Last year was not easy for crypto, but we clearly saw one of the trends - GameFi and Play2Earn. However, there was a lot of criticism that these trends attract people first of all because of earnings, while really successful games involve attraction with the gameplay and then benefits.
As I wrote on Twitter, in 2023, I think a powerful trend is going to be Web3 Gaming, which will often be combined with NFT. The NFT industry itself has matured, despite falling with the rest of the market during the bear season.
But a cross between Blockchain Gaming and NFT will be a super-powerful phenomenon and here's why.
Implementing NFT into gaming
Implementing NFT into gaming is a very natural step. In-game goods have existed in games for a long time, but bringing them into the form of NFT is both convenient and, in many cases, more practical. And it can also bring new players into the game through NFT.
Investing in Web3 Gaming
In 2022, more than $7 billion is invested in Web3 gaming, even though the market is bearish. The year before that number was $4 billion. The growth is almost twice. And in 2023, that number is likely to grow even more.
That means that in the next couple of years, we're going to have a series of game launches, infrastructure projects, new user acquisition, and a lot of other activities that will capture new audiences.
Almost all of the big funds are putting together new rounds to invest in this area, often separating it from the rest of the crypto portfolio. Many big investment players will enter Web3 and crypto specifically through gaming.
Big players are getting into the game
Gaming giants like Epic Games are looking tightly at Web3 gaming and have already released their first blockchain game and announced work on other games. Apple, Facebook and Microsoft are all looking toward using NFT. And every month we will hear more and more big names with plans to get into blockchain gaming. For them, it's a logical step to retain the old audience and attract new ones.
Games get more interesting
As I've noted before, Play2Earn projects had a lot of complaints in regard to engagement - gameplay is often really not interesting. But this problem is already being actively addressed.
And also blockchain is being implemented into mobile games as well. For example, the MMPORG game Treeverse (it's currently in testing), is built on Ethereum. Or Pirate Nation, built on Polygon.
Together with the arrival of interesting gameplay, mobile games, and the ability to earn, as well as other network effects, Web3 Gaming could become one of the biggest industries.
Through more familiar interfaces, Web3 Gaming can provide a very serious case of mass adoption for the entire industry.
And we are closely watching the development of the Metaverse industry, which is also very connected to Web3 gaming and NFT. And it can bring an extra bit of interest and hype to the industry.
Applying DeFi Mechanics
Staking, renting game goods, buying and selling game items and NFTs, pooling. All of these already exist in some games but could be an additional incentive for players and investors to take an interest in this industry.
Gamification for existing NFT projects
Many already existing NFT projects are in crisis right now. Nowadays, there should be more value and meaning, interesting utility mechanics behind the pretty pictures, not only speculation (which is mostly gone already).
And here NFT can be a good entry point for Web3 gaming.
Any conventional NFT collection can now be revitalized and updated by adding a gamifying concept where NFTs themselves will play a big role. And I'm sure many serious NFT projects will move to this model, giving a second breath to their projects and collections.
Marketing for Web3 gaming
In games, it is easier to create the marketing effect of gamification: tournaments, awards, collaborations, and so on. This attracts a huge amount of audience. But there will be a separate article on the marketing aspect of working with web3 games.
Web3 gaming is already popular
On DappRadar, of the top 10 blockchain Dapps by popularity, 5 are gaming-related. And it looks like this is just the beginning.
I think we are watching a huge trend standing at the intersection of several industries - Web3, Gaming, and NFT.
What do you think the future holds for Web3 Gaming? What projects in this industry do you like? What else is this industry missing? Share your opinion with me on Twitter.
Also, if you run an NFT/Web3/Crypto project and are interested in learning how to promote it, drop me a line.
P.S. Check out my previous articles at HackerNoon: