Executives in the web3 gaming industry see 2024 as a turning point, with the potential for exponential development as millions of players move into the blockchain space. Driven by the increased fervor surrounding the cryptocurrency market and the upcoming “commercial release” of much-anticipated blockchain games, the sector is preparing for a substantial flood of new players.

According to Yat Siu, co-founder of Animoca Brands, a well-known gaming and venture firm, there is a good chance that consumers will be onboarded to Web3 by 2024. Although there have been about a million distinct active wallets playing Web3 games every day for the last three months, Siu believes the number might reach 100 million by the next year.

Casual Web3 Gaming Is the Main Event

It is anticipated that the casual Web3 gaming market, in particular mobile games, will grow significantly. A major change in the industry’s environment is expected, according to Siu, as “tens of millions, maybe even 100 million gamers” will be driven to these less demanding games.

Due to a higher level of acceptance of GameFi technology and nonfungible tokens (NFTs) than in the US, Asia is predicted to lead the way in the adoption of Web3 gaming. The more lenient and transparent cryptocurrency laws in the area contribute to the ideal climate for Web3 expansion.

Positive Prognosis for Web3 Gaming

Ambrus Studio CEO Johnson Yeh voiced optimism regarding Web3 gaming’s potential for widespread acceptance, especially considering the anticipated start of a bull market in 2024. Yeh highlighted the profitable prospects in the free-to-play market, particularly about the sale of virtual skins. He drew comparisons to popular business models such as the Counter-Strike video game franchise, emphasizing the distinct and verifiable characteristics of these digital assets on smart contracts, which allow for cooperative revenue generating connected to fan interaction.

The industry is preparing for strong growth and greater widespread adoption in the upcoming year as the Web3 gaming market changes.