The next generation of the web is revolutionising many major industries, from finance to healthcare, and the gambling industry is keeping up with this trend, primarily through iGaming.
The world of online betting is experiencing a fascinating period as the sector is expanding and increasing. A big chunk of the expected $153.57 billion by 2030 growth of the global market is due to the increasing adoption of mobile gaming and the rise of esports.
Several technological advancements are moving the industry forward; today, we look at Web 3.0. Just as players are looking for clear and transparent betting opportunities like the ones no wagering slots promote, the new web helps increase these traits in the overall gambling environment.
What is Web 3.0?
Think about it this way, Web 1.0 is the text-based or read-only web from the early days of the Internet, which featured static web pages. Web 1.0 was the web’s foundation, consisting of static text and images.
In the early 2000s, social media started to take shape, and Web 2.0 was born. Web 2.0 introduced a new paradigm that went well beyond the constraints of static web pages by creating areas for sharing and interaction. The two-way exchange of information separates Web 1 and Web 2. By exchanging information or writing original material, users began interacting with websites.
Since the late 2010s, Web 3.0 has gained appeal as a new way to conceptualise the Internet. This new age of the World Wide Web is defined by the ideals and technological applications of Web 3.0, or Web 3. Ubiquity, decentralisation, AI, blockchain, and connectivity are prime examples of Web 3.0.
The Intersection of Gambling and Web 3.0
Online gambling includes pursuits like sports betting, casino games, no wagering casino UK, and lotteries, and is known as “iGaming.” It originally appeared in the 1990s, along with the development of the Internet. Still, the 2000s saw a significant surge in popularity due to technological developments and broader access to high-speed Internet.
The transformative potential of Web 3.0 is reflected in the gambling industry, especially in online gambling, through the combination of features that define the new web: decentralisation and peer-to-peer transactions. These features promote transparency and fairness, which decentralized gambling is ready to adopt.
The role of decentralisation
Due to the decentralised nature of Web 3.0, gambling platforms developed under these principles, player data may be safely kept without depending on centralised servers with the help of decentralised web technologies. This safeguards privacy and lessens the chance of manipulation and hacking.
Decentralisation also plays a big part in player retention. Users can experience more ownership over virtual assets with earn by gaming opportunities. This will give them more control over their gaming experience and in-game purchases.
Blockchain technology empowers the player
Blockchain technology is a mechanism for storing data in a way that makes system changes, hacking, and cheating difficult or impossible. It is one of the most notable features of Web 3.0, much because it is the foundation on which cryptocurrencies developed.
On the one hand, blockchain impacts the iGaming industry by using cryptocurrencies. More and more online gambling platforms are including virtual currencies in the payment methods available to their users. Another significant benefit is that players can cash out wins earned through a casino bonus no wager requirement. Players can enjoy safe and secure online transactions using blockchain-based currencies.
On the other hand, a new type of online game emerged thanks to blockchain: the play to earn game. In the Play to Earn category of blockchain-based games, player-owned economies are possible using in-game assets like tokens and NFTs.
Web 3.0 has the power to enrich even more players’ experiences. With the best slot sites no wagering that adopt more and more technologies like blockchain, the iGaming industry can build up trust, safety and online security. Just like the no wager deposit bonus is one of the most sought-after marketing incentives, these are the features that players will be looking for, and it’s time for gambling platforms to adapt.