Home News iGaming and Web3 in Future Perspective

iGaming and Web3 in Future Perspective

By Manny Wood.
Fact checked by Wilbur Thompson.

Web 3.0, also known as the decentralized Web or Web 3, is the next generation of the Internet that aims to bring about a more open, decentralized, and user-centric web. Unlike the current Web 2.0, primarily built around centralized platforms owned and controlled by a few large corporations, Web 3.0 is designed to be more decentralized and focused on privacy and security. Some profound technologies of Web 3.0 development include blockchain, which enables decentralized and trustless transactions and data storage, and decentralized file storage systems such as IPFS (InterPlanetary File System). Web 3.0 also involves the use of semantic web technologies that enable machines to understand and interpret the meaning of data, making it easier to share and reuse information across different applications and systems.

One of the main goals of Web 3.0 is to enable users to regain control over their data and digital identity. It means that users will have more control over who can access their data, how it is used and who can profit from it. Web 3.0 also aims to make it easier for users to interact directly with each other, without the need for intermediaries or centralized platforms.

Overall, Web 3.0 represents a shift towards a more decentralized and user-centric internet, where users have more control over their data and digital identity, and trust is built into the underlying infrastructure.

Companies in various industries are investing in Web 3.0, a blockchain-based internet that incorporates cryptocurrencies, decentralized finance, non-fungible tokens (NFTs), and other related technologies. For now, Web 3.0 has already been making waves in the iGaming industry. But it will take some time before its full potential will be realized. Currently, crypto and blockchain are key components of many online gambling websites, with NFTs becoming more common. Some games, such as Minecraft and Fortnite, are actively utilizing Web 3.0 and related technologies to create more immersive gaming experiences.

However, Web 3.0 still has limitations, including accessibility issues, the need for a high level of user education, and reliance on centralized infrastructure. Furthermore, regulatory issues based on procedures that conflict with Web 3.0 principles, such as Know Your Customer (KYC) requirements and affordability checks, pose significant challenges to the industry. Decentralized finance (DeFi) protocols and NFTs are potential areas for integration with Web 3.0 that could lead to faster and cheaper transactions, greater transparency, enhanced security, and more engaging gaming experiences.

Web 3.0 technology can also improve fairness and transparency in iGaming through the use of smart contracts. It can also provide a new level of privacy and data control online that is increasingly important to competent online users who worry about personal data abuse and financial fraud. For the iGaming industry, personal data security will only become a more significant issue in the years to come.

The younger generation, including Millennials and Gen Z, is increasingly interested in innovative and tech-savvy ways of gaming. Web 3.0’s decentralized nature can appeal to these players interested in the value of digital assets, social responsibility, and sustainability.

Web 3.0’s decentralized nature also allows for players to connect and interact with each other in more meaningful ways. Companies that embrace Web 3.0 technologies and build more immersive and community-driven gaming experiences are likely to succeed in the coming years.