Web3 and the metaverse are two of the hottest buzzwords in tech circles right now. The appetite among investors has precipitated a “cascade” of investment into blockchain platforms, according to Crunchbase, which cites recent funding rounds for Polygon Technologies and Alchemy worth a combined $650 million. One vertical attracting more attention than most is gaming. In early March, a group of heavyweight investors, including billionaire Bill Ackman and gaming giant Animoca Brands announced a new Web3 venture fund focusing on the metaverse, gaming, and social applications. Around the same time, Griffin Gaming Partners, a gaming-focused VC fund, announced it had successfully raised $750 million.
However, this wave of investment isn’t simply about making more, bigger, better games. Web3 is changing the way that games are designed and built, incentivizing and engaging users and developers with the promise of token-based rewards. The shift from the established gaming model is so fundamental that within only a few short years, we’ll no longer refer to gaming as an industry but as an economy.
Crowdsourcing game development
This change is already underway, as we can see in the way game studios are evolving their development process. In the established industry model, a small handful of game studios are responsible for the lion’s share of revenue through the carefully managed release of big-name game titles like Call of Duty or Player Unknown: Battlegrounds.
Continue reading: https://venturebeat.com/2022/05/01/from-industry-to-economy-how-web3-is-transforming-gaming/
However, this wave of investment isn’t simply about making more, bigger, better games. Web3 is changing the way that games are designed and built, incentivizing and engaging users and developers with the promise of token-based rewards. The shift from the established gaming model is so fundamental that within only a few short years, we’ll no longer refer to gaming as an industry but as an economy.
Crowdsourcing game development
This change is already underway, as we can see in the way game studios are evolving their development process. In the established industry model, a small handful of game studios are responsible for the lion’s share of revenue through the carefully managed release of big-name game titles like Call of Duty or Player Unknown: Battlegrounds.
Continue reading: https://venturebeat.com/2022/05/01/from-industry-to-economy-how-web3-is-transforming-gaming/
