How Web3 Gaming Will Revolutionize Online Gambling
This is an exciting time to be an iGaming enthusiast. I have seen several recent technological innovations that have revived my desire to play online casino games of chance for real cash. I can only imagine that what I am feeling now has been the driving force behind the year-over-year double-digit percentage increases in online casino play over the last decade.
Note that I find myself particularly interested in a very recent innovation that is sure to revolutionize the iGaming industry. It’s called Web3 gaming.
Web3 Gaming: What’s the Fuss All About?
Recently, we have seen many of the world’s top iGaming software developers increase their focus on new digital technologies like cryptocurrency and blockchain. In fact, hundreds of online casinos and sportsbooks worldwide are now willing to accept cryptocurrencies (Bitcoin, Litecoin, Ethereum, etc.) as a primary means of exchange. This is great news for online gamblers like myself who are savvy about the crypto world.
I would also like to point out that several of the top online casino software developers have been busy creating crypto-only casino platforms. These casinos only accept deposits and pay out withdrawals in cryptos like Bitcoin.
Thanks to the advent of Web3 Gaming, software developers have made great strides forward by showing how iGaming platforms thrive on a blockchain. Let’s take a look at exactly what Web3 gaming entails.
What is Web3 Gaming?
Web3 gaming technology refers to how blockchain technology facilitates interactions between gaming providers and their customers. This includes exchanging cryptocurrency as a means of moving money between the relevant parties. As part of this, developers may create casino games that only accept wagers and make payouts in designated cryptos.
For the most part, this technology can create a gaming infrastructure where gamblers play online casino games safely & securely.
Note: This same technology is also used to facilitate the trading and purchasing of all kinds of digital assets, including NFTs (non-fungible tokens).
I’m intrigued by this new technology. Let’s examine how Web3 could revolutionize the online gambling industry.
A Promising Outlook for Gaming & Online Gambling
Tens of millions of adults worldwide access online casinos and sportsbooks on any given day. NFT trading and purchasing have also been growing at unfathomable rates in the last couple of years. As these numbers continue to grow, so does the call for better ways to protect customers while giving them a more flexible and secure infrastructure in which they can conduct their business.
I recently read that more than 2.1 million e-wallets make transactions every day to access online gambling sites. That’s a big number that demands a secure environment over which online gamblers can gamble and NFT customers can trade and purchase their digital assets. It looks like Web3 technology is here to answer the call.
The Benefits We can Derive from Web3 Gaming
Of course, the value of any new technology comes from the benefits it delivers. I took a hard look at how Web3 gaming can make a difference, and here are six (6) benefits that seem apparent:
1. Decentralized Control
New online casino gamblers point to the trust factor as a primary concern when they are contemplating using online casinos. It’s hard to get past the notion that the operator providing the iGaming services is also the one that controls the outcomes of said gaming. Web3 puts all gaming activities on a blockchain ensuring fair results free from control or manipulation.
The decentralization control factor merely approves transactions for neutral agents, ensuring that outcomes remain free of bias.
2. Ownership of digital assets (NFTs)
A lot of money gets moved in the digital asset market, with rogue actors waiting in the background to pounce. Web3 uses blockchain codes to protect the ownership interests of NFT customers as they transact business in digital asset markets.
3. Digital asset gambling
When digital asset ownership is clear, each digital asset holds real value. From a gambling perspective, Web3 offers a secure gambling platform through which digital asset owners may use towards a deposit at an online casino.
4. Asset Security
The value of any blockchain comes from the high level of security it offers. Web3 creates a secure iGaming infrastructure that combines casino game playing with the use of digital currencies. This brings an extra level of fluidity and security to the iGaming process.
5. Ensuring random and fair gaming results
It’s important to remember that licensed online casino operators must have their games audited for random and fair results. For the most part, that is exactly what happens. What Web3 contributes to fair gambling comes from the fact that each result is immediately linked to the blockchain without manipulation. If disputes arise due to gambling results, the proof is always right there on the blockchain for review.
6. The anonymity factor
The reason a lot of people prefer to gamble online comes from the fact that they may do so privately. The level of anonymity is only enhanced when using crypto to fund their gambling activities and a Web3 gaming platform to transact their wagers. Everything about their Web3-based gambling activities gets reduced to a series of codes that have no meaning to anyone outside of themselves.
Looking to the Future
A new day is dawning for the online gambling industry. As awareness grows of ways technology improves lives, people they feel emboldened to do more things over the Internet. I’m very interested to see how Web3 gaming will move online gambling forward. My guess is that the benefits of this technology will pull more online gamblers into action.