December 18, 2023

Tens of Millions To Join Web3 Gaming in 2024, Say Execs

Web3 Gaming

Web3 Gaming

Executives in the Web3 gaming industry revealed the hype surrounding the crypto market, and the launch of several highly anticipated blockchain games will likely attract “tens of millions” of gamers to Web3 in 2024.

Yat Siu, the co-founder of the gaming and venture firm Animoca Brands, told in an interview with Cointelegraph that “2024 is a growth year in terms of bringing people on to Web3.”

DappRadar data shows that around 1 million unique active wallets have played Web3 games daily in the last three months. However, Siu believes this number could increase by up to 100 million more next year.

“Many of the gaming titles about to be released were in alpha or beta stages in 2022 and 2023 and are now all coming out to commercial launch in 2024.”

Siu believes that there will be a lot of activity in the Web3 gaming industry, particularly in the casual gaming space. He predicted tens of millions, possibly even 100 million gamers, will engage in these less-intensive games.

Furthermore, he anticipated that Asia would take the lead in this area because it is more open to GameFi technology and associated NFTs than the United States. Siu also stated that Asia’s crypto regulations are more amicable and accepting.

Johnson Yeh, the founder and CEO of Ambrus Studio, a gaming firm, is optimistic about the potential of Web3 gaming. He believed that the upcoming bull market expected to start in 2024 could help drive massive adoption of this technology.

Yeh thought the free-to-play space has the biggest potential, especially for selling skins. He cites the Counter-Strike series, where skins sometimes sell for mid-six figures.

Yeh says these skins are unique and verified through a smart contract. This allows streamers, e-sport players, and celebrities to collaborate and generate revenue from skins with their fans.

The Sandbox co-founder, Sebastien Borget, noted that user-generated content (UGC) will likely become a major aspect of Web3 gaming in the upcoming year.

According to Borget, UGC has gained momentum on conventional gaming platforms such as Roblox and the Unreal Editor for Fortnite. The Unreal Editor enables users to create assets and games within Epic Games’ main title.

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