Looking Back at Web3 Gaming - 2023
In the ever-evolving gaming world of 2023, the journey has been nothing short of a rollercoaster, with twists, turns, and unexpected thrills. The surge in token prices set the stage for the return of the GameFi trend, prompting many to dub 2023 as the year of GameFi getting off its knees. Let's embark on this gaming odyssey, exploring the highs, lows, and the promising development of the entire GameFi industry on the horizon.
GameFi Chronicles and Token Rallies
As GameFi token prices soared, the gaming realm experienced a revival, giving space and much needed market attention to new projects like Fusionist- backed by Binance, or upcoming Xai - also using the network effect of Binance giant. However, this wasn't just a short-lived trend; it showcased the domino effect GameFi projects can create even in the midst of lukewarm market sentiment, with the cautious sentiment towards web3 gaming in particular.
In a noteworthy collaboration, Animoca Brands joined forces with TON, the unofficial blockchain of the Telegram platform. This strategic partnership holds the promise of bringing a wave of hyper-casual games in the coming year, indicating a shift towards smaller, more competitive games that leverage the widespread popularity of Telegram in the crypto world. The importance of this can’t be stressed enough as there is a growing interest in pushing to find the direction that will lead GameFi to hit mainstream, and this partnership may open the gates for multiple projects in near future.
Building upon this trend, it’s worth noting the creation of NotCoin in late 2023, the first hyper-casual coin farming initiative on Telegram that exemplifies the growing emphasis on casual and hyper-casual games within the crypto community. This concept not only fosters engagement with the growing trend but also underlines the potential of blending blockchain technology with casual gaming experiences that will attract millions of new players seeking quick gaming sessions in between tasks.
Even industry giants Sony and PlayStation couldn't resist the allure of blockchain. Their exploration of blockchain technology for in-game item transfers signaled a growing fascination with blockchain within the web2 gaming behemoths that is yet to grow in upcoming months. However, that’s just one of many examples of a growing interest from web2 side with others being partnerships between Sony and blockchain project Astra Network, or numerous integrations between small gaming studios and web3 gaming projects.
Building on the interest of web2 world, it’s worth noting Illuvium's grand entrance into the Epic Game Store. Illuvium swiftly climbed the ranks in the Trending games section indicating it was not just a triumph for Illuvium as a game, but also a testament to the rising acceptance of web3 gaming on major platforms - and whether this move was being promoted by Epic Games Store is irrelevant as either way it shows the growing interest and players curiosity to explore new gaming frontier.
Now, let’s go through the most notable statistics and trends in web3 gaming to justify all the words we’ve already said.
Key Statistics and Trends in Web3 Gaming in 2023
The landscape of web3 gaming in 2023 witnessed remarkable growth and engagement, as reflected in key statistics and trends:
- 720 web3 gaming projects were launched in 2023, capturing the attention of a diverse audience.
- By November 2023, web3 gaming boasted over 1.2 million daily active addresses, showcasing the expanding user base and sustained interest.
- Despite a 66% decrease in capital flow compared to 2022, web3 gaming projects received a significant influx of $2.6 billion in investments, indicating robust financial support for the sector.
- The top 20 most active blockchain games in 2023 averaged 685,000 daily active addresses.
- The farming/mining gaming genre emerged as the most active, attracting 253,000 daily active addresses and emphasizing the popularity of decentralized economies.
- Skale Network claimed the title of the most active chain for gaming by the number of daily GameFi addresses, boasting over 230,000. WAX and Ronin Network followed suit.
Despite these positive trends, challenges persisted, as illustrated by the cautionary tale of BigTime - one of the most anticipated titles in months that failed to bring what was promised. The project, focusing on crypto economics, suffered from token dilution and exploitative behaviors, highlighting the need to learn from past mistakes instead of building new games on top of the same faulty mechanisms that led to the demise of GameFi narrative in 2021. This is still a recurring theme in many GameFi projects that fail to embrace novel approaches and look for improving one’s core mechanisms.
If you’d like to learn more about the lessons projects should study to elevate the GameFi industry, here’s the article we’ve published recently.
Elympics: Crafting the Future of Web3 Gaming
Amidst the dynamic landscape of 2023, Elympics emerged as a trailblazer, making significant contributions to the evolution of web3 gaming and its future. The platform embarked on the year with a major technological update, unveiling the Elympics SDK - a versatile toolkit designed to empower developers and enhance the gaming experience, that didn’t have to wait long before being battle tested.
The Elympics SDK was only one of many improvements our amazing team has been able to open to the public in 2023. After all the hard work we have done Elympics began offering initial support for region-based matchmaking, input caching, introduced various UX enhancements, and the integration of Remote Procedure Calls (RPC). Developers were handed the new set of tools to craft innovative, region-specific gaming experiences, promising a new level of building with Elympics - and there was one event that perfectly illustrated this.
Elympics Summer Camp, a transformative event that showcased the ease and enjoyment of creating blockchain-based games, was the pinnacle of all the effort we’ve put into creating an enjoyable environment for creators to bring their dream games into life. The Summer Camp not only served as an educational platform to multiple teams but also inspired a new wave of developers and enthusiasts to actively participate in the web3 gaming revolution. If you’d like to learn more about this awesome incentive, check out our recent articles where we dive into Summer Camp.
Educational initiatives took center stage as Elympics partnered with Mileston3 Blockchain Center to educate the Polish audience on web3 gaming and blockchain technology. This collaborative effort aimed to demystify complex concepts, fostering a more informed and engaged community. However, this wasn’t the only partnership we’ve decided to enter this year.
Elympics' partnerships with influential projects such as Blockchain Game Alliance, WAM, Moonie Friends, and Game Swift underscored its commitment to building a robust and interconnected ecosystem where we can learn from each other and double down on creating a better future for web3 gaming. Among all these partnerships there was a single most important collaboration - partnership with Game Swift, a project pioneering modular gaming blockchains based on zkEVM which shows how dedicated Elympics is in pushing technological boundaries and working with novel projects.
The Dawn of a New Web3 Gaming Era
As the curtains rise on the new era of web3 gaming that is about to hit headlines in 2024, Elympics is doubling down on becoming the leading player in the blockchain gaming world. Recent months have shown that web3 gaming, often characterized by decentralized economies, swift iterations, and user-centric experiences, is gaining momentum - and this trend is poised to accelerate in upcoming months.
In conclusion, 2023 has been a whirlwind of transformative trends in both web2 and web3 gaming. While web2 gaming saw increased interest and collaborations with blockchain technology, web3 gaming experienced exponential growth, significant investments, and the emergence of trailblazing projects. The upcoming year will show the promises web3 gaming holds are true and elevate the entire gaming world to the next level.
