Gaming and NFTs Could Boost Web3 Growth, Here’s How

The Chief Operating officer of crypto exchange Crypto.com, Eric Anziani, believes gaming and NFTs are the future of web3. 

He made this statement at the Blockchain Week in Busan (BWB2022) event when he gave a rousing speech.

Web3, often known as Web3.0, is the third generation of the Internet, after Web1 and Web2. It bridges the physical and virtual worlds, often blurring the boundary. 

Web3 prioritizes decentralization and enables anyone to create and own. Therefore, it requires low entry criteria to become a stakeholder.

The exceptional scalability, advanced privacy features, and data security make Web3 useful in many fields. 

How Will Gaming and NFTs Improve WEB3?

The gaming industry has improved astronomically with Web3. Using crypto, blockchain, and NFTs — as the face of gaming — the industry has gone to great heights.

A report from DappRadar calculated that blockchain-based games raised $2.5 billion in Q1 2022 via investors. Web3 games attracted 1.22 million unique active wallets, or 52% of all blockchain activity.

What makes web3 a favourite of the gaming industry is how it empowers all participants. 

The earlier gaming model only profited from the tech corporations that made the games. But Web3 empowers both game developers and players to earn directly from games. 

Game developers can monetize their creations by transferring ownership. On the other hand, players can now easily access any in-game asset, like game skins (NFTs). They can then decide to sell or keep it.

Therefore, Anziani was not out of place when he made some 'pro-Web3' statements at BWB 2022. He believes that the future of the fast-growing Web3 sector will be rooted in gaming and NFTs.

He also announced the new partnership between Crypto.com and Busan. This would be the city's first crypto exchange and put them on the map as a major continental digital hub.

"We have forged numerous partnerships in Korea, and I feel we are on the right track," Anziani commented.

Conclusion

The statistics show that Web3 has pushed the gaming industry to new frontiers. It now stands at $26.29 billion — certainly one of the highest in the world.

Similarly, gaming and NFTs will improve Web3 growth, and it isn't hard to see why. The more people play and develop games. The more Web3 penetrates the global consciousness.