While it’s possible to pull on-chain activity from existing live projects, there are very few games with significant numbers or consistent reporting. In particular, EVM-compatible sidechains and layer 2 solutions present a way for developers to gain access to Ethereum’s robust ecosystem without the need to compete for blockspace at the base layer. We built a conceptual framework for thinking through a number of these trade-offs for scaling NFTs and games in an earlier report.Īs a result, the demand for scalability solutions to combat the limitations brought forth by monolithic chains, such as Ethereum, continues to increase. In more recent times, we’ve seen these problems resurface with massive fee spikes at the base layer. Since CryptoKitties caused issues for Ethereum in late 2017, teams have been looking for more scalable alternatives, which birthed several specialized infrastructure providers such as Immutable and Flow. However, it was not designed for gaming applications. For years, Ethereum has been home to the largest number of developers and projects, making it the most popular ecosystem of choice. After all, the bulk of the player growth for this sector has to be exogenous, as only a minuscule fraction of the world’s 3B gamers have even interacted with a Web3 game.Įthereum’s scaling limitations. For Web3 games to reach their true potential, they must deliver experiences as seamlessly as gamers have grown used to.
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Quality of content is the ultimate driver of onboarding users, but the underlying infrastructure plays a critical role in the creation of better games and experiences. This report will cover several key themes we believe deserve the spotlight, some standout events from the year, emerging models that we’re watching for the year ahead, and finally, some concluding thoughts tying all of these topics together. We believe that most projects shouldn’t have live tokens in the market until the bulk of their core game loops are established, which can immunize them against speculation and inflated expectations.
In a market that moves at warp speed, it’s easy to demand too much too soon. A key observation we believe many have still failed to grasp is that the feedback loops in game development are significantly longer than in other sectors of crypto. We believe that the fusion of conventional game wisdom with hard-learned insights from the early cycle are laying a robust foundation for the years ahead. Despite private and public markets appearing lackluster, we are strongly encouraged by the quality of developers moving into this sector. A total of $3.6B was deployed in 2021, a figure which was marginally eclipsed this year. As we addressed in our mid-year The Future of (Crypto) Gaming report, we don’t believe that the earning component of these games is fundamentally flawed, rather that there is a need for a dramatic recalibration in terms of its relative prominence in games.īy early 2022, over 50% of all deals funded in crypto were gaming-related. That said, these early games and models have played a vital role in bootstrapping interest from the mainstream and have driven a massive talent influx to the sector. Both the depth and duration of that trough remain to be seen, though this year has forced a sober mind and fresh perspective.īy now, it is clear that the earn-centricity of play-to-earn titles is not conducive to long-term sustainability and ultimately leads to speculative fervor that is harmful to the ecosystems in question. All innovations must embark on this quest through the hype cycle. Gaming was a primary driver of the 2021 mania, yet it has given way to cold realism as we move into the trough of disillusionment. As the dust settles on a turbulent year for the industry at large, we’re provided with a great opportunity to reflect on the state of play in the Web3 gaming space.
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