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An Avalanche Reawakening

An Avalanche ReawakeningThis piece is a guest post by Blocmates. Blocmates is an invaluable crypto news and educational resource that offers clarity in the often complicated and jargon-filled crypto space. In this article, writer Dexter of Blocmates explains Avalanche’s exciting forthcoming update, Avalanche Community Proposal 77. To do so, Dexter gives an overview of Avalanche’s unique architecture. […]

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move 

Web3 firm sees future where gamers rent out their in-game assets for crypto

Polemos co-founder Richard McLaren believes the future of blockchain gaming will involve gamers and developers renting out their in-game NFTs for profit.

Imagine a future where a player is able to rent an in-game item via blockchain, giving them tools to pass a difficult level, or borrow an NFT that gives them the ability to try a new game on their wishlist.

Such a feature is one that Polemos co-founder Richard McLaren is hoping will one day become the norm, along with an economy where players rent out their in-game assets for a fee.

In an interview with Cointelegraph, McLaren announced a new partnership between his gaming infrastructure service Polemos and fantasy battle game Illuvium, a move he said would help break down barriers for players looking to get started on Illivium’s platform.

Read more

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move 

Over 75% of Web3 games ‘failed’ in last five years: CoinGecko

The “failed” blockchain games are those that have seen their 14-day moving average number of active users down more than 99% from its peak.

More than three-quarters of all blockchain games launched in the last five years are dead in the water, according to a recent study from CoinGecko.

Out of 2,817 games launched between 2018 and 2023, which were included in the study, only 690 of them still have a somewhat active player base.

CoinGecko defines a “failed” Web3 game as one where the 14-day moving average number of active users drops 99% or more from its peak.

More than 75% of Web3 games have failed over the last five years. Source: CoinGecko

While 2021 saw the highest number of blockchain games launched in a single year with 738 games, the following year — marred by major crypto collapses, saw the highest number of games to fizzle out, with 742 failing in a single year.

This puts the average failure rate of Web3 games at around 80% for any given year since 2018, according to CoinGecko.

CoinGecko noted that years of lower failure tended to coincide with the back of bull markets, while higher failure years came toward the start of bear market cycles.

Related: Free-to-play Web3 games hold the key to mass adoption — YGG co-founder

CryptoKitties was one of the first Web3 games that gathered hype in late 2017, but its adoption has since fizzled out. Decentraland, The Sandbox and Axie Infinity are among other Web3 games that have launched in the earlier years and are still widely used today.

Per recent data, Alien Worlds, Splinterlands and Planet IX had the three highest average unique active wallets used between Jan. 1 and Apr. 22, 2023, according to CoinGecko.

While 2022 had the highest number of failed games, 2023 has slowed the trend, with only 507 failed projects as of Nov. 27.

“The lower failure rate could perhaps indicate a stabilization in the state of web3 gaming,” CoinGecko said.

Magazine: 65% plunge in Web3 Games in ’23 but ‘real hits’ coming, $26M NFL Rivals NFT: Web3 Gamer

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move 

Free-to-play Web3 games hold the key to mass adoption, YGG co-founder

Gabby Dizon, the founder and CEO of Yield Guild Games says a renewed focus on free-to-play gaming will help put a booster on Web3 game adoption.

Next year’s most successful Web3 games will pivot from play-to-earn (P2E) to instead focus on being completely free-to-play to dr in players, says Yield Guild Games CEO and co-founder Gabby Dizon. 

Speaking to Cointelegraph, Dizon said unlike games such as Axie Infinity — which require players to purchase at least three Axie nonfungible tokens (NFTs) to play — the new wave of hyper-successful Web3 games will seek to remove as many of the financial and technical barriers to entry as possible.

“There's this big realization that for millions of people to be able to get into a game, they have to be free-to-play first.”

“There's an evolution of the business model where the games are free to play, and then at some point along the way while you're playing, then you're able to mint an NFT or start earning tokens, but a lot of new games aren't really starting with requiring NFT ownership at the start,” he said.

