Web3 Domains Could Become Gamer Tags of Next Generation

In the global entertainment and media sector, video gaming is the highest-grossing industry. The industry has more than three billion individuals who enjoy gaming in one form or another.

Steam, launched by Valve Corp more than 20 years ago, established a unified ecosystem for gamers that allowed the company to purchase games through convenient storefronts and customize their gamer tags. However, with different online ecosystems, platforms and technologies popping up nowadays, it has become challenging for gamers to keep up. It doesn’t help either that game libraries are now segmented, because this has made it a requirement to have different accounts to launch a game, each with its own authentication protocol.

For instance, to start a game published by Ubisoft on Steam, gamers need to log into their accounts and run the corresponding library application. Once this is done, they can then launch the game itself, which will launch Ubisoft’s Uplay application. It should be noted that Uplay has its own authentication protocol.

While it is understandable that game publishers want to make a name for themselves in the gaming industry, this shouldn’t be done at the expense of gamers’ convenience. To deal with this issue, new paradigms and models that can benefit everyone without being inconvenient or invasive need to be created. Web3 offers solutions and tools to make this possible.

Using Web3 and blockchain technology, a unified gaming ecosystem supported by universal profiles and gamer tags that can be used across an extensive range of different platform can be created. Web3 domains also allow players to create their unique gamer tags, which can be seamlessly synchronized with any decentralized network and used to hold any asset, be it digital currencies, NFTs or cryptocurrencies, among others.

By using Web3 domains, players can also create profiles and gamer tags that unite all their achievements, statistics, badges, rewards, items, in-game currencies, assets and metrics across numerous Web3 gaming platforms but under a single identity. Leveraging these domains also allows players to freely exchange, transact and trade their blockchain-based assets, even on third-party marketplaces and exchanges, while still retaining full ownership. In addition, Web3 eliminates the need for highly centralized Web2 servers and databases while unlocking new revenue streams like network fees and enforceable royalties.

From the above, we can see that Web3 features hold the potential to revolutionize the gaming industry again and help create a more fair, inclusive, secure, democratic and player-friendly ecosystem. For this to work, gaming companies need to allow player engagement and creativity to thrive and flourish.

Away from gaming, fintech companies such as Horizon Fintex are also taking strides in helping to merge the latest technologies in Web3 with traditional finance systems on Wall Street so that capital mobilization can be deepened in a way that increases transparency, efficiency, compliance and security.

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