Web3 Gaming Surging Strong in Asia
The convergence of Web2 Gaming and Web3 Gaming has been marked by initial clashes, generating significant discussion. Coupled with a prolonged bear market, unfavorable macroeconomic conditions, and reduced venture capital investment, the initial boom of Web3 Gaming in 2021 has largely subsided to the present day.
=> See an overview of current blockchain game projects in the market at: Gamefinity report
Venture capital funding and transaction volumes have returned to pre-2021 frenzy levels, with lofty promises of fully operational gaming activities turning into reality as initial investment capital has been put to BUIDL.
Web3 Gaming Development Activities
Developer activities have been bustling alongside the backdrop of initial investment capital withdrawal. Recent developments reflect a rising optimism within the gaming and NFT communities:
Yuga Labs: restructuring, solidifying its position in this segment.
Animoca Brands: fortifying its position as a Web3 gaming conglomerate with a portfolio of 450 projects ready to capitalize on shifting gaming psyches.
SkyMavisHQ’s injection of $400k into the Playwildforest game demonstrates proactive expansion as Animoca pushes more games onto the Sky Mavis Ronin network.
Zynga: successfully launched SugarTown Oras.
ZTX successfully conducted its TGE with significant airdrops for ecosystem participants.
The launch of Big Time’s token witnessed a 250% increase after listing on exchanges and being listed on Coinbase.
Azuki's job listing for game developers has garnered community attention.
OhBabyGames' Wave 3 featured 40,000 races in this round, showcasing significant community interest.
Gaming Studio Demographics
Out of 1,300 listed games, 444 gaming studios have begun producing games, with the US leading with a 24.8% market share.
The Asian market, represented by South Korea, Vietnam, and Singapore, accounts for 20.3% of released games.
Could we see Asia surpass the US in the next 12 months? With 140 companies in Animoca’s gaming portfolio, Hong Kong is likely to lead this industry.
Approval from Major Companies
Playshutdown has received Steam's endorsement, expanding the gaming ecosystem as blockchain infiltrates traditional gaming platforms.
Apple’s App Store and Google Play Stores changing their NFT policies (despite hefty 30% taxes) indicate readiness to test this technology for potential positive outcomes.
The collaboration between Immutable and Amazon also underscores the broader acceptance and popularity of Web3 gaming in engaging with previously established large companies.
These ongoing developments, along with regular updates from games like GodsUnchained, Illuvium, and ParallelTCG, highlight a significant shift towards a more optimistic mindset in Web3 Gaming.
Conclusion
Web3 Gaming leverages blockchain technology to enable player ownership and enhance in-game asset value—an aspect traditional games have struggled with. However, most gamers are indifferent to the underlying technology or infrastructure of projects; what they care about is the gaming experience.
Perhaps optimizing UX/UI will be crucial moving forward for Web3 Gaming, given the astonishing development history of blockchain-based gaming projects from the onset of the bear market to the present day.
Some notable infrastructure projects focused on Web3 Gaming include Immutable X, XAI network, Oasys, and other studios that have independently built their own blockchains to develop long-term Web3 gaming projects.
