‘Tens of millions’ to enter Web3 through gaming in 2024 — GameFi execs

Crypto market hype and the “commercial release” of several highly anticipated blockchain games will likely onboard “tens of millions” gamers to Web3 in 2024, according to Web3 gaming execs.

“2024 is a growth year in terms of bringing people on to Web3,” said Yat Siu, co-founder of gaming and venture firm Animoca Brands, in an interview with Cointelegraph.

In the last three months, around 1 million — or more — unique active wallets have played Web3 games daily, according to DappRadar data. However, Siu believes there could be up to 100 million more next year.

“Many of the gaming titles that are about to be released were in alpha or beta stages in 2022 and 2023 and are now all coming out to commercial launch in 2024.”

The casual Web3 gaming space — including mobile games — is where Siu expects to see the most activity. He speculated that “tens of millions, maybe even 100 million gamers” will come through these kinds of less-intensive games.

He also expects Asia to “lead the charge” due to its greater acceptance of GameFi technology and related nonfungible tokens (NFTs) than the United States. Asia’s crypto regulations are also “much more welcoming and open,” Siu added.

Johnson Yeh, founder and CEO of gaming firm Ambrus Studio, hopes Web3 gaming “can really take off and have massive adoption with the help of the bull market,” which is expected to begin in 2024.

“The biggest potential is in the free-to-play space, selling skins,” he said, pointing to the free-to-play Counter-Strike series as a model, where skins sometimes sell for mid-six figures.

“The skins are on a smart contract, they’re verifiably unique, and then it allows the streamers, it allows the e-sport players, it allows celebrities to co-create and bring the skin revenue together with the fandom,” Yeh said.

A gaming short story:

A) If you get banned in Counter Strike you loose all your skins

B) If you get banned in a web3 game, the idea is you still have access to your skins and could resell them on a 3rd…


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