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Facebook’s Meta name is changed to Meta, but the world becomes suddenly interested in metaverse. However, the term has been around since a while and closely linked with Web 3.0.
What is Web 3.0? How is the Metaverse connected to GAIMIN?
Web 3.0
Web 3.0 describes the next paradigm shift within the Internet. In Web 1.0, Internet browsers connected everyone online – Netscape for example. Web 2.0 is where we were connected into online communities – Facebook. Web 3.0 is perceived to be the next stage in community engagement – connection of individuals and organisations into a community-owned virtual world.
Grayscale recently aligned Web 1.0 and Web 2.0 key features, which help to explain how technology components fit within these categories.
| Web 1.0 | Web 2.0 | Web 3.0 | |
| Interact | Please read | Read-Write | Read-Write-Own |
| Medium | Text static | Interactive Content | Virtual Economies |
| Organisation | Companies | Platforms | Networks |
| Infrastructure | Personal Computers | Cloud and Mobile | Blockchain and the Cloud |
| Control | Decentralised | Centralised | Decentralised |
Digital activities are becoming more mainstream. Gen Z embraces digital devices and internet technology. These people are skilled at communicating via social media.
Individual social lives are converging through digital interactions – again through social media and also now with gaming, creating a fast-growing virtual economy for goods and services – estimated to grow from $180bn in 2020 to $400bn by 2025.
Individuals are becoming more in tune with technology and rebelling against incumbent tech providers for Web 2.0. Web 2.0 can be described as a closed metaverse that is controlled and managed by big tech companies. Web 3.0 has taken over because of its democratic ownership and control by users.
Participants in Web 2.0 applications face the greatest problem, especially for gamers. They have invested too much in one game to build up costly assets. If a player wants to change to another game or to try the game out, they cannot transfer their investments in that game. Assets and investment can become lost, as well as new costs incurred for building inventory or assets in a new game.
Web 3.0 and metaverse attempt to resolve this problem using blockchain and NFT technology. The NFT allows a gamer build their assets independently of the game’s developer. You can use NFTs across multiple games by keeping them in a separate wallet. If a gamer wishes to play another game they can own NFT assets and transfer them for use in that game. Additionally as NFTs are controlled through smart contracts within the blockchain network, NFT owners can transact their NFTs – buy, sell and rent them with other gamers, allowing them to retain their investment but also grow their digital worth. Web 3.0 allows gamers to create a new free-market internet-native economy that can be monetised in the physical world – the evolution of the “creator community”, known as “Pay to Earn (P2E)”.
Established Web 2.0 companies will have to adopt disruptive business strategies if they want to survive in the Web 3.0 environment. Web 3.0 is poised to be a major market segment. Gamers have already embraced the technology and are now able to shift their value to Web 3.0-compliant apps. Companies that have developed a business strategy around Web3.0 concepts will be able to benefit from a first-mover advantage. This means they won’t need to change products or services between Web 2.0 and Web 3.0.
Beyond gaming, the metaverse potential is not limited to that of advertising. It is expected that metaverse environments, which include advertising, socialcommerce, hardware, and developer/creator monetization, will bring in a trillion dollars of revenue.
The Metaverse/Web 3.0 Economy
Web 3.0 Metaverse economies develop with a mixture of digital assets, services, and goods. These can be paid in fiat or cryptocurrencies and generate real world value for their users. Recent implementations of Blockchain technology have required game developers to find technology solutions that would enable them to incorporate this technology in their games. Blockchain technology can be used to create asset ownership, trade and value growth.
Changes in financial services delivery will be determined by the nature and ownership of Metaverse transactions. Metaverse worlds integrate efficiently with larger interconnected crypto cloud economies – borderless, cheaper and quicker transaction processing. Metaverse challenges traditional business practices in many areas, including:
- Payment networks – metaverse economies can use their own digital currencies or more established digital currencies
- Financial decentralization – no one controlling body, provides transparency for transactions and offers new approaches – such as loans on virtual land
- NFT Sovereign goods – Purchase of NFTs from other creators which can then be used within metaverse environments
- Decentralised governance – Legal frameworks take back control from centralised corporations and allow the global user community to decide the rules collectively
- The cloud is decentralised – Decentralised infrastructure to store and retrieve data
GAIMIN powers the metaverse.
- GAIMIN already has blockchain-based apps and its own cryptocurrency, GMRX.GAIMIN created an extremely high-performance data processing network that can monetise the gamers’ unused storage and reward them for their use. Gamers may earn anywhere from $30 to $100 per monthly depending on their performance and the length of time they have been participating in GAIMIN. Rewards are paid in GAIMIN’s GMRX cryptocurrency and stored in a gamer’s wallet and can be used for purchase of in-game assets, NFTs, or converted to other crypto or fiat currencies.
- GAIMIN’s Minecraft plug-in delivers blockchain technology, NFTs and crypto currency for use in Minecraft
- GAIMIN’s SDK for the Unreal/EPIC platform will allow game studios to incorporate blockchain technology, NFTs and crypto currency into their games.
- GAIMIN’s GMRX token will be listed on leading crypto exchanges in Q1/22 creating value and utility for holders of the token.
GAIMIN
GAIMIN (GAIMIN.IO Ltd.) is a UK-based gaming company that aims to help the gaming community make money from their gaming computers and support the development of Web 3.0-based Blockchain technology for game developers.
GAIMIN has created a decentralised data processing network harnessing under utilised processing power typically found in gaming PC’s to create a world-wide decentralised data processing network, delivering “supercomputer” performance.
With a free to download PC-based application GAIMIN monetises the under utilised performance through innovative approaches to delivering “supercomputer” level data processing performance from a world-wide network of independent processing devices. The GAIMIN data processing network supports many large-scale data processing applications. Its initial focus was on powering blockchain computations.
GAIMIN has extended its technology development to enable gaming studios to quickly and easily incorporate blockchain, NFT and crypto currency technology into games, through SDK’s designed to easily integrate with gaming solutions.
GAIMIN makes payments in GMRX, its crypto currency. This can be used to purchase on GAIMIN Marketplace, for in-game assets and accessories, merchandise or converted into fiat. GMRX technology can be used by game developers to create games. One of the key benefits is the ability to name the crypto but keep the listing status and association with GMRX. This gives the developer instant value for the crypto.
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