Some say that blockchain gaming will inspire the next wave of cryptocurrency adoption. Play-to-earn games are certainly ever-present in headlines and conversations around the world. Are they close to mainstream adoption? Not in the slightest. The industry is just beginning and there’s a long way to go. The companies producing the games are well funded and make incredible amounts of money. However, they don’t seem to have that many employees.
Besides being a nascent industry, blockchain gaming production requires a special set of talents that are not commonly found. This presents an immense opportunity for young students and people looking to pivot and make a career change. Since monetization is built in the ecosystem, chances are blockchain gaming is here to stay. And you can be a part of it. Let’s look at the numbers and you’ll see what we mean.
How Big Is The Blockchain Gaming Market?
In his report titled “Blockchain Gaming Beginnings: From Crypto Craze To Decentralized Fun,” author Joost Van Dreunen offers concrete numbers:
- How many people are playing? “Total addressable audience for blockchain gaming is still in its infancy. Mobile, PC, and console total 1.49 billion monthly actives.”
- What devices are they using? “The platform of choice is PC, which includes browser-based (40% of total titles), local clients for Windows (16%) and Mac (6%), and Linux (3%)”
- What blockchains are they interacting with? “The most popular blockchain is WAX (36%), based on an aggregation of top titles organized by protocol. Ethereum (10%) is much less prominent.”
- However, “The success of Alien Worlds, which counted 1 million users in August, 2021, almost single-handedly accounts for the success for WAX.”
- “There is a massive difference in popularity among the top titles: Alien Worlds has 59x more players than the #15, Zoo – Crypto World.”
WAX price chart on Bitfinex | Source: WAX/USD on TradingView.com
What Else Do We Know About The Blockchain Gaming Market?
We found even more data for you, let’s dive into the Unique Active Wallets, courtesy of Naavik’s Blockchain Games report:
- Believe it or not, “DappRadar notes that games accounted for over half of blockchain wallet activity in the third quarter.”
- Not only that, “blockchain gaming daily unique active wallets (UAWs) averaged 1.2 million in October 2021 or up 44% compared to September.”
- Let’s dive deeper into those numbers. “The growth in UAW over the past month has mostly been driven by growth in Axie Infinity and Splinterlands wallet activity, which have increased 24% and 57%, respectively.”
- This one mirrors the previous report. “The top title by monthly UAWs, Alien Worlds, has 10x the activity as the number ten title, Jelly Squish.”
- September 2021 saw a decline in blockchain gaming, but the numbers are once again looking impressive. “Trading volumes grew 762% quarter-over-quarter in Q3 2021 to $2.32 billion.”
What’s All That Noise About A Talent Shortage?
The wildest stat in Van Dreunen’s report is the number of employees the most successful firms in the space function with. Dapper Labs employs 242, Mythical Games 123, The Sandbox 94. Projects that are on the news all the time suffer the same fate, Decentraland has 52 employees and Open Sea 43. Compare that to, “to 9,500 f/t employees at Activision Blizzard, 11,000 at Electronic Arts, 6,495 at Take-Two Interactive, and 960 at Roblox.”
While we could interpret that the data reveals we’re dealing with efficient companies, Van Dreunen thinks otherwise. “A year-over-year increase of +102% in headcount across top blockchain game devs indicates that talent is likely to become a major bottleneck in search of the killer app.“ It may be so, but, that was until NewsBTC published this article. Young people reading this will realize the immense opportunity it represents and will take the appropriate measures.
Remember that, besides in-game monetization, these companies raise money for new projects constantly and with ease. That means, “Abundant investment money will force firms to compete on hiring experienced developers, engineers, and producers in the short term.” They’re dying to hire you. Go and get the necessary knowledge, this story is just starting.
Asia’s Richest Man Is Bullish on Blockchain
Mukesh Ambani has adopted the “blockchain, not Bitcoin” narrative
Indian billionaire Mukesh Ambani, whose net worth is estimated at $92.6 billion, spoke favorably about blockchain, the technology that underpins most cryptocurrencies, at the Infinity Forum earlier today, according to local media reports.
Ambani noted that there is a significant difference between blockchain and crypto, adding that the former offers a slew of promising use cases: from ensuring supply chain transparency and enabling fast transaction settlements to digitalizing art and ensuring data privacy:
Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction,” Ambani said. It can be used to modernize our supply chains that form the lifeblood of our economies.
