Facebook changes its name to Meta and the world suddenly takes interest in the Metaverse, but the term has been around for quite some time and is closely associated with Web 3.0.
So what is Web 3.0, metaverse and how is GAIMIN involved?
Web 3.0 is the term used to describe the next paradigm shift in the Internet. In Web 1.0, Internet browsers connected everyone online – Netscape for example. Web 2.0 is where we were connected to online communities – Facebook. Web 3.0 is seen as the next step in community engagement – connecting individuals and organizations in a community-owned virtual world.
Grayscale recently aligned key features of Web 1.0, Web 2.0, and Web 3.0, which help describe how technology components fit into the categories:
|Internet 1.0||Web 2.0||Internet 3.0|
|Average||Static text||Interactive content||Virtual savings|
|Infrastructure||Personal computer||Cloud and mobile||Blockchain and Cloud|
The world is moving towards digital activities; Generation Z is ubiquitously embracing internet technologies and interactions with digital devices. They are experts in communicating via social media, they play games and create virtual friendship groups around the world, they collaborate with others who have similar ideas and interests, and they quickly adopt new technologies.
Individual social lives are converging through digital interactions – again via social media and also now with games, creating a fast-growing virtual economy for goods and services – which is expected to grow from $180 billion in 2020 to $400 billion dollars by 2025.
As individuals align with technology, they also rebel against current technology vendors for the Web 2.0 environment. Web 2.0 is a closed enterprise metaverse, controlled by organization and big tech. Web 3.0 is taking over due to its user-driven democratic control and ownership.
The biggest problem faced by participants of Web 2.0 applications, especially gamers, is the investment made in building expensive in-game assets within a single game. When a gamer wishes to upgrade to a different game or just try it, his investment in other games remains in this environment and is not transferable. Investments and assets can be lost and new costs are incurred in building up assets and inventory for a new game.
Web 3.0 and the metaverse are trying to solve this problem through blockchain and NFT technology. NFTs allow a player to create assets independently of any game or game developer. NFTs are kept in a separate wallet and can be used interchangeably in different games. When the player wants to play a different game, he owns the NFT asset and can transfer it to use in another game that supports NFTs. Additionally, because NFTs are controlled by smart contracts within the blockchain network, NFT owners can transact on their NFTs – buy, sell and rent them with other players, allowing them to keep their investment. but also to increase their numerical value. Web 3.0 allows gamers to create a new free market Internet-native economy that can be monetized in the physical world – the evolution of the “creator community”, known as “Pay to Earn (P2E) “.
To survive in the world of Web 3.0, established Web 2.0 companies will need to implement disruptive business strategies. Gaming is one of the most immediately addressable market segments for Web 3.0 to take hold and is readily adopted by gamers who are already seeing the benefits of this technology with value transfer to Web 3.0 compliant applications. Companies starting out in the Web 3.0 economy will benefit from a first-mover advantage having developed a business strategy around Web 3.0 concepts and not needing to transition products and services from Web 2.0 to Web 3.0.
The metaverse opportunity extends beyond gaming. Metaverse related environments are expected to represent a trillion dollar revenue opportunity encompassing advertising, social commerce, digital events, hardware and development monetization / creators.
The metaverse/Web 3.0 economy
Web 3.0 Metaverse economies thrive with a mix of goods, services, and digital assets, paid for in both fiat and cryptocurrencies, generating real value for users. Blockchain technology is the underlying technology in recent implementations, with game developers needing technological solutions to enable this technology in their software. Blockchain technology provides the basis for asset ownership, trade, and value growth.
The nature of Metaverse transactions and ownership determines changes in the provision of associated financial services. Metaverse worlds efficiently integrate with large interconnected crypto cloud economies – borderless, cheaper and faster transaction processing. The Metaverse challenges traditional business practices in a number of areas, including:
- Payment networks – metaverse economies can use their own digital currencies or more established digital currencies
- Decentralized finance – no single control body, ensures transparency of transactions and offers new approaches – such as lending on virtual land
- NFT Sovereign Goods – Purchase of NFTs from other creators which can then be used in metaverse environments
- Decentralized governance – Legal frameworks take back control from centralized companies and allow the global community of users to collectively decide the rules
- Decentralized Cloud – Decentralized infrastructure to store and retrieve data
How GAIMIN Powers the Metaverse
- GAIMIN has already developed blockchain-based applications and created its own cryptocurrency, GMRX. GAIMIN created a supercomputer-level data processing network, monetizing unused capacity with a player PC and rewarding the player for using their device. Gamers can earn anywhere from $30 to $100 per month depending on how well their device performs and how long they have been on the GAIMIN network. Rewards are paid out in GAIMIN’s GMRX cryptocurrency and stored in a player’s wallet and can be used for the purchase of in-game assets, NFTs, or converted into other crypto or fiat currencies.
- GAIMIN’s Minecraft plugin provides blockchain technology, NFTs and cryptocurrency for use in Minecraft
- GAIMIN’s SDK for the Unreal/EPIC platform will allow game studios to integrate blockchain technology, NFTs and cryptocurrency into their games.
- GAIMIN’s GMRX token will be listed on major crypto exchanges in Q1/22, creating value and utility for token holders.
GAIMIN (GAIMIN.IO Ltd) is a UK and Switzerland based gaming company that aims to help the gaming community monetize the computing power of their gaming PC while supporting the implementation of web 3.0 based blockchain technology for game developers.
GAIMIN has created a decentralized data processing network that harnesses the underutilized processing power typically found in gaming PCs to create a global decentralized data processing network, delivering “supercomputer” performance.
With a free downloadable PC application, GAIMIN monetizes underutilized performance through innovative approaches to deliver “supercomputer” level data processing performance from a global network of independent processing devices. Initially focusing on powering blockchain computations, the GAIMIN data processing network also supports a number of large-scale data processing applications, including video rendering.
GAIMIN has extended its technology development to allow game studios to quickly and easily integrate blockchain, NFT and cryptocurrency technology into games, through SDKs designed to easily integrate with game solutions.
GAIMIN pays users in its own cryptocurrency, GMRX, which can then be used for purchases on the GAIMIN marketplace for NFTs, game assets, paraphernalia, and merchandise, or it can be converted to fiat or a other cryptocurrency. Game developers can use GMRX technology in their games, with a key benefit being the ability to rebrand the crypto in their game while retaining the association with GMRX and its listed status, providing immediate value to the crypto in their games .
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