The untapped potential of Web3 gaming

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Updated: 06 July 2023

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Gaming is an immense industry and it has been continually growing every year, so much so that by 2026, the worldwide gaming market is projected to be worth over $320 billion. The emerging area of Web3 gaming offers even more excitement and potential.

Mo Shaikh, the Co-Founder & CEO of Aptos Labs, based in Palo Alto, California, thinks that web3 can benefit at least 40% of the population. In a recent article in publication Decrypt, Shaikh says that the feeling of community and shared experiences that gaming offers to an estimated 3.2 billion players (or 40% of the world’s population) is the most crucial aspect of game creation.

He believes that gaming has always been fundamentally about this sense of camaraderie, regardless of the money involved and that the best of both worlds are available in web3 gaming: autonomous game development for businesses and producers, as well as social and financial value for players seeking to fight and interact with people around the globe.

Shaikh continues that Web3 gameplay eliminates the drawbacks of centralization, as Ethereum creator Vitalik Buterin discovered while playing World of Warcraft. The authority is returned to players who can now own their gameplay characteristics by integrating smart contacts and making the virtual goods in the game into NFTs. As long as there is a group to support the game continuing, a player’s gaming characteristics can continue to exist even after a game is shut down.

Decentralization advantages are available to all players in web3 gaming, so there is no danger of a company or boss rising to control the experience. The fundamental components of Web3 games can be accessed by players from all over the globe. Then, game developers can switch from being the lone judge to an access broker, allowing players to earn money from their gaming activities.