Alpha Returns Anticipates Significant Growth in 2024, Fueled by Web3 Gaming

Dec 19, 2023

Alpha Returns Anticipates Significant Growth in 2024, Fueled by Web3 Gaming

Tens of millions are set to join the Web3 revolution through gaming in the thriving year of 2024, according to insights from GameFi executives

Tens of millions are poised to join the Web3 revolution through gaming in 2024, as predicted by GameFi executives. Key figures in the Web3 gaming landscape, including Yat Siu and Johnson Yeh, anticipate a surge in Web3 adoption next year, fueled by the commercial release of highly awaited blockchain games and the overall excitement in the crypto market. According to DappRadar data, the past three months witnessed over 1 million daily active wallets participating in Web3 games, with projections from Yat Siu hinting at a potential increase to 100 million in the coming year.

Yat Siu, the co-founder of Animoca Brands, highlights the significant potential of the casual Web3 gaming sector, particularly in Asia, where GameFi technology and non-fungible tokens (NFTs) enjoy broader acceptance. Siu envisions "tens of millions, maybe even 100 million gamers" entering through less-intensive games, especially in the mobile gaming sphere.

Johnson Yeh, CEO of Ambrus Studio, underscores the vast potential in the free-to-play space, particularly in selling skins. He envisions a scenario reminiscent of the Counter-Strike series, where verifiably unique skins on smart contracts enable collaboration between streamers, esports players, and celebrities, creating a new revenue stream.
Sebastien Borget, co-founder of The Sandbox, foresees user-generated content (UGC) as a major theme in Web3 gaming in 2024, with decentralized platforms empowering creators through Web3 technology.

Despite past cautionary tales of celebrities endorsing crypto projects, Yat Siu believes the trend will persist outside the U.S., especially in regions more open to crypto. Yeh agrees but expects celebrities to approach endorsements more cautiously in the upcoming bull market. Regarding the metaverse, Yeh sees Apple's upcoming VR headset, the Apple Vision Pro, as a potential game-changer. He believes its widespread adoption could bring down the cost of hardware, overcoming a significant barrier for consumers to enter the virtual space. While acknowledging Meta's presence in the VR space, Yeh believes Apple's iconic brand image gives it a unique advantage in driving widespread adoption.

As Alpha Returns anticipates growth in 2024, the leaders emphasize the transformative potential of Web3 gaming and the positive impact of advancements in hardware, such as Apple's VR headset, on the overall landscape.

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