Unlike some other ultra-wealthy individuals, the Reliance Industries shareholder had been silent about his stance on cryptocurrencies. In early 2018, there were numerous reports about Ambani launching his own cryptocurrency, called “Jio Coin.” The project, however, never saw the light of day.
Ambani is not the only billionaire with the once-pervasive “blockchain, not Bitcoin” attitude.
American mogul Warren Buffett, one of the harshest Bitcoin critics, said that blockchain was “important” in early 2019.
India scraps its crypto ban
As reported by U.Today, the Indian government recently backpedaled on its plan to impose a blanket plan on crypto, but crypto projects and exchanges will have to comply with new regulations.
During the interview, Ambani backed “forward-looking” regulatory proposals introduced by India’s lawmaker, including the hotly anticipated cryptocurrency bill that is expected to be cleared by the cabinet by mid-December.
Jack Dorsey Takes A Big Bet on Blockchain and Crypto, Rebrands Square to Block
Two days after appointing India-born Parag Agarwal as the new CEO of Twitter, founder Jack Dorsey has set himself for another mission. The Twitter founder is hinting at putting a major focus on developments in the blockchain and crypto space.
On Wednesday, December 1, Dorsey’s financial services firm Sqaure Inc. announced its rebranding to Block Inc. hinting at a major transition into blockchain. In its justification for the rebranding, the company said that Sqaure Inc has grown beyond just a financial services company citing its recently acquired majority stake in music streaming service Tidal. Speaking of this development, company CEO and cofounder Jack Dorsey noted:
“We built the Square brand for our Seller business, which is where it belongs. Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”
The lagal transition from Sqaure Inc. to Block Inc. will happen by December 10, 2021. However, the company’s NYSE ticker symbol SQ won’t change by this time.
Block Inc. – Signifying Company’s Accelerated Growth
The change of name to Block Inc. majroly acknowledges the company’s growth. Since its inception in 2009, the company has added multiple businesses like Cash App, TIDAL, and TBD54566975. Despite the rebranding, all these businesses will continue to maintain their individual brand.
Block Inc. will serve as an overarching system of different businesses united with a common purpose of economic empowerment. It includes a community of sellers, developers, individuals, artists, and fans. The official press release notes:
The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.
Jack Dorsey stepping down from Twitter shows that the he will stay more focused towards further developments in blockchain and crypto. Dorsey has been a strong Bitcoin proponent and believes in its ability to be the currency of the internet.
Grayscale predicts metaverse gaming market could reach $400 billion
Revenue generated from blockchain-based metaverse games could reach $400 billion in 2025, according to a report published on Thursday (25) by digital asset manager Grayscale. The company estimates that the new market, leveraged by NFTs and metaverses like Decentraland, could reach $1 trillion in revenue a year in the long term.
According to Graysacele in the publication entitled ‘The Metaverse, Web 3.0 Virtual Cloud Economies’, the metaverse is a market opportunity that is still emerging. “The metaverse is in its early days”, says an excerpt from the document, which highlights that many important elements have yet to take shape.
Web 3.0 is understood as the new generation of the internet, that is, decentralized, which is aligned with the metaverse, non-fungible tokens (NFTS) and the ‘play-to-earn’ modality (play-to-earn), is revolutionizing several sectors, such as e-commerce, media and entertainment, even real estate, says the report.
Grayscale highlighted revenue of $180 billion noted last year and revenue generated in the last quarter of this year, estimated at $8.2 billion. Of that amount, the report says, at least $1.8 billion came from Web 3 and blockchain game-based economies.Graph with revenue generated by decentralized platforms (Image: Reproduction)
To make the estimates more clear, Grayscale took, for example, the economics of the play-to-earn game in Decentraland’s metaverse, powered by the MANA token, which has gained millions of users globally.
Another point, the report says, is interest in the potential of the new ecosystem by big companies that are focused on Web 3.0, like Facebook, which last month announced its new name, Meta.
“At this inflection point, other leading Web 2.0 technology companies likely need to start exploring the metaverse to stay competitive, and the spotlight has spawned a new wave of investment in this emerging cryptoeconomy category,” says an excerpt of the document.
On the metaverse concept, the authors defined it as “interconnected, experiential 3D virtual worlds where people located anywhere can socialize in real time to form a comprehensive, user-owned internet economy that extends so far into the digital world as for the physical world”.