As a seasoned entrepreneur and product leader with over 15 years of experience in the tech and crypto industries, I am thrilled to witness the burgeoning potential of web3 gaming. The innovative features it offers, such as in-game asset ownership and community-driven development, are revolutionizing the way we approach gaming.
The world of online gaming (iGaming) is experiencing remarkable expansion, with predictions suggesting it could be worth an astounding $127 billion by the year 2027. A major factor fueling this growth is web3 gaming, a revolutionary approach that improves player experiences through unique features such as ownership of in-game assets, collaborative development within the community, and heightened transparency.
Instead of mobile games that can be expensive due to numerous in-app purchases for an enjoyable experience, Web3 offers users a chance to earn from their investments and own part of the game. However, Web3 gaming is still developing and has challenges to conquer before it becomes widely popular.
The rising popularity of web3 gaming
From February 2023 to 2024, the web3 gaming industry garnered a combined investment of over $162 million in early and mid-stage funding. By offering richer gaming experiences alongside fresh revenue streams for developers via token sales, NFT trading, and in-game assets, this business model offers a more robust and versatile approach within a decentralized and transparent system. Web3 gaming presents novel and imaginative avenues for developers to test out new concepts, like DeFi integration and VR and AR experiences—and leading game studios worldwide are starting to pay attention.
Based on a recent analysis by CoinGecko, approximately 72.5% of the world’s leading video game companies, including giants like Microsoft, Tencent, Sony, and Nintendo, are delving into web3 gaming. This involvement ranges from direct investment in web3 gaming projects, actively participating in blockchain game development, and recruitment for roles related to blockchain technology. Notably, Epic Games, a trailblazer in the eSports industry, is preparing to surf the wave of web3 gaming by introducing at least 20 games that utilize Non-Fungible Tokens (NFTs) on their platform, the Epic Games Store, within 2024.
Meeting gamers where they’re at—Telegram
While opportunities in web3 gaming abound, it remains a niche segment. Gaming studios and developers need to employ creative tactics to capitalize on existing user bases and appeal to them on a deeper level. Telegram-based games are a prime example of this, with the rapidly growing ecosystem of token-backed mini-apps leveraging the vast social network’s over 900 million users and appealing to them with innovative gameplay, token rewards, and digital asset airdrops. Within weeks of launching during an airdrop for Notcoin (NOT) players in May of this year, the NOT token reached a market capitalization of over $2 billion.
To reach a wider gaming community effectively, Notcoin has teamed up with us at Helika to create an incubator specifically for future Telegram game developers. This Telegram Gaming Accelerator aims to help developers of mini-apps on Telegram gain insights into their users, develop captivating experiences, and attract newcomers with rewards that matter to them. As more traditional gamers discover the potential of web3 gaming, mainstream acceptance will come gradually, then rapidly.
Scaling web3 gaming for the mass market
Even though there’s growing interest in it, web3 gaming faces additional hurdles to achieve mainstream acceptance. For people not familiar with cryptocurrencies, the barriers to entry are still too steep due to complications like connecting web3 wallets and understanding self-custody principles that are beyond the grasp of most gamers. Many web3 games find it hard to attract players because of high transaction fees and slow performance from the underlying blockchain infrastructure, and game creators lack effective analytics to monitor their on-chain game economies.
In the rapid advancement of blockchain gaming, it’s crucial to simplify the process of interacting with the blockchain, enhance the technology to eliminate delays, and partner with reliable data providers. Developers of Web3 games should comprehend what aspects of their games function effectively (and which do not) in order to create a seamless and engaging user experience that includes all the advantages of web3 technology. This understanding is vital for attracting a broader audience.
As gamers crave more engaging gaming environments, web3 gaming emerges as the solution, attracting interest from international game studios. With approximately one billion users worldwide, programs such as Telegram’s Gaming Accelerator signify a significant advancement in promoting widespread use and fueling the chain reaction that will bring on board the next billion to the universal web.
Anton Umnov is the joint founder and chief executive officer of Helika, a top-tier data analysis, marketing, and game administration platform within the gaming industry. With more than fifteen years under his belt, Anton is an accomplished entrepreneur and product strategist who has honed his skills in the creation and market launch of data and analytics products across fintech, cryptocurrency, and tech sectors. Before Helika, Anton held key positions at Drop, a fintech company, where he was Vice President of Data and Insights, and at Nielsen, one of the world’s biggest analytical firms, where he led their analytics team.
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2024-10-02 14:14