With the launch of our Web3 game release coming on January 25th, we wanted to give a quick explainer of some of the benefits and details of Web3.
Our new Web3 implementation will provide the long awaited play-to-earn features of MagicCraft.
Web3 is a term that is widely used along with other terms such as blockchain, metaverse or play-to-earn, but often these terms are poorly explained or misunderstood.
This is the first in a series of quick explainers for our community, to highlight the ideas behind some of these terms, what they mean for MagicCraft and how they will dramatically improve the experience of gamers, users and your digital life as a whole.
So what is Web3 exactly?
Web3 is an exciting development of the internet, based on blockchain technology, with the potential to bring a larger shift in behavior and benefits for the users than Web2.
Its fundamental benefits are based around decentralization, connectivity , trustless technology, pseudonymity, asset ownership, with near limitless possibilities in each as technology develops.
We anticipate that these benefits will gradually create a much more highly personalized, safer, richer and more anonymous digital experience for the world.
Imagine a new kind of internet where the following behavior is possible:
- You can earn money through pursuing leisure activities, like playing games or just hanging out on a metaverse based social platform.
- You directly own digital assets you create, purchase or use within games or experiential platforms.
- You have an AI powered personal assistant that learns your preferences and present you with the information you want to have, uniquely tailored for your needs and tastes.
- You do not need to rely on centralized institutions to manage your money - such as banks.
- You can profit from any use of your personal data by third parties.
These are just a few of the types of benefits that Web3 can provide through the five key features illustrated below.
But what do these features mean?
Decentralization
Web3 is a new principle of the internet, which aims to decentralize the way data is stored and accessed. In contrast to Web2, where data is kept in a central location, Web3 allows data to be found based on its content rather than its location. This decentralization will give users more control over their data and dismantle the large databases maintained by companies like Google and Facebook.
Connectivity
With Web 3.0, content and information are more accessible across applications and with a growing number of commonplace devices connected to the internet. The Internet of Things is one such example.
Web3 would largely involve the creation of an interconnected ecosystem that allows interoperability and seamless access to information. However, IoT connectivity would drive one of the top Web3 benefits, i.e., ubiquitous access to data. Users can access any type of information from any location with any device. Web3 could ensure that you can connect to the internet even without using your computer or smartphone.
Trustless Technology
A Web3 future will also be trustless (i.e., participants will be able to interact directly without going via a trusted intermediary) and permissionless (meaning that each individual can access without any governing body's permission). This means that you will be able to manage money and other assets without needing to resort to central authorities such as traditional banking services.
Pseudonymity
Pseudonymity is the near-anonymous state in which a user has a consistent identifier that is not their real name: a pseudonym. Pseudonymity allows users to communicate with each other in a generally anonymous way.
Many of the online services and platforms we use daily require us to input personal information in order to access different features. We may assume that the information we provide on platforms like Amazon or Facebook is secure and under our control, however that is not always the case. Centralized companies like Facebook, Google and Amazon often monetize user data in various ways.
Web3 aims to change this by giving users complete control over their data, allowing them to share information according to their preferences. Web3 also aims to overcome the monopoly of user data held by tech giants. This means that while your behavior in a Web3 environment may still be visible, the exact details of who you are and where you are will be not accessible, hence the idea of pseudonymity.
Asset Ownership
Web3 users will be able to fully own assets used on platforms, such as games, and will be able to gain income from them. This is managed by using NFTs, or Non Fungible Tokens, owned completely by the user.
So what does this mean for Gaming?
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Ownership and interoperability
Web3 gaming allows players to fully own and control in-game assets and collectibles as NFTs. In contrast to traditional gaming, players no longer lose their assets when switching platforms. Web3 gaming offers true ownership and the ability for players to take their assets from one platform to another, providing interoperability between different platforms.
So in MagicCraft, users can own their own characters, or create their own gaming spaces within MagicCraft, deriving income as they win, or even renting their NFTs to other players and charging a fee for this.
Player-driven gaming
Web3 gaming adapts to players' preferences by offering multiple benefits. One of these is the ability for players to earn revenue through in-game items, known as play-to-earn. Another benefit is the integration of old games into the metaverse, allowing players to continue playing their favorite games. Additionally, Web3 gaming also enables self-sovereignty, giving players more control over their gaming experience.
In MagicCraft, users can choose both non-crypto and play-to-earn gaming options, allowing them to win $MCRT as prizes through battle wins and game completion.
Negligible Downtime
Web3 gaming is a self-governing system that requires minimal upkeep and no interference from any outside authority. With the use of block minting and advanced data storage capabilities, Web3 gaming experiences have minimal downtime and are easily able to handle large numbers of players.
Transparent gaming
Web3 gaming allows players to engage in decentralized, secure and transparent gaming experiences, which are hosted on the blockchain. This eliminates the risk of hacking and ensures that all players have equal access to the game. The process of modifying the game is based on a voting consensus, which ensures a high level of transparency.
MagicCraft's new Web3 release will feature a user-friendly interface that allows players to connect their wallets and participate in Web3-powered game lobbies with prize pools. Players will have the choice to use their own NFT characters or rent one from another player in exchange for a share of their winnings.
We will explain all our upcoming Web3 features in our next article.
Created by a talented team of cryptocurrency specialists, game developers and crypto influencers, MagicCraft promises to take blockchain play-to-earn gaming into the mainstream.