This year in Miami Beach, web3 organizations from all over the world will come together to celebrate how blockchain technology is revolutionizing digital art.
While the cynics and skeptics may call web3 a buzzword, it has the potential to empower individuals, elevate our experiences, and change the way we interact, both online and in the real world.
Web3 has the potential to change everything from the way we work to the way we shop—the applications are as infinite as the internet itself.
This article dives into just some of the ways web3 can change the way we play, experience and learn.
Gaming has an insatiable market. Mobile and console games are predicted to generate over $155 billion dollars in revenue in 2022, a number that is set to keep growing as the industry evolves.
Part of that evolution is web3, which is offering new and different ways to play games.
While the majority of web2 mobile and console games use play-to-win (P2W) models, most games within web3 are based on what’s called play-to-earn (P2E).
This means that, rather than simply playing a game with the ultimate aim to win, players seek to earn real money.
Some P2E games require users to purchase an NFT to play. Others actually reward gameplay with crypto tokens.
As we mentioned above, NFTs play a big role in the web3 gaming world. They make for ideal in-game assets due to their non-interchangeable nature.
Part of the appeal of web3 for gaming is the fact that it’s decentralized: no single gaming company owns the games or the assets within them. This means microtransactions within web3 games give players complete ownership, security, and transparency.
For example, if a player buys an Axie in Axie Infinity, they own that token within the Axie metaverse as well as off the platform. This means the Axie can’t be stolen, lost, or duplicated, and it resides with the user, not the game.
The use of NFTs within games, and the fact that web3 games are built on blockchains, means that assets aren’t unique to one game.
Instead, players can move avatars and items seamlessly between games in the metaverse. Or, players can choose their favorite NFT to represent them in a game where the native avatars are entirely different.
This opens up a whole new world of possibility within gaming: to be your favorite character from one game in any and all of them. You can even sell that character as an NFT, so that your gaming spending offers a return on investment.
Gaming isn’t the only activity that has the potential to be greatly elevated by web3. In fact, there are an infinite number of other experiences that can be enhanced through the delights of decentralization.
There are very few people in this world that haven’t had at least one bad experience with event ticketing. Whether it’s losing a ticket or having to pay an extremely inflated price on a secondary market, ticketing systems all over the world are in need of a revolution. Enter NFT ticketing.
The beauty of NFTs is that they are secure and completely unique. How does this help with ticketing? Well, since NFTs are impossible to duplicate, it means that there is complete transparency of ownership and authenticity. This mitigates the risk of fans buying fake tickets and helps event organizers see exactly how many tickets have been sold and to whom.
Through smart contracts, organizers can also set their own resale prices and even claim a percentage of future transaction fees (e.g.,through fan-to-fan sales).
Web3 tech can also be used to create events (both IRL and within the metaverse), and offer access to them based on certain criteria using what are called “allow lists”.
The idea of an allow list is by no means unique to web3 – the concept hails from the humble guest list and, essentially, works in the same way. Certain wallet addresses are provided privileged access or treatment.
This is something that is used often within NFT projects. For example, members of a community who have been active since the very beginning of a project can find themselves on an allow list for the project’s mint. This means they will be given early access to purchase the project’s NFTs before they’re open to the wider public. In the case of very popular projects, this can be the difference between getting an NFT (usually at a lower price) or missing out completely and having to pay more to secure one on a secondary marketplace.
Allow lists have applications well beyond just NFTs, though. They can be used for metaverse rewards, activities, or events.
Speaking of… metaverse events are a whole web3 experience in themselves. They can put individuals in the same room (virtually) as some of the biggest names in the world, from Paris Hilton to Snoop Dogg.
Metaverse events allow organizers to plan without the limitations of space and cost. This means the events can be accessible for people all over the world, and ideally at lower cost than in-person events.
For companies, metaverse events offer a greater opportunity to promote sustainability, the chance to reach new and different audiences, and even the potential for additional revenue streams (event-specific NFTs, anyone?).
Learning is an essential part of life, regardless of your age. Web3 can facilitate learning across all age groups, educational levels, and demographics.
One of the most interesting applications of non-fungible tokens and smart contracts is the soul-bound token.
These crypto-assets serve as verified certificates of your skills or experience. If you complete a course through a dApp, for example, you can get a validated certificate of completion at the end of it. This certificate is tied to your wallet and your wallet only, meaning there can be no doubt that you yourself earned it, and can serve as evidence to future employers.
The same can be done for all qualifications and experience, making it easy for employers to find the best person with the best combination of skills and experience for the job in a way that’s much faster and more efficient.
We spoke about P2E games earlier, which is a concept that can also apply to education within web3.
While the traditional education system only offers a high grade as a reward for studying, web3 can offer crypto tokens that translate into real earnings.
Join us at The Gateway
Are you in Miami? MoonPay is hosting a launchpad event from Wednesday November 30 to Saturday December 3 at The Gateway, a five-day immersive web3 experience unlike any other, filled with interactive art installations, panel discussions, and more. Come say hello!