From what it is understood, early gaming modules were time-consuming and had limited or no monetisation opportunities. However, with real-time awards in Web 3.0 gaming, users are typically rewarded with real awards in exchange for tokens. The global blockchain in gaming market size is expected to reach $301.53 billion by 2030, reaching a CAGR of 68.3% from 2023 to 2030, as per insights from ResearchAndMarkets, a research platform.
In a conversation with FE Blockchain, Rahul Singh, co-founder, Bowled.io, a blockchain gaming platform, talks about how real-time awards in Web3.0 gaming can play a critical role in the progress of the gaming industry. (Edited excerpts)
Absolutely, real-world rewards can be both a passive and active source of income. So, if you look at gaming from the lens of web tools – that is a holistic set of tools used to enhance the experience of gamers including game engines and graphics tools to soundscapes and physics engines, among others which can help bring one’s vision to life – one fails to generate any return-on-investment despite investing in building these games. With real-time award through the exchange of non-fungible tokens (NFTs), cryptocurrency, among others, can add value and impact to rewards. With this, you can not only get the chance to monetise your rewards but also your profile. This can add revenue to the gaming platform and expand its popularity among people.
Can this reward-exchange in the gaming world threaten the real-world financial system?
To be honest, there might be a security threat which is in any online transaction but when it comes to blockchain, it is supposed to be safe. The decentralised way of working in blockchain can guarantee safety when it comes to the exchange of data to assets. These decentralised gaming modules are user-based, giving users full control of their assets. So, if they share their private key with other unknown sources, then fraud cases and other safety issues might arise.
Indian users can be quick when it comes to learning anything which has value in it. For example, when NFTs and cryptocurrencies came into the market, I believe people were conservative in investing in these. However, with the popularity of Shiba Inu after Elon Musk promoted it, people began to get more engaged on memecoins, eventually creating some of their own. So, as soon as Indian users start to see value in this module, they will eventually invest in it which is expected to boost the Web3.0 gaming sector. Moreover, the popularity of Web3.0 gaming sector is considered as a user-based factor.