Web3 gaming has gained momentum, with several titles entering the market. The fundamental distinction between traditional and Web3 gaming is that of its backend operations. Traditional gaming utilizes centralized infrastructure to enhance the user experience. On the other hand, the Web3 gaming environment is decentralized in nature. The number of investors and consumers is increasing due to the substantial potential for growth in the future.
The article reviews the momentum within the Web3 gaming industry.
Funding and investment
Two perfect examples are MetaCane and BetRoyale. Each platform has secured sufficient funding in their respective phases, positioning them better in the market.
MetaCane: MetaCane has strengthened its position in Web3 gaming by securing $10 million in Private A Round Funding. Folius Ventures and SevenX Ventures were the round’s leading investors. Other participants included Mantle Network, The Spartan Group, and Animoca Brands, to mention a few.
BetRoyale:Â BetRoyale raised $500,000 on the first day of presale, marking a step in the initial launch of its native token BCRN, also known as Crowns. The funds will further be utilized for the development of its ecosystem. The 17-stage presale journey began on February 26, 2024, when BCRN was priced at $0.008. Interestingly, this marks a rise in GambleFi, which is gambling within DeFi, or decentralized finance.
Strategic partnerships and collaborations
This entails the recent developments in the ecosystem of Animoca Brands and the Tezos Foundation.
Animoca Brands:Â Animoca Brands has launched a Web3 Hub in Saudi Arabia, forging a strategic partnership with the region. The MoU has been signed with King Abdulaziz City for Science and Technology, also referred to as KACST. The objective is to collectively advance the segment of Web3 gaming in the Kingdom. The MoU seeks the establishment of a physical infrastructure to contribute to socio-economic development.
Tezos Foundation: Tezos Foundation has come out in support of Auto Hero’s transformation into a Web3 game. The support will be extended in the form of a grant. Auto Hero will also gain access to Tezos’ blockchain technology, bringing a new dimension to the gaming experience. Crafted by Bombus Studios, the ecosystem features automatic shooting mechanics and a vibrant community of 120,000 monthly active users.
Emerging Trends and the Future
There is no doubt that interest is shifting to Web3 gaming. Developers are inclined to try out the new technology without compromising on the aspect of UX. It will certainly take time for the world to embrace the transformation; however, those who are already registered on Web3 gaming platforms are confident that the future could arrive earlier than expected.
- There is an increase in the size of the investment. More partners are participating in funding rounds to make sure that there is a sufficient pool to get the operations on board.
- New geographical regions are being explored constantly. Decentralization makes it easier to have more support, irrespective of the geographical region. Plus, it brings more players to the ecosystem.
- GambleFi, for one, is on the rise. The convergence of gambling within DeFi is a fairly new concept, and it is gaining traction within the community. As a matter of fact, it has crafted a niche for itself already.
- Existing gaming elements are being blended with Web3 elements. In-game items can be owned via NFT, avatars can be evolved to earn native tokens, and communities can be built for healthy interactions.
More trends are yet to be explored, coming to light as the Web3 gaming industry moves forward.
Conclusion
The Web3 gaming industry thrives on blockchain and decentralization. Recently, it has gained momentum through investments and funding. Developers and players consider it a perfect alternative to the existing traditional gaming model. The future is indeed bright; however, a concrete conclusion will soon be drawn in the initial phase.
