The Web 3.0 gaming sector has by far been one of the winners of the first half of 2022 even though it started to gain prominence in 2021. There are now countless Web 3.0 gaming projects out there that are bringing value to players by paying them for time spent on games. This exciting new ecosystem has done some impressive things over the past year and has recorded massive growth in the same time period. We take a look at some of them in this report.
Interest On The Rise
The interest in the Web 3.0 gaming space has blown up in just the space of a year. Blockchain gaming has become one of the leading ways for gamers to make money while they indulge in some of their favorite games. This accelerated adoption has seen gaming activity on the blockchain grow more than 2,000% in just a one-year period.Â
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As is expected, this accelerated interest has come with money from big investors. Funding for Web 3.0 gaming projects in the first quarter of 2022 alone had touched above $2.5 billion, all of this coming from venture funding. And this number is expected to rise in the second quarter of the year.
Web 3.0 gaming landscape continues to widen | Source: Arcane Research
The most interesting part of the Web 3.0 gaming sector has been the fact that activities are being rewarded usually in the form of cryptocurrencies and other forms such as NFTs. This has drawn both crypto users and others to take advantage of this unique opportunity, leading to the massive growth rate recorded.
Web 3.0 In Different Forms
When Web 3.0 gaming had first made its emergence into the market, it had been for play-to-earn. This had been the pioneer movement that had caught the eye of players and investors alike. However, with the success of play-to-earn has come other gaming projects forming their own niche and finding success while at it.
Move-to-earn is another niche part of the Web 3.0 gaming space that has been gaming prominence. Instead of rewarding users for playing a game, these projects rather encourage users to exercise by rewarding movements with cryptocurrencies. These exercises can range from walking, jogging, and running, to cycling and other exercises. Sing-to-earn is another interesting niche that rewards users for singing.Â
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Web 3.0 gaming also spans various types of gaming; RPG, MMORP, E-Sports, Arcade, etc. One thing is constant among all of these projects and that is that they all generate value in a centralized model and then they can use this generated value to provide monetary value to gamers.
It is still a relatively young space but its growth has been nothing short of phenomenal. Web 3.0 gaming has been credited as one of the major driving forces behind the increased interest in the NFT and metaverse space.
Featured image from SwissOne Capital, charts from Arcane Research and TradingView.com
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