The resilience of Web3 gaming, fueled by an emerging crypto bull market, is setting the stage for what experts believe will be a landmark year in 2024. Having weathered the volatility of crypto bear markets, the sector is now on the cusp of significant growth, driven by market dynamics and technological advancements.
Crypto market excitement, combined with the commercial release of several high-profile blockchain games, is expected to attract a record number of gamers to the Web3 space. Dmitrii Morozov, CEO of GG MetaGame, explains, “The groundwork laid in 2022 and 2023 with alpha and beta stages is coming to fruition, with many titles set for commercial release in 2024, potentially bringing Web3 gaming to new heights.”
Recent data from DappRadar indicates that about 1 million unique active wallets engage with Web3 games daily. However, these numbers might only be a glimpse of what’s to come. Yat Siu, co-founder of Animoca Brands, projects an influx of up to 100 million gamers by next year, driven by the full commercial launches of numerous titles.
Key Predictions for Web3 Gaming in 2024
Here are seven critical predictions for the Web3 gaming industry that might become realities over the next twelve months. Are you ready? Read on!
1. Web2 Giants Enter Web3
In 2024, we will likely see more established Web2 gaming companies moving into the Web3 space. Industry giants like Nexon, Netmarble, Krafton, and Western powerhouses such as Square Enix, Konami, and Ubisoft are exploring Web3 opportunities. According to Morozov, “The entrance of these giants is a clear indication of the untapped potential in Web3 gaming, signaling a paradigm shift in the industry.”
Valuable Tip: Keep an eye on announcements from major Web2 gaming companies as they could bring mainstream attention and significant advancements to Web3 gaming.
2. Expanding Presence on Major App Stores
Policies on major platforms like the Apple App Store, Google Play Store, and Epic Games Store are evolving, making room for more Web3 games. With the EU Digital Markets Act, it’s expected that mobile games on these platforms will start incorporating stablecoins as a payment option, benefiting European gamers. The U.S. market may also see similar trends following recent legal developments.
Valuable Tip: If you’re a game developer, consider integrating stablecoins and other blockchain technologies to stay ahead of regulatory changes and tap into new user bases.
3. Growth of the Gaming Token Market
The market cap for gaming tokens is currently around $18 billion, but this could soar to $40 billion or more in 2024, reflecting increased investment and interest in Web3 gaming.
Valuable Tip: Invest in gaming tokens early and diversify your portfolio to maximize potential gains as the market grows.
4. Web2 Brands Embracing Web3 Mechanics
Traditional brands are increasingly integrating Web3 gamification. Companies like Nike, Starbucks, Gucci, and Adidas have launched Web3 initiatives, and this trend is expected to double in the coming year.
Valuable Tip: Look out for collaborations between gaming companies and established brands, which can offer unique opportunities for engagement and revenue.
5. Evolution of Play-to-Earn (P2E)
While P2E gaming was a dominant trend in 2022, there’s a shift towards prioritizing game quality over merely earning. This change is driven by the need for better user experiences and leveraging well-known IPs.
Valuable Tip: Focus on developing games that offer engaging and enjoyable experiences, with earning as an added benefit rather than the main attraction.
6. NFTs: From Speculation to Integral Technology
NFTs are evolving from speculative assets to foundational elements within gaming business models. They enable player-driven economies and give players a financial stake in the game’s success.
Valuable Tip: Explore integrating NFTs into your game designs to create sustainable and player-centric economies.
7. Games Before Prices: Sustained Growth
Despite market fluctuations, the core technology and potential of Web3 gaming continue to attract users and developers. The integration of blockchain into traditional gaming fuels ongoing interest.
Valuable Tip: Focus on creating unique and engaging gaming experiences that can sustain interest regardless of market conditions.
Conclusion
In summary, while market conditions will continue to influence the Web3 gaming landscape, the key to long-term success lies in delivering compelling and unique gaming experiences. This approach will ensure sustained growth and enduring success in the Web3 gaming domain, transcending market trends and investor priorities.