The Gaming Industry is Shifting Into Web 3.0; What Does the Future Hold?
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Gaming is one of the most popular and rapidly growing industries in the world today. With advancements in technology, games have become more accessible and immersive than ever before, attracting people from all walks of life. According to data analysis by Mordor Intelligence, the gaming industry had a valuation of USD 198.4 billion in 2021; this figure is expected to hit USD 339 billion by 2027 at a CAGR of 8.94% over the next five years.
Despite its popularity, this booming industry still faces many challenges such as guaranteeing fair play models and creating effective payment systems. Luckily, upcoming technologies like blockchain are gradually solving these pain points. At its core, blockchain tech introduces decentralized and secure solutions that can be used to power a wide range of functions within the gaming industry.
Most notably, Non-Fungible tokens (NFTs); these are unique digital assets that can be traded and sold on secondary markets without third party interference. Unlike the centralized traditional gaming ecosystems, NFTs allow gamers to truly own their virtual items and to participate in decentralized tournaments with minimal risk of fraud or tampering. Will the next era of games be hosted on blockchain? Let’s delve deeper into the developments to get a glimpse of the future.
The Internet has undergone several iterations since it was first launched in the early 80s; today, we are in the Web 3.0 (decentralized web) era. This latest version of the internet has become a fundamental pillar in the development of the metaverse. First coined by Neal Stephenson in his
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