Tuesday, 27 February 2024

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How the crypto bull run can impact Web3 gaming beyond play-to-earn

How the crypto bull run can impact Web3 gaming beyond play-to-earn

On-chain data tracker DappRadar recently reported that another $600 million was poured into Web3 gaming projects in Q3 2023, making the total investments surpass $2.3 billion in the year so far. 

Another report from the blockchain gaming community, Game7, indicates a stabilization in Web3 gaming despite the market correction.

The interest in Web3 gaming — a general term used to describe the ecosystem housing blockchain-based video games — is clear and remains unfazed by the so-called “crypto winter.”

After a prolonged bear market, crypto appears to be getting ready for the next bull run, and Cointelegraph reached out to industry players to paint the current landscape of Web3 gaming.

The Web3 gaming ecosystem saw the relative quietness of the broader crypto industry as a positive thing, according to Immutable product marketing lead Michael Powell.

“In markets driven by speculation and hype, it’s often easy to get distracted and chase the shiny object,” he told Cointelegraph.

Web3 gaming companies that used the calmness to build products with real value and long-term game plans were the main drivers behind the investor interest, Powell said, adding:

“We’re also seeing a shift away from the play-to-earn approach toward more sustainable gameplay models that emphasize true digital asset ownership and create thriving economies for games.”

Omar Ghanem, the co-founder and CEO of Web3 gaming platform Gam3s.GG, said that a number of highly anticipated Web3 games are now on the horizon, and “the space has somewhat matured in comparison to the past two-three years in terms of quality and standards.”

While the numbers are not as flashy compared with 2022, Web3 gaming-focused Curator Studios co-founder Uluç Yuca told Cointelegraph that developer activity is on the rise for a number of reasons, including Web3 gaming’s potential for mass adoption, its unique value proposition, and the opportunity of portfolio diversification and strong community support. 

Investors are also keen on early-stage investment opportunities, Yuca explained, which makes the Web3 gaming space an attractive option for investors despite the relative silence of the crypto market in Q3.

Balancing the Web3 gaming

DappRadar’s report shows that the top game, Axie Infinity, saw over $90 million in transaction volume — almost twice the volume of its runner-up, Gods Unchained, at $55 million.

Recent: Bitcoin’s water consumption: A new environmental threat?

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