Hi there! Gamer Bee from Buidlbee here.
What a year 2022 has been!
The failure of FTX definitely took Web3 and the crypto world by storm.
However, the silver lining on that dark gray cloud is that, despite the FTX collapse, web3 games have successfully raised over $320 million in November alone.
(Whistles) Wow!
The man behind the rise and consequently, the fall of FTX, Sam Bankman-Fried (SBF), has successfully crowned himself as the man behind the biggest financial frauds in US history.
Formerly nicknamed the "King Of Crypto", SBF did make radical and monumental partnerships with mainstream companies, creating a clear path between traditional and Web3 ecosystems.
Unhappily divorced — failed collaborations
One such collaboration which got us excited is the FTX x TSM (Team SoloMid) for the eSports scene, and web3 gaming in general. I boldly follow TSM wins; from League of Legends to Valorant and other championships.
However, things didn’t turn out as they should have from the onset of 2020.
FTX collapsing was the bitter cherry on an already unpalatable cake.
When TSM suspended their partnership with FTX, many believed it would spell the end between web3 and traditional gaming.
Fortunately, this was not the case.
Web3 gaming saving crypto investors
According to a report by DappRadar, web3 gaming activity accounted for almost half of all blockchain activity on over 50 networks.
Additionally, the report shared that over 800,000 Unique Active Wallets (UAW) interacted with games’ smart contracts in November.
AlienWorlds and Spliterlands ranked among the most played games in web3, over 400,000 registered daily unique wallet addresses (UAWs).
This figure was consistent throughout 2022, with minor differences noted.
Web3 platforms owe their resilience to NFTs, blockchain gaming, and the rise of multiple metaverses seen all over the world, especially in Japan.
Japan leads the way by embracing NFTs
Despite the crypto winter, Japanese NFT markets have had a 53% growth this year. Furthermore, these markets are expected to reach $8.8 billion by 2028 from the projected $1.36 billion in 2022.
(Another ‘wow’)
While the Japanese population is an aging one, albeit driven by millennials, web3 gaming and NFTs are largely thriving with new and old prospects.
Just like anime, big wig companies are jumping on the opportunity to integrate web3 technology into their products. Sony, Atari and Square Enix already have NFT projects currently in development. In January 2022, SEGA filed a trademark for its ‘Sega NFT’ shortly after CEO Haruki Satomi showed a broader cooling off toward NFTs.
The Japanese government is also playing a role by embracing blockchain games and NFTs and enforcing crypto-friendly laws to integrate web3 tech into the government’s digital infrastructure.
Blockchain games, the frontrunner for Web3
Crypto games are at the forefront of the web3 space, surpassing crypto market crashes that have so far seen Binance, FTX, 3AC, and Terra Luna become shadows of their mere selves.
Web3 games developers are making important partnerships and developing more games that don’t focus on tokenomics, but fun, readying themselves for the next wave of gamers.
The events at FTX affected everyone in Web3 in some way — positively or negatively. Nonetheless, people’s trust in the industry was shaken, and many are weary of what this could spell out for crypto, NFTs and blockchain games.
Fortunately, innovation in web3 gaming is happening rapidly. Barely a handful of triple A web3 games are ready to play, with others currently in development. However, with crypto investors surging to web3 games, triple A web3 games will soon be the norm.
Check out our review of Illuvium, an AAA web3 game, here.
See the WINNERS of the first GAM3 Awards (for web3 games) here. The article also features a list of soon to be released AAA games.
Want to get more insights and the latest news and trends on the 💥💥💥blockchain games?
Here are some useful links:
Top 5 ready to play crypto NFT games with NO investment 2022
Axie Infinity’s token explodes by 24%: why is this happening and what’s next?
Is Spider Tanks the MOST DEVELOPED cryptocurrency game out there?
P.S. Our newsletter is NOT financial advice. Before investing, do your own research and re-check the facts.
If you want more ideas on how to invest your money in the crypto world, you can visit our website or check out our Twitter for AMAs with crypto experts and the latest in Web3.
Catch you in the next letter!
Gamer Bee.