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Facebook changed its name to Meta and the world suddenly took an interest in the Metaverse, but the term has been around for a while and is closely related to Web 3.0.
So what is Web 3.0, Metaverse, and how does GAIMIN get involved?
Network 3.0
Web 3.0 is the term used to describe the Internet’s next paradigm shift. In Web 1.0, Internet browsers connected everyone online — Netscape, for example. Web 2.0 is where we connect to the online community – Facebook. Web 3.0 is considered the next stage of community engagement – connecting individuals and organizations into community-owned virtual worlds.
Grayscale recently aligned key features of Web 1.0, Web 2.0, and Web 3.0, which help describe how technology components fit into these categories:
| Web 1.0 | Network 2.0 | Network 3.0 | |
| interaction | read | read and write | read-write-own |
| Moderate | static text | interactive content | virtual economy |
| organization | company | platform | The internet |
| infrastructure | personal computer | cloud and mobile | Blockchain and Cloud |
| control | decentralization | concentrated | decentralization |
The world is going digital; Gen Z is ubiquitously embracing internet technology and digital device interaction. They are experts at communicating through social media, they play games and create virtual global friendship groups, they collaborate with others who share similar ideas and interests, and they embrace new technologies quickly.
Personal social lives are converging through digital interactions – again through social media, and now also through gaming, creating a rapidly growing virtual economy of goods and services – projected to grow from $180 billion in 2020 to $400 billion in 2025 .
As individuals become more aligned with technology, they are also rebelling against current incumbent technology providers for the Web 2.0 environment. Web 2.0 is a closed enterprise metaworld, controlled by organizations and large technologies. Web 3.0 is taking over because of its user-led democratic control and ownership.
The biggest problem facing participants of Web 2.0 applications, especially gamers, is the investment in building expensive in-game assets within a single game. When players want to move to a different game or just try it out, their investment in other games remains in that environment and is not transferable. Investments and assets can be lost, and new costs are incurred when building assets and inventory for new games.
Web 3.0 and Metaverse are trying to solve this problem through blockchain and NFT technology. NFTs allow gamers to build assets independently of any game or game developer. NFTs are kept in separate wallets and can be used interchangeably in different games. When gamers want to play different games, they own the NFT assets and can transfer them for use in different NFT-enabled games. Furthermore, since NFTs are controlled through smart contracts in the blockchain network, NFT owners can trade their NFTs – buying, selling and renting them with other gamers, allowing them to preserve their investments while increasing their digital value. Web 3.0 allows gamers to create a new free-market internet-native economy that can be monetized in the physical world—an evolution of a “community of creators” called Pay to Earn (P2E).
To survive in a Web 3.0 world, established Web 2.0 companies will need to implement disruptive business strategies. Gaming is one of the most directly accessible segments of Web 3.0, and is easily embraced by gamers who have benefited from the technology, transferring value to Web 3.0 compliant applications. Companies starting out in the Web 3.0 economy will benefit from a first-mover advantage by developing business strategies around Web 3.0 concepts without having to transition products and services from Web 2.0 to Web 3.0.
The opportunities in the Metaverse are not limited to games. Metaverse-related environments are expected to deliver trillions of dollars in revenue opportunities, including advertising, social commerce, digital events, hardware, and developer/creator monetization.
Metaverse/Web 3.0 Economy
The Web 3.0 Metaverse economy is developing, integrating digital goods, services and assets, paid in fiat and cryptocurrencies, creating real-world value for users. Blockchain technology is a foundational technology that has been implemented recently, and game developers need technical solutions to incorporate this technology into their software. Blockchain technology provides the foundation for asset ownership, transactions, and value growth.
The nature of Metaverse transactions and ownership determines changes in the provision of related financial services. The Metaverse world is effectively integrated with the larger interconnected crypto cloud economy – borderless, cheaper and faster transaction processing. Metaverse is challenging traditional business practices in multiple areas, including:
- payment network – Metaverse economies can use their own digital currency or more mature digital currency
- Decentralized Finance – No one controlling body, providing transparency for transactions and offering new methods – such as loans on virtual land
- NFT Sovereign Commodities – Buy NFTs from other creators, which can then be used in the Metaverse environment
- Decentralized Governance – Legal framework to take back control from centralized companies and allow a global community of users to collectively decide the rules
- Decentralized Cloud – Decentralized infrastructure for storing and retrieving data
How GAIMIN Powers Metaverse
- GAIMIN has developed blockchain-based applications and created its own cryptocurrency, GMRX. GAIMIN creates a supercomputer-level data processing network to monetize unused capacity through gamer PCs and reward gamers for using their devices. Gamers can earn between $30 and $100 per month, depending on the performance of their devices and how long they’ve been on the GAIMIN network. Rewards are paid in GAIMIN’s GMRX cryptocurrency and stored in gamers’ wallets, which can be used to purchase in-game assets, NFTs, or converted to other cryptocurrencies or fiat currencies.
- GAIMIN’s Minecraft addon provides blockchain technology, NFTs and cryptocurrencies for Minecraft
- GAIMIN’s Unreal/EPIC platform SDK will allow game studios to incorporate blockchain technology, NFTs and cryptocurrencies into their games.
- GAIMIN’s GMRX token will be listed on leading cryptocurrency exchanges in Q1’22, creating value and utility for token holders.
About GAIMIN
GAIMIN (GAIMIN.IO Ltd) is a UK- and Switzerland-based gaming company focused on helping the gaming community monetize the computing power of their gaming PCs while supporting the implementation of Web 3.0-based blockchain technology to game developers.
GAIMIN has created a decentralized data processing network that leverages the processing power typically found in gaming PCs to create a global decentralized data processing network that provides “supercomputer” performance.
Through a free download of a PC-based application, GAIMIN monetizes underutilized performance through innovative means of delivering “supercomputer”-level data processing performance from a global network of independent processing devices. Initially focused on powering blockchain computing, the GAIMIN data processing network also supports many different large-scale data processing applications, including video rendering.
GAIMIN has expanded its technology development, enabling game studios to quickly and easily integrate blockchain, NFT and cryptocurrency technologies into their games with an SDK designed to easily integrate with gaming solutions.
GAIMIN pays users in its own cryptocurrency, GMRX, which can then be used to buy NFTs, in-game assets, accessories, and merchandise on the GAIMIN Marketplace, or it can be converted into fiat currency or other cryptocurrencies. Game developers can use GMRX technology in their games, the main benefit of which is the ability to rename the cryptocurrency in their games, but retain the association with GMRX and its listing status, providing instant value to their in-game cryptocurrency .
For more information:
Instagram: gaimin_io
Twitter: GaiminIo
LinkedIn: gaimin
YouTube: Gaimin
Facebook: Gaimin.io
telegraph: official gaimin
Discord: Gaimin
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