The gaming world is moving to Web3, with players like Microsoft, Sony, and others exploring blockchain technology and its applications.
Hit forbes, these moves signify a new era in which digital assets can move seamlessly across a variety of devices, from consoles to VR headsets.sony’s Recent submissions An overview of how to transfer blockchain-based assets between different game titles and hardware.
Sony has filed a patent for digital assets, and Microsoft documents suggest cryptocurrency wallet integration.
Are 228 million players trying to spread magic internet money?🧵(1/9) pic.twitter.com/SLK4M8JW04
— s4mmy.moca (@S4mmyEth) September 29, 2023
The venture will allow players to use digital assets across Sony’s entire product range, potentially ushering in an era of interconnected gaming experiences within the broader Metaverse ecosystem.
Epic Games envisions a metaverse with interoperability at its core. The Metaverse Standards Forum, backed by leading companies such as Meta and Nvidia, aims to create an “open and inclusive” virtual world and promote interoperability across the gaming industry. Electronic Arts and Ubisoft are also moving into the realm of decentralized technology.
Paradigm shift for players and creators
Web3 games offer an attractive alternative to the current model of isolated gaming ecosystems. We promise asset ownership, cross-platform compatibility, and an interconnected gaming world. This represents a shift from the traditional model where players have limited rights to their digital assets.
Microsoft and Sony are actively participating in the gaming industry’s transition to blockchain and Web3 technologies by leveraging their large console user bases. According to the report, by integrating blockchain technology into gaming consoles, asset portability and digitally rare items could become the norm in gaming, similar to the prevalence of mobile gaming today.
Conversely, the rise of cloud gaming, which allows users to stream games on almost any device, threatens traditional console gaming. Microsoft and Sony’s pivot to Web3 gaming could meet this challenge and provide a differentiating selling point.
Major publishers like Electronic Arts and Ubisoft are not far behind, with EA exploring NFT and play-to-earn models. His COO at Sega has acknowledged his interest in Web3 technology, and his Immutable partnership with Ubisoft signals his transition to Web3 gaming principles.
Web3 Game Development in Asia Pacific
Asia Pacific is emerging as a player in Web3 game development, with some developers based in the region. This trend is supported by Game7’s findings. reporthighlighting the resilience and growth of Web3 gaming investments.
According to the report, the Web3 gaming ecosystem, which is currently dominated by indie and mid-sized projects, has high hopes for the development of AA and AAA titles. The rise of blockchain networks and investment in different game genres points to an evolving landscape that may soon see more high-profile Web3 games.
Microsoft’s impending integration of its crypto wallet with Xbox, along with similar moves by other industry giants, signals the beginning of a new era in gaming. This change promises to allow players to take ownership of real digital assets and create interconnected gaming worlds. As these companies navigate this transition with a focus on user empowerment and environmental stewardship, the gaming world stands on the cusp of an open, creative metaverse full of possibility.