In a series of tweets, Immutable X co-founder Robbie Ferguson made some great statements about the future of Web3 gaming. In addition, he mentioned that we’re around two to three years away from a whole new generation of Web3 gaming, increasing the crypto market’s involvement. So, let’s talk more about this exciting take on Web3 gaming.
Web3: What is it?
Web3 is the new evolution of the internet. Before you had heard of play-to-earn gaming and cryptocurrency, the internet was in a state of Web2. Web2 is a web without blockchain technology, smart contracts, and all aspects of cryptocurrency. Web2 refers to rich web applications focused on social aspects and web-oriented architecture. When we look at Web3, concepts of decentralization and token-based transactions are involved. Web3 is highly regarded as the future of the internet, but who says we’re evolving into something more already? Although we’re not speculating Web4, Web4 will likely incorporate elements of Web3, with a bigger web of intelligent connections and AI features.
Web3 is decentralized and was coined as a term by Ethereum co-founder Gavin Wood back in 2014. When looking at a solution for dealing with cryptocurrency, Wood stated that the web required too much trust and relied on a handful of private companies to act in the public’s best interest with their sensitive information. Web3 uses blockchain, cryptocurrencies, and NFTs to allow ownership to its users. Web3 is controlled by its builders and users, with equal permissions throughout. Through native payments and cryptocurrencies, Web3 does not have to rely on banks and payment processors.
Immutable X Co-Founder Speaks About the Future of Web3 Gaming
Robbie Ferguson argues that Web3 is two years or less from being a mainstream aspect of society. When we look at how far Web3 and cryptocurrency have come, you’ll find it difficult to find anybody who has never heard of cryptocurrency or NFTs.
Although most people are not well-versed in Web3, they know it’s there. Ferguson believes we’re getting close to it being a mainstream part of life. With over $10B already invested into Web3 games in less than two years, we find it difficult to disagree. Whilst cryptocurrencies are looking to become a mainstream financial aspect, Web3 also offers a new generation of the web and a gateway to the exciting metaverse.
We’ll start to see the first trickle before EOY.
Both 9-figure investment games.
— Robbie Ferguson 🅧 – Hiring! (@0xferg) October 24, 2022
From a recent study by Gartner, it’s further expected that cryptocurrencies could see mainstream adoption within two years. More people are interested in decentralization and the safety of their assets. In addition, people are more inclined to take full ownership of their financial assets rather than rely on major corporations to keep their assets secure. New Web3 models will boost new social, business, and gaming models. Who’s not to say that we’re going to advance into a Web3-orientated world? Of course, Web3 gaming is already hugely prevalent.
Changes in Web3 Gaming
Web3 games take roughly 2-3 years to build to produce, and Immutable X founder Ferguson states that over the next few years, we can expect to see a huge influx of high-budget Web3 games, increasing crypto’s active user base. In addition, he states that we may start to see the first trickle of this before the end of the year.
IMVU, the huge social media and friendship discovery platform, has recently switched to Immutable assets. With over 1m daily active players, switching to Immutable X assets is bringing a wider, bigger audience to the Web3 space. In addition to this, Illuvium is also launching two new high-budget games: Overworld and Zero. Alone, these games are 9-figure investments.
The Future of Web3 Gaming: How is Illuvium Changing Gaming?
Already, Illuvium is one of the top play-to-earn Web3 games. With a huge daily user count, Illuvium is looking to be the future of Web3.
Illuvium Overworld is an upcoming open-world exploration NFT creature collection game. Built on the Ethereum blockchain, the game allows you to explore 7 regions of Illvium, searching for rare and valuable resources. The game has been in development for a few years, with a huge budget and amazing graphics. Play-to-earn games are pretty hit or miss in the way that they are either super graphics-heavy or the opposite. The Illuvium team is working on new movements mechanics, environment and plant physics, as well as weapon VFX.
Illuvium Zero is a mobile and desktop companion game focused on base-building and land. You can own a land plot, build a self-sustaining economy and produce resources to use in the main Illuvium game.
As an enterprise, Illuvium will likely popularize play-to-earn games even more. With huge game budgets, Illuvium seeks to bridge the gap of Web3 into society, making it more inclusive and attractive to non-Web3-users. The game Illuvium itself has an iconic reputation in the Web3 gaming space, and we expect it will continue to thrive in the coming years.