Compared to the previous stage of Internet development, Web 3.0 involves the creation of more transparent and interconnected networks and applications. The main idea is to provide a more personalized, secure, and distributed experience of using the Internet. Instead of storing information on centralized servers, Web 3.0 suggests using distributed data storage systems, such as blockchain.
Web 3.0 opens up many new opportunities for companies, including improving the efficiency of business processes and creating new opportunities for earnings. The gaming industry has diversified the gaming process thanks to cryptocurrencies and NFTs and allowed players not only to enjoy the game but also to monetize their playing time. Thanks to Web 3.0, a new genre of Play-to-Earn appeared, and games with blockchain elements began to form the GameFi sector.
GameFi is a new economy based on modern game mechanics and the use of cryptocurrencies. GameFi allows players to monetize their time in games, create their own game assets, and earn money from them. For businesses operating in the gaming industry, GameFi opens up many new opportunities to create value and engage users, increase the audience, and create more loyal communities.
What you should consider if your business is migrating to Web3
The gaming industry has long relied on centralized distribution and monetization solutions. Therefore, the transition to Web 3.0 has raised new questions for market participants. Companies face several important aspects when transitioning Web2 audiences to Web 3.0: user training, simplifying the user experience, collaboration with other businesses, and interoperability.
User training. Users are reluctant to change their habits, so it’s important to educate them and provide guidelines that explain the benefits of decentralized services. It makes sense to create guides and instructions to help users better understand how to use Web 3.0, hold webinars and AMA sessions.
User experience. UX in Web 3.0 should be simple and intuitive. This means simplifying complex technical processes, such as key management and transaction execution. This can be achieved by integrating user-friendly interfaces, using clear language in individual elements, and offering step-by-step instructions.
Collaboration with other Web 3.0 participants and interoperability. In Web 3.0, there are many protocols, platforms, and blockchain-based applications that need to be able to interact with each other. It is crucial to establish common standards and protocols for data exchange and communication to ensure interoperability. Without this, the potential benefits of Web 3.0 may not be fully realized, and users may be hesitant to adopt. Therefore, businesses must work together to create standards that enable interoperability, ensuring a smooth transition from Web 2.0 to Web 3.0.