We've all had moments when we spent too much time gaming and too much money on impulse purchases of new offerings.

According to TheGamer, the average gamer spends approximately $76 per month on gaming, or roughly $58,000 over their lifetime.

Users' increased engagement can be attributed to the additional time they devote to their digital interests. The introduction of numerous lockdowns may have exacerbated the situation.

Microsoft and Sony both saw significant growth in their gaming revenue streams last year. According to a study conducted by Streamlabs and Stream Hatchet, when the pandemic struck, Twitch saw an 83% year-on-year increase in viewership, with over 5 billion hours of content viewed in the second quarter of 2020 alone.

So, what does all of this mean for blockchain gaming? Web3 Gaming version, some low-cost thrills to think about.

So, one thing is certain: gamers are not afraid to spend money on gaming equipment. However, adding a decentralized twist here could help the cause. The next generation of starting to emerge gaming platforms places power in the hands of the players rather than one central authority.

According to DappRadar, since August 1, 2022, Web3-based games and Metaverse projects have raised $748 million. This represented a 135% increase over July. This demonstrates the growing demand for this industry.

Money is also continuing to flow in. The total amount of investment expected for this year's growing industry has increased by 20% to $10.2 billion. Regardless of the problematic and questionable conditions in the digital asset markets, large investment firms remain optimistic about the GameFi industry.

Blockchain holds great promise, especially when backed by industry professionals with the skills and knowledge to create exciting and pleasurable games.

Expect a bumpy ride

Everything sounds good until it doesn't. Is Web3 gaming overly complex? Or is it pricey?

In a survey, Coda Labs, a blockchain entertainment company, sheds light on this aspect. Six thousand nine hundred twenty-one individuals from five different countries were polled to determine their attitudes towards it.

Blockchain gaming investments reached around $5 billion in the first half of 2022. However, the industry may be a long way from mass adoption. Consider this: only 12% of non-crypto gamers have experimented with Web3 games. At the same time, only 15% of those who had not yet tried these games said they would do so in the future.

Surprisingly, crypto non-gamers and crypto gamers were the most concerned about being duped. Given the recent increase in hacks, this is not surprising.

Web3 Gaming versus Web2 Gaming

The cryptocurrency industry is a fast-paced one. A month in cryptocurrency is equivalent to a year in the "real world."

While interest in the gaming industry continues to grow, blockchain gaming is struggling to gain traction, particularly among the traditional gaming cohort.

As a result, many projects feel pressured to market, and they frequently do so with lofty goals that can't be met even in a bull market, especially during a bear market or during a crypto winter.

Aside from being rushed to deliver products, game studios must also be wary of the token price involved in the project. Investors may lose interest if the token price begins to fall. A damning chart may be all that is required to persuade investors to move on to the "next big thing," causing the game to crash and burn. Most Web3 games are based on the Axie Infinity "two-token model."

Given its dominance, it is not surprising that many web3 gaming companies will return to web2 companies.

Is it too soon for the Web3 gaming industry to compete with the dominant Web2 gaming industry? Let us know your thoughts by sharing this article on social media.

Posted 
Nov 2, 2022
 in 
Digital Lifestyle
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