**What is Web3?**
The framework of the internet is provided by the web and people from around the world can communicate, collaborate, and do business on this platform designed for just that. Our interaction with the internet happens through web applications and it's through using blockchain technology that we have come to experience the latest version of the internet which we call Web 3. With the implementation of blockchain technology every transaction is stored on an accessible public ledger, making it very difficult to cheat or defraud someone on the network due to this transparency.
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**Benefits Of Web3 Gaming And How It Works**
Blockchain integration into gaming by utilizing Web 3.0 empowers gamers and developers with real asset ownership that provides new avenues for monetization. With the introduction of this new game model comes a great benefit for players as they can now have true ownership over their limited in-game items rather than be hindered by closed ecosystems monitored by platforms and developers.

Virtual goods can be purchased or sold by players on open markets where they can reap the benefits of their invested time and effort. Besides that, the interoperability of NFTs and cryptocurrencies allows players to use their items across different games or platforms. Offering a more diverse and engaging gaming experience to players through this feature.

By enabling the monetization of in-game assets through play-to-earn mechanisms via NFT offerings from developers, they can raise capital at multiple stages of game development. Additionally, the art of fundraising enables developers to create a buzz that helps them obtain early support quickly.

**A system of governance within a game**
The benefits of in-game governance systems are felt by both players and game developers who adopt Web3 technology. Consider these key perks:

1, The use of an in-game governance system allows for transparency when creating rules and decisions, and by having visibility into the decision making process players can fathom how and why specific alterations or upgrades are put into effect.

2, Players are able to play an active role in shaping the direction of the game as a result of in-game governance systems.

3, The presence of governance systems contributes to the creation of a united and responsible player community, investing time in engaging in collaborative decision making through an open forum created by the platform helps secure the game's success.

**What Tokenization Means In Gaming?**
Through tokenization we convert real-world or digital assets to tokens which can easily be stored and transferred using the blockchain, and using tokenization has several advantages for gamers. Such as;


1, Selling in-game assets as NFTs is a viable way for game developers to secure funding for their upcoming releases and game developers can secure royalties from in-game item sales on open marketplaces through the direct integration of smart contract powered NFTs.

2, A complete ownership of in-game assets is ensured by NFTs that are kept within player's web3 wallets and can be transferred or traded without any intermediaries or limitations.

3, In-game asset values will increase while also being more useful as players now have the ability to use their NFTs on different gaming platforms creating more immersive experiences. Additionally, the ability to utilize one's NFT possessions across multiple games enhances the gaming experience.

**Tokenization may be used for different components found within games including:**

1, In-game accomplishments like unlocking levels or badges are considered as skills or achievements, Fungible Tokens( FTs ) can tokenize these items in a way that makes them interchangeable while maintaining set standards of divisibility.

2, Interacting with in-game assets is part of gameplay and may include weapons or armor, Tokenizing these items as NFTs give them a uniqueness which creates scarcity ultimately contributing to their valuation.

3, Intrinsic components of games, such as characters and their backstories along with governance, are the fundamental elements that make up a game. Tokenizing these elements with NFTs or FTs provides significance due to their various functions and roles.

**In conclusion**
The impact of Web3 on the gaming industry is poised for significant change as the emergence of blockchain technology along with decentralization provides an opportunity for game creators to invent new types of games beyond what was possible before using only traditional centralized models. We have yet to fully tap into the capabilities of the Web and gaming could benefit from some major changes.