaging gaming experiences that challenge traditional gaming and pave the road for a more decentralized future.
DappRadar reports that blockchain gaming will remain the leading area in the DApp business in 2023. Last year, the number of unique active wallets (UAW) increased significantly, while the industry-wide dominance remained stable at 34%. This demonstrates the long-term attractiveness and endurance of blockchain gaming, which continues to draw developers and gamers to its disruptive environment.
Source: DApp Industry Unique Active Wallets — DappRadar
Web3 Gaming Trends in 2024 To Watch
Blockchain Games’ Historical Activity
The data obtained indicates that within the Web3 blockchain games market launched recently, the increase in the number of unique active wallets’ indicators is visible, and this shows an increase in the Web3 blockchain games market. For this reason, it implies that developers as well as gamers are participating more in Web3 games, which, therefore, forms a trend in the ecosystem. Quantifying the population of people participating in Web 3, blockchain gaming rises every quarter because the gamers are willing to have positional possession of the assets in the games, plus they are laden with real-world earning potential, and therefore, there is a need to develop more Web 3 gaming platforms.
Source: Blockchain Games Historical Activity — DappRadar
Therefore, the given numbers enhance the idea that UAW in the Web3 blockchain gaming industry corresponds to the general trends and development of decentralized applications and the integration of the blockchain industry into other sectors.
Enhancements of Virtual Reality and Augmented Reality Environments
A major shift has occurred in VR and AR games due to the integration of blockchain and decentralized technologies in Web3 games. Predictably, gamers will at least be able to have exciting, evidently shared virtual spaces to explore, even if the real and virtual worlds remain separate and even more disjointed in the future.
In addition, the fundamental concept of incorporating Play-to-Earn (P2E) models into such experiences creates even more immersive gameplay that is notably financially rewarding based on players’ actions within the game.
Increasing Adoption of Layers 2 and 3
Web3 game development is seeing an increase in the usage of Layer 2 and Layer 3 solutions, which solve the constraints of traditional blockchain networks such as high fees and delayed transactions. Layer 2 solutions, such as state channels and sidechains, enable quicker and cheaper transactions, while Layer 3 solutions improve scalability and interoperability even further.
These technologies improve data processing and validation, allowing Web3 games to support bigger player bases and more complicated gaming dynamics, supporting industry innovation and accessibility.
Because most games continue to utilize Layer 1 solutions, Game7 research indicates that the majority of games and networks created after 2023 actively employ Layer 2 and Layer 3 solutions.
Source: Web3 Games and Networks per Layer — Game7
Sustainability Initiatives
New trends in Web3 games, seen in 2024, are expected to include sustainable activities, with sustainability becoming a key concern in the world. Blockchain networks are already seeking environmentally friendly approaches, energy conservation, and enhanced consensus mechanisms.
Several gaming projects, especially those under the play-to-earn business model have started integrating sustainability measures to counter their impact on the environment. This is in parallel with the general global focus on environmentally sustainable ways, proving that gambling does not have to harm the environment while still being enjoyable.
The Rise of GameFi
To be precise, the PME abbreviation means the fusion of the gaming world with decentralized finance, or DeFi, a process that is revolutionizing the gaming world. Members can win rewards in-game and from such activities as staking, lending, mining, and yield farming. This integration means that entertainment and money can be brought together, and thus the achievements and assets of the gamers can be monetized.
There will be a progressive growth of the GameFi market by the end of 2024; more games will be integrated into this particular industry since many of them tend to offer various opportunities for earning, investing money, and being an active participant in this industry. This progression is likely going to revolutionize the way players interact with games, making them both qualitatively productive and financially fulfilling.
Closing Thoughts
To summarize, Web3 gaming is expected to transform the game business in 2024 and beyond. With the emergence of decentralized technologies like blockchain and an increasing need for player-centric experiences, Web3 games provide a look into the future of gaming. Whether it’s earning real-world money through play-to-earn mechanisms, exploring immersive metaverse worlds, or owning rare virtual assets via NFTs, Web3 gaming offers exciting options for both players and developers. As the business evolves, we should expect even more innovation and originality in the realm of Web3 gaming.
