Web3 Gaming Would Likely Experience a Massive Surge in the Next Two Years.
According to Robbie Ferguson, co-founder and president of Immutable, around 40% of web3 games currently under construction are expected to launch within the next 12 to 18 months. He, along with Ryan Wyatt, president of Polygon Labs’ layer-2 chain, has predicted significant growth in the web3 gaming industry in the coming years. Within the next year or two, the duo predicts that web3 will draw in between 10 and 100 million gamers, a large wave of adoption that the decentralized gaming industry has not seen before.
Immutable recently partnered with Polygon to promote the scaling and acceptance of the subsector. The collaboration aims to make web3-enabled games quicker to build, easier to use, and less risky for both larger gaming studios and independent developers.
Ferguson stated that games take between two and four years to develop and are built to go live. To provide gamers with an exceptional customer experience, an incredible infrastructure is required. The gaming market for web3 games could be substantial, as players spend over $100 billion each year on in-game items. These assets, however, are not entirely ownable by players and are often part of a grey marketplace. The aim of the web3 gaming industry is to allow players to own multi-billion-dollar asset classes truly.
Ferguson believes that the only way web3 gaming can scale is through true property rights. He also stated that new web3 gamers do not need to understand the technical aspects of web3 technology, such as ZK-rollups or EVMs. Instead, they would use simple crypto wallets to receive and trade assets. The key to introducing gamers and developers to web3 is to make the consumer experience completely invisible, according to Ferguson. The second critical component is to design economic playbooks that empower gamers while also being sustainable.
Ferguson predicts that the playbook for web3 gaming will be similar to that of social gaming. In the early days, games like Farmville were cloned by other developers because they made it straightforward for other people to create massively successful games using their own books. Similarly, web3 economies are likely to develop sustainable economies that are easy for game companies to replicate without investing significant effort.
Wyatt believes that AAA gaming studios and traditional game developers are interested in the web3 ecosystem, particularly from Asia. The timeline for introducing traditional gamers and developers to web3 gaming is expected to be slower in Western countries but much faster in Asian countries. Ferguson predicts that as more developers embrace web3 technology, the market will expand.
In conclusion, Ferguson believes that web3 gaming is the next fundamental paradigm shift in the gaming industry. He predicts that the first mainstream web3 game will triple the user base of crypto overnight.
Ripple collaborates and invests in a Singaporean fund to boost Web3 adoption.
Ripple, a cryptocurrency payment company, has partnered with Blockchain Founders Fund to collaborate on developing and supporting early-stage Web3-oriented start-ups. As part of the agreement, Ripple invested in a venture capital fund located in Singapore, which will aid blockchain companies with high potential.
Although the amount of Ripple’s investment was not disclosed, Blockchain Founders Fund already has a portfolio of over 100 companies that focus on Web3 activities, including LunarCrush, a portal that analyzes crypto projects based on their social media quotability.
According to Brooks Entwistle, the managing director at Ripple, this partnership with the Singapore fund will unlock the full potential of blockchain technology and create new products with real-world applications. The collaboration showcases two of Ripple’s business traits, one being the company’s affinity with the Asian region, where it has numerous partners in key Asian countries focused mainly on payments and money transfers.
The second trait is Ripple’s focus on developing new technologies and improving existing ones. Through partnerships and direct investments, the company encourages developers to create innovative solutions for its benefit.