Overview of Web3 Gaming Market
• The Web3 gaming market has been rapidly growing, with an average of 800,000 active unique wallets per day.
• Game Space recently teamed up with Spinterlands, ImmutableX and Big Time to hold the Player One Tournament for Web3 gamers.
• Despite the bear market, AAA games have yet to enter the Web3 space due to high-level entry costs and long R&D cycles.
GameFi’s Progress in 2022
In 2022, GameFi saw significant growth due to new innovations such as Play-to-Earn and X-to-Earn models. This trend was accelerated by capital raising and a rush of users into the Web3 space. Although the bear market had some negative impact on this sector, it still managed to remain one of the fastest growing segments within Web3.
Player One Tournament
The Player One Tournament is one of the largest Web3 gaming tournaments held by Game Space in collaboration with Spinterlands, ImmutableX and Big Time. It created a lot of buzz within the industry; 200K+ Twitter engagements and more than 20K+ on chain gamers participated in this 7-day tournament. Sky Vee, a streamer with 1.3M+ fanbase also joined this event competing for the prize pool available.
Difficulties Faced By AAA Games Entering The Scene
Michael Cameron (CEO at Game Space) has explained why AAA games have difficulty entering into Web 3 space: teams require $50 million in funding just to get started; there are long R&D cycles involved; profitability issues; and of course – bear markets that make things even more difficult for them. He previously helped incubate Bless Global which is an industry first AAA MMORPG game for web 3 space.
Web 3 gaming remains one of the fastest growing segments despite difficulties faced by AAA games from entering into this space due to high entry costs and long R&D cycles. Even though Axie Infinity served as representative V1 gamefi project has faded out from audience’s eyes recently there is still love & passion among loyal web 3 gamers who participate in tournaments like Player One which create mass buzz within cryptocurrency world & gaming communities alike!