How Fast Is Gaming Moving to Web3 — Will We See More Games Transform to Web3?
The gaming world is massive, and there are currently more than 3 billion gamers worldwide. All of them play their favorite games, and many are always on the lookout for new ones.
However, most haven’t tried Web3 games or joined various Web3 gaming projects. But that doesn’t mean that the Web3 gaming space hasn’t blown up in just a year or so as it has. Even though its numbers are small compared to the whole gaming market, they will likely increase drastically.
The real question is how fast this segment is growing and how fast gaming is moving to Web3. Well, let’s find out.
Technology Is Growing Fast, but Widespread Adoption Takes Time
Before we delve into the Web3 gaming space, it’s worth discussing gaming technology, technology in general, and how fast the two tend to grow.
In general, technology has been growing exponentially faster for several decades. We can see this best in examples like computer chips and big data.
In 1970, it cost $1,000 to create a 2,000-transistor computer chip, while the same chip today costs only 2 cents to make. As for big data, it wasn’t a thing in the ‘70s, but it’s certainly a thing now, especially considering that 89.7% of all big data ever made was created in the last two years alone.
Usually, it’s enough to look at the internet and smartphones to see how fast some technologies tend to grow and how they can reach all corners of the Earth in less than a quarter of an average person’s lifespan.
As for gaming, virtual reality is an excellent example of its advancement. As many as 40% of small- and medium-sized businesses are looking into both VR and AR. At the same time, around 70% of companies plan on investing in VR and AR sometime soon.
The gaming market itself is rapidly growing as well. It’s currently valued at $198.4 billion and is set to reach $339.9 billion by 2027, giving it a staggeringly high CAGR of 8.94%.
Web3 Gaming Is on the Rise
Web3 gaming has exploded recently. It was effectively non-existent a few years ago, but now we’ve seen it grow by 2,000% in just a year. Gamers realize that blockchain games aren’t only entertaining but potentially lucrative, as most games in this sphere are also play-to-earn.
The play-to-earn factor has attracted not just gamers to the sphere but other people, too, as many are interested in earning cryptocurrencies and NFTs.
This massive interest has led many companies and organizations to invest, so it’s no wonder they have collectively invested more than $2.5 billion in just the first three months of 2022. In the entire 2021, around $3.3 billion were raised for the novel industry, and 2022 is already bound to surpass that.
The funding and interest have led to countless projects forming, many of which have crystallized, giving us Web3 games of various genres, including MMORPG, RPG, arcade, and e-sports.
What’s also interesting is that Web3 games are becoming the entry points for people interested in acquiring crypto. Many are not ready to start buying, so playing games and earning crypto in return acts as a great substitute.
Web3 Gaming Projects That Could Change the Whole Market
We already have several huge games in the Web3 space. One of the most known examples is Axie Infinity, an NFT-powered video game with an entire in-game economy based on Ethereum and cryptocurrencies based on Ethereum. The whole game is about creating and collecting digital pets that come as NFTs.
Then there’s The Sandbox, a metaverse realm where players can build, play, own, and even monetize specific experiences. The game is mainly made for artists and creators but is popular with any player interested in expressing their creativity.
Another exciting project entering the scene is Fashion League, the first female-centered fashion shop simulation on a blockchain. It centers on female preferences, but it’s made for anyone interested in fashion as you can build and expand your own clothing store and create, trade, sell, buy, and even rent out virtual products. It focuses on fun first, not often seen in a space where many developers focus on tokenomics.
There’s also Decentraland, a metaverse that lets you create, trade, and explore in a virtual world owned by the players. It even allows users to buy plots of land as NFTs using MANA, a novel cryptocurrency developed for the game.
Bottom Line
The Web3 gaming space is bound to continue expanding, and the speed of that growth is likely to keep breaking records. What’s more, the existence of projects and games like those mentioned here has the potential to revolutionize the gaming space. And let’s not forget that new projects will enter the market in the next few years.
We don’t know if Web3 gaming will become the most significant part of gaming worldwide, but it’s sure to carve a much bigger piece of the gaming pie in the future.
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