A look back on the year shows that blockchain gaming has had some hurdles to jump but there is hope for 2023
With the new year looming, it’s time to take a look back at the state of blockchain gaming and also look toward its future in 2023.
Another year almost comes to a close and it’s been a busy one. There’s been highs and lows within the world of blockchain. The ongoing crypto winter continues to present a challenge and the fall of crypto exchanges such as FTX has seen some crypto investors become wary. However, blockchain gaming is trying to push through the storm heading into 2023.
As reported by Playtoearngames, Web3 gaming saw massive growth in 2021. Investments were coming in fast, peaking at over $ 1 billion. Projects focused on constructing infrastructure and building platform layers saw large benefits, but game developer studios were getting some support too. Toward the end of 2021, the total number of deals and their values were both coming in high.
Current and future state of Blockchain
Early 2022 saw much of the same activity but this quickly started to see a downward turn. The total value of deals in Q3 2022 dropped by 19%, from $1.1 billion to $875 million. While those numbers are clearly still huge, it does mark a significant drop. Despite this, the total number of transactions increased by 2.6 year over year. Seed round funding also saw a decline in 2022, dropping from $12 million to $7 million in 2022. This year saw its biggest deal come from the creators of DigiDaigaku, Limit Break with its $200 million funding.
While activity surrounding blockchain may seem turbulent, for a concept that for many remains in its infancy there’s continued interest. Despite some speed bumps in the road, deals are coming in to support blockchain projects and developers are looking toward creating content that resembles that of triple-A titles to attract a wider audience.
A massive part of the road to mass adoption of blockchain gaming falls to the games themselves. For many, the idea of diving into the world of crypto is a daunting thought, but if the games on offer are of high quality, chances are more gamers will take the plunge. Casual and hypercasual games have topped much of the gaming charts, but the likes of titles such as Axie Infinity are helping to pave the way for future titles.
Image credit to Bastian Riccardi