Experts Predict Strong On-Chain Surge for Web3 Gaming in 2023
Web3 gaming is an emerging trend that has been gaining popularity over the past few years. The use of blockchain technology in gaming allows for decentralization, transparency, and security, making it an attractive prospect for gamers and investors alike. With the recent surge in on-chain gaming activity, it is safe to say that the future of Web3 gaming looks bright.
According to recent data, on-chain gaming activity rose by 1.31% to 858,621 dUAW in January. This increase in activity is indicative of the growing interest in Web3 gaming, as more gamers and investors explore the potential of blockchain technology in gaming.
One of the most significant indicators of growth in the Web3 gaming industry is the increase in market caps of top gaming tokens. On average, top gaming tokens’ market caps increased by 122%, with GALA leading at 218% and $384 million. This increase in market caps shows that investors are bullish on the future of Web3 gaming and are willing to invest in it.
Another exciting development in Web3 gaming is the success of NFT-based games. Sewer Pass, for example, generated $44.6M in trading volume and sold 10,561 NFTs in just two weeks as Yuga hosted its Dookey Dash competition. This success is a testament to the potential of NFT-based games, and we can expect to see more of these types of games in the future.
Investments in blockchain games and metaverse projects also totaled $156M, indicating a growing interest in the space. This investment shows that investors believe in the potential of Web3 gaming and are willing to bet on its success.
The growth of virtual worlds is also indicative of the potential of Web3 gaming. Trading volume for virtual worlds experienced significant growth in January 2023, reaching $44.5 million, a 114% increase from December 2022. This growth in trading volume shows that virtual worlds are becoming more popular, and we can expect to see more growth in this area in the future.
Finally, TreasureDAO and Legions Genesis are two exciting platforms that have emerged in the Web3 gaming space.
According to the report, the web3 gaming industry encountered obstacles in 2022, but there are indications of improvement as of January 2023. Established studios are receiving financing to develop top-notch web3 games, indicating that venture capital investors are prioritizing longer-term goals.
Furthermore, the industry is transitioning to a “build” phase, emphasizing quality rather than quantity. Overall, the forecast for the web3 gaming industry is optimistic, with expectations of growth and innovation.
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