Web3 gaming is set to take the gaming industry by storm in the coming years, with gaming
studios and venture firms predicting a surge in user adoption in 2024. According to Yat Siu,
co-founder of gaming and venture firm Animoca Brands, Web3 gaming will see “tens of
millions” of new users next year, with many of these coming from the casual Web3 gaming
space. This growth is expected to be driven by the commercial release of several highly
anticipated blockchain games that were in alpha or beta stages in 2022 and 2023.
The Emergence of Casual Web3 Gaming
Siu envisions a significant surge in activity within the casual Web3 gaming space, including mobile games. He projects the attraction of “tens of millions,” if not 100 million, players to these less complex games. Furthermore, he anticipates that Asia will lead the way in embracing GameFi technology and associated non-fungible tokens (NFTs), thanks to the more welcoming and open crypto regulations in the region.Unlocking GameFi Potential: Drawing from the Counter-Strike Series Model
According to Johnson Yeh, the founder and CEO of Ambrus Studio, the Web3 gaming landscape is poised for substantial growth, especially with the predicted bull market in 2024. Yeh suggests taking inspiration from the free-to-play Counter-Strike franchise, where skins occasionally fetch mid-six figures. These skins, secured by smart contracts, are verifiably unique, enabling streamers, e-sport players, and celebrities to collaboratively generate revenue and engage with their fandom.Empowering Creators: Embracing User-Generated Content in Web3 Gaming
Sebastien Borget, co-founder of The Sandbox, emphasizes the vast potential for user-generated content (UGC) in Web3 gaming. Platforms like Roblox and the Unreal Editor for Fortnite have already witnessed the expansion of UGC. Borget highlights that decentralized platforms are well-positioned to empower creators and reward them for their contributions through Web3 technology.Global Perspectives on Web3 Gaming
Siu anticipates a resurgence of celebrities in Web3 gaming once the legal landscape in the U.S. becomes clear. Moreover, he notes that while the English-speaking world may view cryptocurrency skeptically, other regions, such as the Middle East and France, exhibit a strong interest in NFTs. According to Borget, companies and celebrities are actively seeking creative methods to engage their audience through UGC-driven entertainment.Technological Leaps: VR Headsets Revolutionizing the Gaming Landscape
The upcoming Apple Vision Pro headset is considered a potential “game changer” for virtual worlds by Yeh. He envisions significant sales volumes helping to reduce hardware costs, overcoming a major hurdle for consumer entry into the space. While Meta is making waves with its Quest 3 headset, Yeh believes Apple’s iconic brand image gives it an edge.Embracing the Future: Unleashing Web3 Gaming’s Potential Growth
Web3 gaming is poised for significant growth in 2024 and beyond, driven by highly anticipated blockchain game releases and increased acceptance of GameFi technology and NFTs in Asia. The casual Web3 gaming space is expected to see heightened activity, attracting new users through less-intensive games. Additionally, legal clarity in the U.S. is anticipated to bring back celebrities, and brands are actively exploring novel ways to engage their audience through UGC-driven entertainment. Furthermore, the adoption of the Apple Vision Pro headset could further contribute to reducing hardware costs as VR technology gains more traction.Disclaimer
Remember, investing in cryptocurrencies involves risks, and it’s important to conduct thorough research and seek professional advice before making any financial decisions. (Please keep in mind that this post is solely for informative purposes and should not be construed as financial or investment advice.)
FAQ
What are NFTS and how do they work?
NFTs are unique digital assets stored on blockchains, representing various digital items.
How to create unique NFT?
To create a unique NFT, you mint it by uploading a digital file to a blockchain platform.
Are NFTs a good investment?
NFTs can be a good investment for collectors, but research and understanding risks are essential.
