How web3 gaming is shaping the future of the industry

In recent years, the intersection of blockchain technology and gaming has given birth to what enthusiasts are now calling Web3 gaming. This innovative approach to gaming leverages the decentralised nature of blockchain technology to transform traditional gaming experiences in unprecedented ways. From ownership of in-game assets to decentralized economies, Web3 gaming holds the promise of revolutionising the gaming industry as we know it.

How does it work, you ask? By utilising blockchain technology, game developers can create ecosystems where players have true ownership of their in-game assets. This ownership is facilitated by non-fungible tokens (NFTs), unique digital assets that are secured and verified on the blockchain. In Web3 games, players can buy, sell, and trade these NFTs freely, giving rise to vibrant player-driven economies.

One of the most exciting aspects of Web3 gaming is the concept of play-to-earn. Unlike traditional games where players invest time and money without tangible returns, Web3 games enable players to earn real value from their gaming experiences. Through various gameplay mechanics, players can accumulate valuable assets such as NFTs or cryptocurrency tokens, which can be traded or converted into fiat currency.

Despite its immense potential, Web3 gaming is still in its infancy, facing several challenges and hurdles. Scalability, user experience, and regulatory concerns are just a few of the obstacles that must be overcome for Web3 gaming to reach its full potential. Additionally, widespread adoption will require education and awareness efforts to onboard both players and developers onto Web3 platforms.

At the forefront of this in the UAE is Param Labs, an independent game and technology development studio, specialising in multiplayer blockchain games, AAA design, and innovative technology. It has worked with popular gaming giants like Activision, Epic, EA, Ubisoft, and others.

"Currently, we are focusing on Web3 game, infrastructure, and gaming platform development," says Anthony Anderson, 24, founder and CEO of Param Labs.

With the use of their independent technology pixel-to-poly, users can take their 2D images or NFTs and turn them into 3D playable avatars. This has already been implemented in Param Labs' first free-to-play game Kiraverse. The game allows users to compete and earn digital assets in competitive game modes or in an exciting open world experience. Players can team up to earn tokens and assets they can trade freely, enter risk based matches to earn crypto, or even utilise the option of importing custom characters in-game using their pixel to poly service.

"With a current focus on character creation, we have future plans to diversify into human replication and broader asset varieties, showcasing our persistent innovation in the gaming industry," Anthony added.

Furthermore, he discussed Param Labs' transition into the Web3 space and how he aims to contribute to the growth and evolution of UAE's gaming industry. Excerpts from the interview:

Param Labs has successfully transitioned into the Web3 space, focusing on game development and infrastructure. What inspired this transition, and how has it contributed to the company's growth and success?

Param Labs' goal has always remained the same: we set out with a vision to further advance the fastest-growing sector of entertainment by leveraging emerging technologies to enhance the value gamers and studios derive from gaming experiences. This was inspired by seeing many apparent issues in the gaming industry that kept it from scaling to its fullest potential, issues that are solvable by leveraging new technologies like blockchain and A.I. This focus has significantly contributed to our growth, as being a leading developer at the forefront of such an early stage in web3 has allowed us to capture a large portion of the market share early on and propel us forward.

How do you believe pixel-to-poly and Param Labs' focus on Web3 gaming will contribute to the growth and evolution of the gaming industry as a whole, particularly in the UAE?

Web3 gaming is still in a nascent stage. But so was the internet when it first came out. A road to wider adoption leads when users receive answers to their questions or problems. With Param Labs and our game Kiraverse, we’re trying to build an answer to an existing stigma around web3 gaming within the gaming industry as a whole. All the genres within the gaming ecosystem will benefit from web3 gaming elements, especially the ones with deep in-game economies.

Compared to the multi-billion-dollar games industry, the web3 gaming market is still new. However, the growth potential is quite high, and we’ve seen that crypto games can have explosive user and activity growth. As web3 gaming matures and games move past the classic “play-to-earn” model, we’re bullish on the future of the industry.