Crypto gaming, NFTs, Web3 expected to onboard the next billion users into crypto?
Here’s one way to bring the next billion users in the crypto sector: Crypto gaming + NFTs + Web3.
Let’s talk about the recent boom in the gaming aspect. DappRadar, an analytics platform showed a boom in crypto gaming. Last month saw blockchain games make up the majority of activity in the Dapp industry. Around 55% of unique active wallets (UAW) totaling 1.19 million users interacted with gaming dapps over the past month.
Blockchain games such as Sky Mavis’ Axie Infinity account for more than half of all blockchain gaming users. And it is expected to grow further too. Especially with a similar rise in the Non-fungible token (NFT) sector as well.
Sam Bankman-Fried (SBF), the FTX CEO reiterated the same optimism at the Bloomberg Financial Innovation Summit. Here’s the main narrative: Gaming NFT May Push Crypto Into Mainstream
Crypto segment NFT has shown explosive growth in the past year – that’s a fact. This coupled with the gaming boom is becoming more and more popular.
Whether it’s integrating NFTs with video games, ticketing for venues, events or teams, Bankman-Fried thinks the industry activity makes “a ton of sense” as a product. Additionally, it can serve as a pretty clean innovation layer to add on top of the existing structures, he said.
The billionaire also added:
“So when you hear about top-tier gaming publishers looking to introduce crypto into their system, I’m pretty bullish on that.”
However, there’s a big difference between crypto companies trying to make a game and gaming companies trying to introduce crypto into their games. The tweet attached below highlighted the same narrative.
On crypto gaming, "I think you're going to see a big difference between crypto companies trying to make a game, and gaming companies trying to introduce crypto. Frankly, it's hard to make an engaging video game." @FTX_Official @SBF_FTX tells @TheStalwart #FinInnovationSummit pic.twitter.com/aU22gcxdWf
— Bloomberg Live (@BloombergLive) November 5, 2021
Integrating markets into games could add greater engagement and that’s not exclusive to crypto. In addition to this, the renowned crypto enthusiast had allocated some funds as well in this interesting sector.
Consider this, his firm FTX, Lightspeed Venture Partners and Solana Ventures invested $100 million in Web 3 gaming development. The announcement comes at a time when the concept of metaverse or virtual worlds is growing in popularity. Last week, Facebook changed its corporate name to Meta as the company has been developing new technologies that will help people connect and explore in the metaverse.
Following this collaboration, the FTX CEO stated:
“We’re *really* excited to be working with some of the best partners we’ve had to build out what might be the biggest growth area in the sector: web3 + gaming + NFTs. Or, I guess, “the metaverse” as it’s now known.”
Not so surprisingly, different individuals put forward their optimism concerning this step. For instance,
Gaming is $180b industry with 1/3 of world's population. No other industry comes close to that.
With 1-2m blockchain gamers (<0.001% of all gamers), opportunity is huge. NFT + DAO are what makes bc game better.
The future lies in everything+earn.
— Kent Ekasak (@KentEkasak) November 6, 2021
Overall, these ‘play-to-earn’ tokens did witness an uptick in price over the last 24 hours. Now, if these tokens such as Axie Infinity’s AXS, Sandbox’s SAND could live up to the hype, is a different story.