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Web3 heralds a new era for the World Wide Web, and one that is being built upon blockchain technology, focusing towards more decentralization with greater control among digital communities. It’s certainly an exiting and intriguing time, despite various bumps along the road over the last couple of years, including the swift rise and equally quick fall of NFT values.
Nevertheless, we already know that Australia’s adoption rate for crypto is higher than most countries, based on statistical reports and surveys published in 2023. This indicates a good foundation and understanding of blockchain technologies, including the growing benefits associated with using cryptocurrencies to purchase goods and services.
After all, this was the original concept behind digital currencies like Bitcoin and Ethereum, bringing a decentralized option that isn’t directly controlled by banks or financial institutions. Aussies have embraced the idea and over the last few years, they have become keen to explore the possibilities that exist far beyond investment.
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One such opportunity exists in the realms of gaming, breaking away from the previous conventions and norms which surrounded the games industry, ushering in a new age in which players have a much greater say. This includes the way that games are designed and developed, plus genuine and true ownership of in-game assets, be they tokens or digital components.
Indeed, this is the core statement for Australian pioneers Immutable, who are focused on “Advancing the next generation of Web3 games” according to the company page of their website. Already having established themselves as a global leader in the field, they have quickly taken the lead in laying the foundations with preferred platforms for developers.
Their own games like Gods Unchained and Guild of Guardians have already become successful, attracting considerable interest from the mainstream gaming audiences. Checking the latest values, their own $IMX native and governance token has a market cap worth over $1.75 billion USD ($2.66 billion AUD) in early December of 2023. Since September 2023, the token has risen from $0.48 USD to peak at $1.44 USD.
Even though crypto values can be volatile, there does appear to be a strong future ahead for the tokenomics that surround Web3 gaming, especially if we consider the achievements of Aussie companies like Immutable as good examples. Tech innovators in the country are also ideally located, straddling the cultural fence that exists between Asian and Western markets.
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Currently, the Asia-Pacific region has witnessed the greatest adoption of Web3 gaming, while the Western markets in the Americas and Europe have lagged behind somewhat. But they aren’t all that far behind, and Australian companies are providing the bridge that unites them, both culturally and technologically at the forefront of innovation.
But here’s another interesting factor to consider. Blockchain technology has already become commonplace in the iGaming industry. If you click here to read absolutely trustworthy casino reviews, the core benefits of blockchain gaming technology are already firmly established. These include player safety, improved customer experiences, plus encrypted transactions for deposits and payouts.
What’s more, iGaming software and game developers often work in the mainstream sector, given the two segments also share the same spheres of influence, albeit with different regulatory standards governing the activities of each. Still, what this highlights is that Australia has a distinct advantage, based on having deployed and embraced blockchain gaming concepts for numerous years already.
Looking ahead, the influence of Australian companies in the Web3 space is potentially greater than many others, further enhancing the growth of crypto and blockchain in the country itself, and attracting significant global interest and investment that’s important for the national economy.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.