‘Tens of millions’ to enter Web3 through gaming in 2024 — GameFi execs

In 2024, the world of Web3 is set to experience a significant influx of users, with “tens of millions” of gamers making their way into the space, according to industry insiders. Yat Siu, co-founder of gaming and venture firm Animoca Brands, believes that the growth will be brought about by the combination of crypto market hype and the release of highly anticipated blockchain games. Siu expects the casual gaming space, particularly mobile games, to see the most activity, with Asia leading the charge in terms of adoption. Additionally, user-generated content and celebrity endorsements are predicted to play significant roles in the Web3 gaming landscape. Furthermore, the introduction of Apple’s upcoming virtual reality headset, the Apple Vision Pro, is seen as a potential game changer, with the anticipation that increased adoption will help bring down the cost of hardware and make it more accessible to consumers.

Gaming execs predict ‘tens of millions’ will enter Web3 in 2024

▶ [Kucoin] Transaction fee 0% discount CODE◀

Gaming studio founders anticipate a significant increase in Web3 adoption through gaming

The year 2024 is forecasted to be a milestone year for the adoption of Web3, with gaming studio founders predicting that ‘tens of millions’ of users will enter the Web3 space. Yat Siu, co-founder of gaming and venture firm Animoca Brands, expressed his belief that 2024 will be a year of growth in terms of bringing people onto the Web3 platform. Siu’s optimism is based on the increasing popularity of blockchain games and the commercial release of several highly anticipated titles.

▶ [Kucoin] Transaction fee 0% discount CODE◀

Anticipated growth in 2024

According to data from DappRadar, there has been a steady increase in the number of active wallets playing Web3 games in the past three months. Siu estimates that there are currently around 1 million daily active wallets, but he expects this number to skyrocket to ‘tens of millions’ in 2024. This projected growth can be attributed to the release of gaming titles that were previously in the alpha or beta stages, which are now set to launch commercially in 2024.

Web3 games attracting millions of active wallets

The casual Web3 gaming space, including mobile games, is expected to experience the most significant surge in activity. Yat Siu predicts that less-intensive games will attract a large number of users, potentially reaching up to 100 million gamers. These games offer a more accessible entry point into the Web3 world, making them appealing to a broader audience.

Major gaming titles transitioning from alpha/beta stages to commercial launch in 2024

The transition of major gaming titles from the alpha and beta stages to commercial launch is a significant driver of Web3 adoption. Gamers are eagerly anticipating the release of these games, which have been in development for the past few years. The commercial launch of these titles in 2024 will likely attract a massive influx of players to the Web3 platform.

Expectation of increased activity in the casual Web3 gaming space

The casual Web3 gaming space, which includes mobile games, is expected to see a surge in activity. Yat Siu believes that these less-intensive games will attract ‘tens of millions, maybe even 100 million gamers.’ The accessibility and ease of play offered by these games make them highly appealing to a wide range of players.

Asia expected to lead in GameFi adoption

Asia is predicted to lead the charge in the adoption of GameFi technology and related nonfungible tokens (NFTs). Yat Siu emphasizes that Asia has shown greater acceptance of these technologies than the United States. Additionally, Asia’s crypto regulations are considered more welcoming and open, creating a conducive environment for GameFi adoption.

Asia’s crypto regulations seen as more welcoming and open

One of the reasons why Asia is expected to take the lead in GameFi adoption is its crypto-friendly regulatory environment. Yat Siu notes that Asia’s regulations are more welcoming and open compared to those in the United States. This favorable regulatory stance fosters innovation and creates opportunities for the growth of GameFi and other Web3 technologies.

The potential of free-to-play games and selling skins

Johnson Yeh, founder and CEO of gaming firm Ambrus Studio, sees the greatest potential for Web3 gaming in the free-to-play space and the sale of in-game skins. Yeh points to the success of the Counter-Strike series, where skins can be sold for significant sums. These skins are verifiably unique and stored on a smart contract, allowing for secure transactions and the monetization of in-game items.