This shift towards a free-to-play model is part of a wider effort from Web3 game developers to put gameplay first and tokenomics second, Dizon explained.

He added the shift forms a large part of the solution to speculative Web3 gaming bubbles. By creating games that players want to keep playing, they’ll reinvest their capital in the game and prevent the in-game economy from becoming a cash-generating machine, Dizon sa.

Running near-parallel to the decline in crypto prices, blockchain games witnessed their own downturn as players and revenues trickled out of the ecosystem following the sudden collapse in Axie Infinity-related asset values in late 2021.

Surveys from October 2022 showed that even the most adamant crypto gamers were leaving in droves citing the over-financialization of gameplay, lack of fun,and confusion around crypto wallet tech.

Dizon thinks all of that is about to change.

“After Axie became popular two years ago, a lot of very experienced teams took a look at its rapid ascent and thought: 'Now it's a real industry, maybe I could do better by making my own game,'” he said.

“A lot of these teams got funding in late 2021 and for a really good game, it typically takes maybe 2 to 3 years to make.”

For the past 18 months, Dizon and other Web3 gaming industry leaders have been eagerly awaiting the launch of a series of new Web3 games in Q4 such as the Nov. 16 open beta Epic Games store launch of the blockchain-based trading card game Parallel.

“Expect to see lots of really high-quality games, with high-quality teams behind them as well as new experiments in tokenomics and earning models,” he said.

Related: Blockchain game Illuvium goes mainstream with looming Epic Games Store listing

Dizon pointed to the introduction of the ERC-6551 token standard or “token bound” accounts in gaming as a reason to be excited about blockchain-based games in the future as some developers are using it to thread artificial intelligence into games.

“You can actually start attaching AI behaviors to your avatar and you can give it instructions: ‘I want you to go out to the world, craft me a gun, kill some monsters, and then bring the treasure back,’” Dizon said. “Then, a few hours later, you can check the wallet that's embedded in it and it's like, oh, I got these things back.”

Dizon believes this kind of automation will greatly reduce the amount of “grinding” needed in games — allowing players to jump in for the fun parts while leaving the boring stuff to AI.

“I think it's going to be the start of a new game genre of you interacting with AI and not having to play the game all day,” he said. “You set parameters for the AI and just let it do things in the game world.”

“It's going to get really interesting, man.”

Magazine: Asia Express: No civil protection for crypto in China, $300K to list coins in Hong Kong?

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move 

Farmville co-creator-led company raises $33M to create Web3 games

Proof of Play raised $33 million to create fully on-chain games that “quickly immerse players in fun gameplay.“

Proof of Play, a company led by Farmville co-creator Amitt Mahajan, raised $33 million to create Web3 games, according to a Sept. 21 announcement. Majahan is the CEO of Proof of Play, and Twitch co-founder Emmett Shear is a board member.

The funding was co-led by Chris Dixon at Andreessen Horowitz (a16z) and Neil Mehta at Greenoaks. Investors Naval Ravikant, Balaji Srinivasan and the founders of streaming platform Twitch also participated, as well as Web3 firms Anchorage Digital, Mercury, Firebase, Zynga and Alchemy.

Proof of Play released a closed beta of its first game, Pirate Nation, in December 2022.

Pirate Nation Web3 game. Source: Proof of Play

In its announcement, the company claimed it can overcome many roadblocks players commonly encounter when attempting to play Web3 games. It stated that it possesses “a set of technological and product innovations” that will “quickly immerse players in fun gameplay” without learning about blockchain first.

Related: Atari founder sees Web3 games as vital for virtual ownership and education

Proof of Play also stated that it is committed to decentralization. Pirate Nation is a “Forever Game” that can be run without external servers or creator intervention, adding that the company intends to open-source its technology framework in the future to decentralize further.

The Proof of Play team includes members from several large gaming and web companies, including Epic Games, Zynga, EA, Activision and Google.

Multimillion-dollar funding rounds from Web3 companies have become the norm in 2023. EVE Online developer CCP Games raised $40 million in March to develop a new spinoff EVE game, and Hyperplay raised $12 million in June to further develop its distribution platform and Steam competitor.

