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- Earn Bitcoin for Eating Tickets, Immutable Reports ‘Big Studios Are Showing Up’ — Web3 Gamer
Earn Bitcoin for Eating Tickets, Immutable Reports ‘Big Studios Are Showing Up’ — Web3 Gamer
Exploring the Critical Tipping Point in Web3 Gaming: The Impact of Cryptocurrency ETFs, Traditional Gaming Companies, and Investment Surges on the Future of Blockchain-Based Gaming
The Web3 ecosystem, according to Robbie Ferguson, co-founder of the game development platform Immutable, is at a pivotal moment.
Significant milestones in cryptocurrency adoption, along with traditional gaming companies' increasing interest in Web3, suggest that the future of gaming is set to change dramatically.
This article delves into these developments, their implications for the Web3 gaming industry, and the recent trends in gaming token performance.
Cryptocurrency ETFs and Their Impact on Gaming
This regulatory progress, combined with a surge of new investments and the involvement of traditional gaming companies, indicates that Web3 gaming is reaching a crucial tipping point.
According to Robbie Ferguson, co-founder of the game development platform Immutable:
“The Web3 ecosystem is at a critical inflection point in reaching the future where players have true ownership of their assets and share control over the marketplace with studios — a win-win for all.”
The approval of spot cryptocurrency ETFs has been a significant milestone for the cryptocurrency market this year. Spot Bitcoin ETFs received the green light in January, followed by spot Ether ETFs in May.
“It’s hard to draw a direct correlation between the two, but ETF approvals have certainly brought crypto back into the minds of the general public, and ultimately, gaming is one of the easiest adoption options for those looking to experience what the industry has to offer,”
Jack O’Holleran, CEO of Skale Labs, which developed the layer-2 Ethereum scaling solution Skale Network, echoed similar sentiments:
“As institutional inflows grow, we anticipate heightened focus on Web3 gaming projects, potentially accelerating development and innovation within the industry. This regulatory progress reinforces Ethereum’s role in the decentralized ecosystem, paving the way for broader adoption and integration of blockchain technology across gaming platforms.”
Market Capitalization and Traditional Gaming Companies
Ferguson points out that by the end of May, following the approval of spot Ether ETFs, the market capitalization of blockchain gaming tokens saw a significant rise.
“Data suggests a similar influx of interest and capital, as in May, the market cap of blockchain game tokens closed at $25.64 billion, an increase of around 21% since January 2024.”
Ferguson added that over half of the largest gaming companies are now investing in Web3:
“Over half of the largest gaming companies are already investing in Web3, either by developing their blockchain games, investing in Web3 gaming projects or hiring for blockchain positions.”
This shift indicates a significant trend towards integrating blockchain technology into traditional gaming models.
Enhancing Player Experience and Monetization
Web3 gaming promises a more equitable playing field compared to the current dominance of major gaming giants. Players are beginning to appreciate how well-designed monetization mechanics can enhance their gaming experience.
Historically, gamers have often borne the brunt of experimental business and monetization models devised by game publishers to retain players while minimizing costs. Aligning player and publisher incentives is crucial for mainstream adoption of Web3 gaming.
Robbie Ferguson highlights that Immutable plans to launch a substantial number of new titles by the end of 2024.
With over 330 games currently signed on, Immutable expects 40% of these to be released within the year. This expansion is the result of nearly $20 billion invested into games and gaming platforms over the past four years.
Notcoin's Resilience Amid Market Fluctuations
In recent developments, Notcoin, the gaming token for the Telegram-based tap-to-earn game Notcoin, has shown remarkable resilience. Over the past seven days, Notcoin's price surged by 16.76%, while other gaming tokens experienced significant declines, with drops ranging from 15% to 20%.
This price increase follows Notcoin's announcement of an accelerator partnership with AI-powered analytics firm Helika Gaming. The collaboration aims to assist game developers in creating engaging gaming experiences on the Telegram platform and the TON blockchain.
“Notcoin and Helika will help game studios, mobile apps, and indie developers to build great gaming experiences on top of the Telegram platform and TON blockchain,” Notcoin says.
“We want to expand it and open an accelerator for game developers who will lead the wave of Telegram games,” Notcoin added
Since its launch in March, the game has attracted over 30 million users on Telegram, introducing a substantial portion of Telegram users to the Web3 world. By tapping their screens to earn NOT tokens, players have significantly contributed to this influx.
While Notcoin saw a spike, other gaming tokens took a nosedive. Gala took the biggest hit at 21.95%, while Immutable, Beam, and Ronin declined by 21.81%, 17.41%, and 17.27%, respectively, according to CoinMarketCap data.
The Nostalgic Appeal of Bitcoin Snake
For fans of classic mobile games, Bitcoin Snake offers a nostalgic yet innovative experience.
Developed by THNDR Games, creators of other Bitcoin-earning games like Bitcoin Solitaire and Bitcoin Bay, Bitcoin Snake reimagines the classic Snake game from the Nokia 6610 era.
In this modern version, players guide the snake to eat tickets, which can then be used for daily raffles to win Bitcoin.
While not a traditional play-to-earn game like Axie Infinity, Bitcoin Snake combines the simplicity and fun of retro gaming with the excitement of potentially earning Bitcoin.
The game’s nostalgic appeal and unique reward system make it an engaging option for those looking to relive the past while earning a bit of cryptocurrency.
Bottom Line …
The Web3 gaming industry is undergoing a transformative phase, marked by significant investments, regulatory advancements, and the entry of traditional gaming companies.
These developments promise a future where players enjoy true ownership of their assets and a more balanced monetization model. As the industry evolves, both players and developers stand to benefit from the unique opportunities presented by blockchain technology.
With major releases and innovative gameplay models on the horizon, the Web3 gaming landscape is poised for a dynamic and exciting future.