Web3 Gaming- The Year Ahead!!
By Shikha Singh
2023 was an impactful year for gaming. There had been plenty of big, critically acclaimed releases like The Legend of Zelda: Tears of the Kingdom, Baldur’s Gate 3, and Starfield as 2023 arguably provided another creative high point for the industry.
But there has also been tons of failures: studios have been shuttered, there’s been an estimated 9,000 layoffs across the industry, and plenty of big games have flopped.
For instance… Logan Paul, a YouTuber, podcaster, and pro-wrestler, was accused of scamming his audience with his NFT game, CryptoZoo. Esports tech firm eFuse halting the Creator League, a membership pass-driven competition, due to a blockchain tech controversy.
Unity, the creator of the game engine, introducing a “runtime fee” based on game downloads instead of a revenue-share fee model, causing outrage among developers who fear studios may owe Unity more money.
Bethesda’s Redfall, which released in May, receiving negative reviews from IGN, Escapist, and Steam due to bugs, low quality, and a “boring story.”
Video game developer Valve banning Dota 2 streamer Mason In December for toxicity by gifting him a “Highly Toxic” coal.
But apart from this.. The investment in Web3 gaming experienced a significant surge in 2021, followed by stabilization in 2023, with around $19 billion invested since 2018, reaching $1.5 billion in Q3, with over $800 million dedicated exclusively to Web3 gaming.
Last year a lot of analysts had expected that the web3 gaming sector might turn out as a catalyst in the next bull run!! Looks like they might be right…
According to a recent report by Delphi Digital’s report titled “The Year Ahead for Gaming 2024.” The market capitalization of 183 gaming projects has shown stability, fluctuating between $4 billion and $7 billion, 86% lower than the peak in 2022, but still shows significant potential for expansion.
At present, around 1.2 million daily distinct active wallets are participating in gaming protocols, leading to a daily range of 15 to 25 million gaming transactions.
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