In the ever-evolving landscape of online gaming, Web3 technology is poised to revolutionise the iGaming industry and open up a plethora of new opportunities for both operators and players alike.
Web3 in iGaming brings transparency and trust to the forefront, addressing long-standing challenges such as security, fairness, and data privacy. Through the utilisation of smart contracts and decentralised applications (dApps), players can experience provably fair games, ensuring that outcomes are tamper-proof and verifiable.
Web3 also introduces a new level of ownership and value retention for players. With the integration of non-fungible tokens (NFTs), users can possess unique in-game assets, allowing for true digital ownership and the potential for secondary markets to emerge. This paradigm shift empowers players, creating opportunities for asset trading and new economic models within the gaming ecosystem.
In addition, Web3 technology expands the accessibility of iGaming, overcoming barriers such as geographical restrictions and payment gateways. With cryptocurrencies at the core of this innovation, players can enjoy seamless, secure, and instant transactions, eliminating the need for intermediaries and reducing costs.
As Web3 gains traction, the iGaming industry is set for a transformative overhaul. Operators can tap into a new wave of innovation, reimagining their platforms and exploring novel gaming concepts. Simultaneously, players will be able to relish in enhanced security, verifiability, and ownership, ushering in an era of unprecedented opportunities in the world of iGaming.
While still in its nascent stages, Sandeep Nailwal, the co-founder of Polygon, an Ethereum-scaling platform, is a firm believer that Web3 gaming will ultimately serve as a driving force behind widespread adoption of cryptocurrencies. In a recent Ask Me Anything (AMA) session on Reddit’s r/India community, Nailwal was posed with a query about potential real-life applications of blockchain beyond trading and payments.
Responding to the question, Nailwal expressed his conviction, stating, “I consider gaming to be the largest-scale opportunity for cryptocurrencies.” He further elaborated, highlighting the upcoming launch of several prominent Web3 games within the next 6-18 months, and expressed intrigue about their potential to crack the crypto code. In the previous year alone, Web3 games secured over $2 billion in funding, indicating a growing interest in the sector.
Among the funded games, Polygon, together with its ecosystem players like IMX (Immutable X), emerged as frontrunners. Nailwal expressed optimism, stating, “Fingers crossed for some of them to go big!” This sentiment stems from the partnership forged between Polygon and Immutable X in March, aimed at constructing a scalable gaming blockchain leveraging Polygon’s EVM-compatible zk-rollup technology. The network is scheduled for launch in the forthcoming months, promising faster blockchain games and various other enhancements.
In a related question, Nailwal was also asked to share his thoughts on the speculative nature of cryptocurrencies. While he acknowledged the assertion, he explained that this speculation has both benefited and harmed the crypto industry. Nailwal viewed it as a “boon” because it attracts top talents to the industry, but also a “bane” due to the prevalence of speculative users and applications. Drawing parallels, he highlighted that other major industries, such as the Gold Rush era and the Dot-com boom, experienced similar speculative phases in their early stages.
As the gaming industry continues to merge with the blockchain, the potential for transformative impact becomes increasingly evident. The integration of in-game assets with blockchain technology not only provides players with new avenues for value creation but also paves the way for broader adoption of cryptocurrencies in mainstream society. With the advent of Web3 games and the collaborative efforts of platforms like Polygon and Immutable X, the future of blockchain gaming appears poised for exponential growth and innovation.
Stay informed with our Bi-Weekly Pulse for the latest crypto and blockchain news.
Get access to the week’s most interesting reads, stats and find out about the most recent trends in the cryptocurrency market.