Web3 is changing how we interact with the digital world. Web2 relies on centralized platforms, while Web3 has amazing decentralised ecosystems where gamers can own, trade, and manage their digital identities, data, and assets. This article will be highlighting the different ways web3 has impacted crypto casino gaming and how exactly it has managed to do that.
Why Web3?
The casino gaming industry has grown in leaps and bounds with the advancement in web3. In the past, web2 and its reliance on centralised platforms limited gamers, but the decentralised ecosystem of web3 is just limitless.
The key to this is blockchain technology. Its peer-to-peer networks and smart contracts ensure gamers get full transparency and autonomy.
This has resulted in the rapid adoption of crypto casino games, as gamers want to take advantage of the opportunity to eliminate intermediaries in web2, unfair games, and slow transactions. Also, unlike in web2, where the digital assets won in the games still belong to the creators, assets in web3 belong to the gamers.
From Centralization to Decentralization
Before the growth seen in crypto casino games, players had to endure the pains of web2 gaming. In Web2 games, casinos control all the factors and are hardly transparent, leaving room for fraud and unfair games. Traditional casinos can manipulate outcomes to make sure the house always wins, and players would have no idea.
In the decentralised world of web3, the crypto casino platforms have grown to give players a fair playing field. Intermediaries have been replaced by smart contracts that can be 100% trusted and immune to in-house manipulation. Deposits and withdrawals are also saved from manipulation as blockchain technology provides an immutable ledger that records without tampering.
True Digital Ownership and Play-to-Earn Mechanisms
Wed3 shook Web2 and gamers by changing the status quo on digital ownership. Before web3, gamers paid money for digital assets and thought they owned them, but in reality, gamers only pay for the right to use these assets. Web3 has given gamers full ownership of the assets they pay for in games instead of the rent-like system from web2. This change has been huge because it enables gamers to trade assets and get value for their money.
To take it even further, crypto casino games give users the chance to “Play-to-Earn” by participating in special games or events. In web2 games, there aren’t many ways to gain money from skills and time spent playing games, but with web3, gamers can create multiple revenue streams doing what they love.
Transparency and Fairness Through Smart Contracts
Fairness was a big issue with web2, and web3 defeats the problem with smart contracts. Smart contracts are automated systems through blockchain technology that are transparent and cannot be tampered with. These smart contracts, once set, do not need human intervention as everything is automated. This eliminates the problems gamers usually encounter with payouts. Winnings cannot be rigged and rules cannot be changed to make sure the house still wins.
Blockchain technology and its transparency even take it further with “Provably Fair Gaming”. It simply means that the gaming algorithm is public, and players can check it in real time. It is a high level of transparency that gives players the utmost trust in the system and has caused a lot of players to move to crypto casino games.
The Benefits of Web3 in Crypto Casino Gaming
- Anonymity and Security
One of the biggest benefits of Web3 in crypto casino gaming is its low entry requirement. Traditional casinos require a lot of personal information which they use to monitor users for things like targeted ads or the sale of user data to unscrupulous people. This is eliminated in web3, as players can play games with as little information as possible. This also protects users by limiting exposure to financial fraud because there is no need for them to divulge information like banking or card details. Players can simply play using crypto wallets.
Blockchain technology also breaks borders for gamers who want to play games restricted in traditional casinos and does this while gamers’ details and assets are protected.
- Instant Transactions and Lower Fees
Transactions are faster with crypto transactions on the blockchain. Traditional casinos use FIAT currencies, but their limitations include high fees and transaction delays. In crypto casinos, transactions are often instantaneous, and fees are very low. The elimination of 3rd parties reduces the issues of delays and processing fees.
Gamers can save money simply by bypassing unnecessary fees and transacting 24/7 without the limitations of traditional banking systems.
- Borderless Gaming Experience
Traditional casinos are usually limited to countries or regions. Players are also limited by currencies, that is needing to first convert to the currency used by the casino they want to play with. This doesn’t happen with crypto casinos, as they’re hosted on decentralised networks and use cryptocurrencies. Traditional casinos are also limited by regional laws, which can negatively affect players who are far away from the region, but this is absent in crypto casino games. There is total freedom to play from anywhere and anytime.
- Increased Earning Potential
Traditional gaming platforms have only two outcomes: win or lose. This is different in crypto casino games, where gamers can grow in other ways like:
- Staking and Yield Farming: Players can learn about yield farming and take advantage of the investment opportunity by staking casino tokens.
- Affiliate and Referral Rewards: Many platforms offer gamers prizes for inviting friends through referral programs.
- Ownership Shares via NFTs: Ownership of digital assets is taken to another level with NFTs, and gamers can even go as far as sharing in the casino’s revenues by owning special NFTs.
Platforms like VBETFTN take advantage of these Web3 innovations, giving players more ways to maximize their earnings.
Tech Future Boosting Interest
The future of the internet and Web3 is a massive boost for crypto casino games as it brings attention and lots of funding to the industry. Here are some of the ways web3 will drive further growth:
Integration of Metaverse and Virtual Reality (VR)
The next level of crypto casino games will be virtual reality games. The metaverse and other competitors are in a rush to provide the best virtual reality experience, and it’s all tested in gaming first, which means that gamers will be first in line to try the top-of-the-line technology, driving more interest in crypto casino games. The platforms will surely adopt the technology in a lot of games, growing opportunities for gamers to play and earn.
Investment rush in web3
Web3 technology is still in its early adoption stages. Investors want to get into the industry while it’s still early and a lot of cash is pouring into the market. The worldwide web3 market was worth 3.03 billion USD in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 49.3% until 2030 (Grand View Research). This rush of funding means the best minds will work on crypto platforms, giving players the best overall experience.
Conclusion
The crypto casino space and Web3 are in a good place right now. It is not a stretch to say that Web3 has more than positively impacted the growth of crypto casino games. It’s a match made in technology heaven, and it doesn’t look like it will slow down anytime soon.
