Why return to Web2 despite huge wealth?

Web3 Gaming: Is the gaming industry far from mainstream adoption, despite an exciting start? A new survey points to this possibility regardless of money flow.

We all have times when we spend too much time gaming, and spend too much money-to-buy new offerings.

According to a report by TheGamer, the average gamer spends about $76 per month, or about $58,000, on gaming throughout his life.

Millennials spent the most in terms of generations, as seen in the graph below.

Source: thegamer.com

The increased engagement can be linked to the additional time that users dedicate to their digital passion. With the advent of multiple lockdowns, usage may increase.

Two giants, Microsoft and Sony, posted some significant growth figures for their gaming revenue streams last year. Twitch’s viewership grew 83% year-on-year when the pandemic hit, according to a study by StreamLabs and Stream Hatchet, with more than 5 billion hours of content watched in the second quarter of 2020 alone.

So what does this mean for blockchain gaming?

Web3 Gaming Edition, some cheap adventures to consider

So, one thing is clear here: gamers don’t shy away from spending money to buy a gaming device. But adding a decentralized twist here may help the cause. The next generation of emerging gaming platforms is putting power in the hands of players rather than restricting them to a single central authority.

According to a report by DappRadar, Web3-based games and Metaverse projects have raised $748 million since August 1, 2022. This marks an increase of 135% compared to July. This reflects the growing demand for this particular sector.

Money is also increasing. Overall investment expectations for this year’s growing industry have risen 20% to $10.2 billion.

Source: Dapparadar

The massive investment shows that despite the challenging and uncertain conditions in the digital asset markets, major investment firms remain optimistic on the GameFi industry.

Australian NFT scalping platform, Irreversible is one of the big names. The firm has raised/initiated $500 million to further develop its ecosystem. Robbie Ferguson – Co-Founder and President of Immutable, stated that the company’s primary goal is to integrate innovations in the Web3 gaming sector.

“We see gaming as one of the biggest opportunities in Web3 to date. The total addressable market is going to be much bigger and much bigger than today’s gaming – $100 billion for in-game items alone industry. ”

Backed by industry veterans with the knowledge and skills to create exciting and enjoyable games, blockchain holds great promise.

Expect a Turbulent Ride

It all feels good until it doesn’t. Is Web3 Gaming More Complicated? or expensive?

Coda Lab, a blockchain entertainment provider, highlighted this aspect in a survey. Six thousand nine hundred and twenty one people from five countries were asked questions to determine their perception of Web3 gaming.

Investments in blockchain gaming reached nearly $5 billion in the first half of 2022. But even so, the industry may be far from mainstream adoption. Consider this, only 12% of non-crypto gamers have tried Web3 games. Also, of those who tried these games, only 15% were interested in doing so in the future.

What factors are responsible for this dire scenario? Here is a table that summarizes it perfectly:

Source: codaplatform.com

Interestingly, crypto non-gamers and crypto gamers suffered the most from scams. This should come as no surprise given the increasing cases of hacking recently.

Web3 Gaming or Web2 Gaming

The crypto industry moves fast. A month in crypto can be compared to a year in the “real world”.

While the gaming industry is seeing increasing interest, blockchain gaming is struggling to find proper support, especially among the traditional gaming cohort.

Therefore, many projects feel rushed in the market and often do so with ambitious road maps that cannot possibly be accomplished in a bull market or in a bull market during the crypto winter.

Current events of the crypto industry

On top of the rush to distribute products, game studios in Web 3 also need to be mindful of the token value associated with the project. If the price of the token starts to decline, investors could lose interest. A lossy chart can be all it takes to get investors to move on to the “next big thing,” causing the game to crash and burn. Most Web3 games are developed from Axie Infinity ,two-token pattern.”

Given its dominance, it will come as no surprise to see some web3 gaming companies return to web2 companies.

Is it still too early for the Web3 gaming industry to deal with the influential Web2 gaming industry? This certainly seems to be the case.

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