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move 

Play-to-earn games are the reason ‘real’ gamers hate crypto: Atari founder

Crypto games have garnered a bad reputation among traditional gamers, but the future of Web3 games and blockchain-based worlds is far from over, says Nolan Bushnell.

It’s no secret that traditional gamers harbor a strong sense of disdain for crypto and nonfungible tokens (NFTs) in their games. The reason for this is clear, says Atari founder Nolan Bushnell, it all started with the insane rise of play-to-earn games.

“I can tell you clearly where this disdain for crypto comes from,” Bushnell said. “The hatred comes from these play-to-earn games that pioneered blockchain gaming.”

“Good gamers don’t like to grind. Grinding is shitty. What gamers want is fun, and unfortunately these play-to-earn games are 100% dependent on the greater fool theory to work.”

Speaking to Cointelegraph in a wide-ranging interview, Bushnell — known as the “godfather of video games” — shared his many perspectives on the current gaming landscape and the role blockchain technology will play in the sector moving forward.

While it could be seen as outlandish if someone said that they had “invented video games” — for Bushnell, this was just a part of his long career, including founding the gaming system Atari and the American dining chain Chuck E. Cheese. He is also one of the few people in the world to have counted Steve Jobs as an employee.

Released in 1977, Atari 2600 was the first home video game console produced by Atari. Source: Wikipedia

Bushnell believes the future of Web3 gaming depends on a major shift away from play-to-earn dynamics and a renewed focus on building convincing virtual worlds through the use of virtual reality (VR) and augmented reality (AR) technology.

The mass adoption of these new worlds, Bushnell explains, will be entirely dependent upon the human need for socialization as well as a permanent sense of “place and time” in the new economy of virtual worlds.

“How do you meet people? Where do you meet them? Where do you meet them? That’s the connective tissue of Web3 and the metaverse. If you can provide this sense of real place and real time in virtual worlds, that’s when I think we've really got something.”

Presently, Bushnell serves as the chief knowledge officer at Moxy, a new blockchain-based esports company, where he describes three pillars where blockchain can provide modern gaming with a much-needed upgrade.

The first and most important value proposition Bushnell says is the ability to transfer seamlessly and securely.

“We want to turn gaming into a platform for competition and in order to have good competition, you need to be able to securely transfer funds simply and easily,” he explained.

As the world becomes increasingly digital, there needs to be a way for people to ensure that actions and expectations are aligned with outcomes.

“Number two, and it's a close two by the way, is the utility of smart contracts. Smart contracts don’t just have value in games but in all human interactions, because so much of what we do in life is establish relationships and then set the terms of those relationships.”

The third key area is the ability to securely store the value of digital assets in the form of currencies and tokens.

Related: Atari founder, Animoca sees Web3 games as vital for virtual ownership and education

 First introduced to cryptocurrency by Tether co-founder Brock Pierce, when Bitcoin (BTC) was hovering around the price of $50, Bushnell said he didn’t take too much notice of crypto at first.

However, like many others, he changed his minds when the price of Bitcoin began to surge, and suddenly Bushnell realized that there might be something more going on in the world of blockchain.

While Bushnell admits that he doesn’t have much material exposure to cryptocurrencies due to the volatile nature of prices, he concluded that anytime humans are capable of sharing a perception of value en masse, “we’re usually in the clear.”

Web3 Gamer: GTA owner joins Web3, Bitcoin casino, Sunflower Land review

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move 

Google Play Store officially allows NFT games, but not gambling ones

The store’s team said games can offer NFTs for sale or to earn, but developers must declare this feature in their game's descriptions and must not allow gambling.

The Google Play store now allows video game publishers to sell nonfungible token (NFT) games in its store, according to a July 12 blog post from the store’s group product manager, Joseph Mills. In the post, Mills states that Google Play is “pleased to share that we’re updating our policy to open new ways to transact blockchain-based digital content within apps and games on Google Play,” including “boosting user loyalty through unique NFT rewards.”

