What Web 3.0 Gaming Means for Esports Industry in the Future

Through this article, we will take you to explore the possibilities of gamefi and esports incorporation that might happen in the near future!
January 20, 2023

Esports, or competitive video gaming, has exploded in popularity in recent years. From small tournaments in local communities to global competitions with multimillion-dollar prize pools, esports has cemented itself as a legitimate form of competitive entertainment.

Web 2.0 gaming has become the prevalent game in esports competitions worldwide in recent years. This is due to the internet development that has facilitated direct interaction between players inside virtual game worlds. Lately, blockchain technology has spawned web 3.0 gaming as a byproduct of the continuous and rapid advancement of our technology.

The incorporation of gamefi and esports will certainly happen sooner or later. The question remains whether this will be the way to make web 3.0 games more popular by providing a better experience for users or leading to another possibility. Through this article, we will take you to explore the possibilities of gamefi and esports incorporation that might happen in the near future!

A Brief History of Esports

Before we dive deep into esports and web 3.0 gaming prospects, let’s take a moment to get a grasp of esports’ history and how it works!

Esports has a long and storied history, with the first recorded video game competition taking place in 1972 at Stanford University. However, it wasn't until the widespread adoption of the internet in the late 1990s and early 2000s that esports began to take off.

The rise of broadband internet and online multiplayer gaming made it possible for players to compete with each other from anywhere in the world. This led to the growth of professional esports organizations and the establishment of leagues and tournaments.

In recent years, the mainstream media has begun to take notice of esports, with major networks broadcasting major tournaments and sponsorships from major brands becoming more common. This increased visibility has helped to further legitimize esports and bring it into the mainstream.

Since its emergence, esports has become a venue where gamers can hone their skills, socialize and compete with other players, and earn rewards. Esports has helped change the stigma in society that playing games has no future and cannot generate income. Nowadays, many esports athletes are pursuing careers at a young age to become professional esports athletes and earn income from doing something they love.

The Role of Web 3.0 Gaming in Esports

Web 3.0 gaming, or decentralized gaming, is an emerging area of the gaming industry that utilizes blockchain technology and decentralized networks to create new types of games and platforms. While web 3.0 gaming is still in its early stages, it has the potential to significantly impact the esports industry.

One of the key benefits of web 3.0 gaming is the increased security and transparency it offers. By using decentralized networks and smart contracts, web 3.0 gaming can ensure that players are protected from fraud and that all in-game transactions are recorded on an immutable ledger. This can help to build trust and confidence among players and facilitate the growth of the esports industry.

Web 3.0 gaming is also revolutionizing the way games are developed and played. Traditional gaming is often controlled by a small number of large companies, but web 3.0 gaming allows developers to create and distribute games without the need for a central authority. This could lead to a wider variety of games being developed and more opportunities for players to participate in esports.

Looking to the Future

Web 3.0 games have the potential to revolutionize the gaming industry and esports, but many developers are still working to overcome the gamefi trilemma, which poses challenges in terms of playability, profitability, and accessibility. Stakeholders are aware of this obstacle and are working to address it to make web 3.0 games more competitive with web 2.0 games, particularly with the emergence of NFT games.

While there are still challenges to be faced and hurdles to overcome, the future of incorporation between esports and web 3.0 gaming looks promising. This idea is still relatively new and has a long way to go before it’s finally manifested. As a part of the gaming and blockchain community, it is important to understand new technologies and the opportunities it brings along. It is also important to take part and help accelerate the revolution by acknowledging and overcoming the hurdles that we have now.

By integrating gamefi and esports, the door to the mass adoption of players to gamefi will be opened wide. Now what’s left is to consider whether to wait for the gamefi industry to mature or execute the idea now.