Saudi Arabia Glance To Blockchain & Web3 Gaming To Diversify Economy

The Saudi Arabia is currently diversifying its economy away from oil and turning to new opportunities, such as gaming and Web3.

Sep 11, 2023

Saudi Arabia is actively considering the integration of blockchain gaming and Web3 technologies as strategic components in its economic diversification initiatives. This forward-thinking approach signals the country's commitment to embracing cutting-edge technologies, aiming to create new economic opportunities and drive growth. By leveraging blockchain gaming and Web3, Saudi Arabia is poised to position itself at the forefront of technological innovation, charting a course toward a more diversified and resilient economy.

Reference: Cointelegraph

What is Web3 in the Gaming Industry?

Web3 gaming is a new trend in gaming that uses blockchain technology and decentralized systems. Web3 games use distributed ledgers to provide transparency, security, and user control over in-game assets. They also allow players to earn real-world value through play-to-earn mechanics.

Web3 games use cryptocurrencies and non-fungible tokens (NFTs) as part of their architecture. This can accelerate the game development process and create new revenue streams for developers. Players can also sell digital items to others and store them outside the game.

Web3 gaming is different from traditional gaming because it offers players true ownership of in-game assets. In traditional gaming, players lose all of their assets when they change gaming platforms.

What are the Benefits of Web3 Gaming?

Transparency and Availability.
Digital Scarcity.
Provenance Tracking.
In-game Economy.
Interoperability between games and platforms.
Ownership and Control.
Player-driven Gaming.

Web3 games are built on blockchain technology. Developers need to understand blockchain and its potential to create secure, decentralized gaming platforms.

Web3 games use blockchain technology to create innovative gaming experiences. They enable interoperability, which means assets can be used across different games and platforms.

Web3 games have three types:

Early GameFi: Focus on DeFi principles
X2E: Users earn rewards for engaging in their daily activities
AAA: Focus on high-quality graphics and playability

Web3 game developers can use Web3 libraries to interact with the blockchain platform. These libraries support in-game transactions and assets and help interact with smart contracts.

Do You Want To Launch a Web3 Gaming Platform?