User-generated content (UGC) as a significant theme in Web3 gaming

Sebastien Borget, co-founder of The Sandbox, foresees user-generated content (UGC) playing a significant role in Web3 gaming in 2024. UGC has already gained traction on traditional gaming platforms such as Roblox and Fortnite. With Web3 technology, decentralized platforms can empower creators and reward them for their contributions. UGC-driven entertainment is expected to offer unique and engaging experiences for players.

Celebrities and brands returning to Web3 endorsements

Despite past controversies and scams involving celebrity endorsements during the last bull market, industry experts anticipate that celebrities and brands will return to the Web3 space. Yat Siu believes that once there is legal clarity in the United States, celebrities will flock to endorse Web3 projects. However, the expectation is that celebrities will be more cautious with their endorsements, particularly after the negative experiences of the previous bull market.

Cautious approach expected from celebrities due to past scams

While celebrities are predicted to return to the Web3 space, they are likely to exercise caution and conduct thorough due diligence before endorsing any projects. Celebrities have learned from the scams and controversies of the past, and they will be more selective in their partnerships. The focus will be on projects with genuine potential and legitimacy, resulting in a more responsible approach to endorsements.

Value of UGC-driven entertainment for brands and celebrities

Brands and celebrities recognize the value of UGC-driven entertainment in engaging their audiences. By leveraging Web3 technology, they can offer unique and immersive experiences that go beyond traditional advertising. UGC-driven entertainment allows brands and celebrities to establish deeper connections with their fans, creating a win-win situation where both parties benefit from their collaboration.

The potential impact of Apple’s VR headset on virtual worlds

Apple’s upcoming virtual reality (VR) headset, the Apple Vision Pro, is seen as a potential game changer for virtual worlds. Johnson Yeh believes that the Apple Vision Pro could drive significant sales volume, leading to a reduction in hardware costs. As more people adopt VR technology, the economies of scale will come into play, making VR more accessible and affordable for consumers.

Apple’s iconic brand image and potential to bring down hardware costs

Apple’s iconic brand image and global reach give it a unique advantage in the VR space. According to Johnson Yeh, Apple is one of the few players capable of making a substantial impact on the market and driving down hardware costs. The widespread adoption of Apple’s VR headset will pave the way for a more affordable VR experience, removing one of the barriers to entry for consumers.

Comparison between Apple and Meta in the VR space

While both Apple and Meta (formerly Facebook) are making significant strides in the VR space, Johnson Yeh highlights the distinct advantage that Apple enjoys in terms of brand image. Apple’s reputation for quality and innovation positions it as a leader in the consumer electronics market. In contrast, Meta may struggle to command a similar premium due to its less iconic brand image.

Features of Apple’s upcoming VR headset

Apple’s VR headset, the Apple Vision Pro, is expected to ship in early 2024. The headset boasts advanced features such as eye and hand tracking, offering a mixed-reality experience rather than pure virtual reality. This versatility allows for a range of immersive experiences, making the Apple Vision Pro an attractive option for both casual gamers and VR enthusiasts.

Projected growth of the blockchain gaming market in North America

A report suggests that the blockchain gaming market in North America is set to reach a value of $600 billion by 2030. This projected growth is attributed to the increasing adoption of blockchain technology and the rise of Web3 gaming. As more players recognize the potential and benefits of blockchain gaming, the market is expected to witness substantial expansion.

NFT arm of Line messenger raises $140M for Web3 services

The nonfungible token (NFT) arm of Line messenger, a popular messaging app in Asia, recently raised $140 million for Web3 services. This significant funding indicates the growing interest and investment in Web3 technologies, particularly in Asia. The NFT industry is poised for further development and innovation, driven by the increasing adoption of Web3 platforms and services.

Immutable’s zkEVM to eliminate Web3 gaming gas fees

Immutable, a leading developer of blockchain-based games and infrastructure, has introduced zkEVM, a breakthrough technology that aims to eliminate gas fees in Web3 gaming. Gas fees have been a major pain point for users of blockchain games, often deterring adoption. With zkEVM, players can enjoy a seamless and cost-efficient gaming experience, driving further growth and adoption of Web3 gaming.

▶ [Kucoin] Transaction fee 0% discount CODE◀