Google Play banned crypto mining apps from its store in 2018 and removed the Bitcoin Blast video game for “deceptive practices” in 2020. Apple’s App Store stated in October that NFTs purchased outside of the App Store cannot offer any special benefits to users in a game, or else the game will be banned. In addition, NFTs sold through Apple’s App Store version of a game must pay a 30% fee to Apple.

These actions and statements caused many industry experts to believe that mobile NFT games were under attack. However, the new policy from Google Play makes clear that these games are welcome on Android devices, as long as they follow a few rules.

Related: Uniswap says its mobile app is “out of Apple jail” and live in most countries

According to the post, developers must clearly state if a game allows users to earn or buy NFTs or cryptocurrencies. In addition, game developers are not allowed to “glamorize any potential earning from playing or trading activities,” nor can they sell loot boxes or otherwise allow players to gamble.

As long as they abide by these rules, games can offer tokenized assets as part of the gaming experience, including by “reimagining traditional games with user-owned content,” the post said. Google Play indicated that it set these guidelines in cooperation with Web3 gaming leaders and will “continue to engage with developers to understand their challenges and opportunities.”

Web3 games have also been banned by the world’s largest PC game distributor, Steam. However, Steam’s competitor, Epic Games, launched NFT card game Gods Unchained in its store on June 22.

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move 

Polygon, Immutable zkEVM to tackle ‘huge incumbents exploiting players’

Web3 gaming developers will be able to build on a new zero-knowledge Ethereum Virtual Machine that aims to increase ownership rights for players and take on the big gaming corporations.

Gaming developers are getting a new platform on which to build Web3 games, with a tie-up between Polygon Labs and Immutable set to launch a new zero-knowledge Ethereum Virtual Machine (zkEVM).

The partnership sees the two Ethereum layer-2 firms create an “Immutable zkEVM” — a Polygon (MATIC)-powered zkEVM fully supported on Immutable’s Web3 game development platform.

Scheduled for a March 27 mainnet beta launch, Polygon’s zkEVM enables the validation of mass amounts of transaction data by bundling them up into one transaction that’s then confirmed on the Ethereum network. The same technology will feature on Immutable’s zkEVM solution.

Polygon Labs president, Ryan Wyatt, told Cointelegraph that the technology would allow game developers to focus on building a “great game” rather than needing to divert resources toward building the game on-chain.

“This massively simplifies the choices for developers and helps us focus on what really matters — which is taking on the huge incumbents who are exploiting players on a daily basis.”

In a separate statement, Immutable co-founder and president Robbie Ferguson stated that billions of dollars worth of in-game skins is sold each year with no rights to players.

“We’re changing that so players are in control, and ownership is the expectation,” he said.

Wyatt told Cointelegraph that the partnership came together despite Immutable and Polygon Labs being in competition, adding that the technology “really quickly aligned us” and it was “good for gamers and game developers.”

A ChainPlay survey of blockchain gamers last August revealed that 81% are prioritizing a positive and fun in-game experience after 89% reported losing money in the crypto winter of 2022.

Wyatt said that currently, devs are too focused on how to “actually build a game on-chain,” which pulls focus away from “making a really great game.”

“You shouldn’t really have to worry about these different parts of the infrastructure stack and game development,” he said. “This stuff should come easy. You should be able to plug and play very easily with it.”

The testnet is expected to be released at the end of Q2 and “some” interfaces for building on the zkEVM will be available on March 20. MATIC will be the “staking token,” with Immutable’s IMX token the “core gas currency.”

Related: GameFi analytics help blockchain gamers sift through crypto games

Ferguson said they chose to build for the Ethereum-based gaming ecosystem because “it would be much better to scale the thing that everyone already wanted to use [...] rather than try and compete directly with Ethereum.”

“The right way to onboard the next billion players is not by competing with Ethereum but by building on it and scaling with it,” he said, adding that crypto could triple its monthly users “overnight” if Web3 gaming is successful with a “breakout” gaming title.

“What that requires is incredibly seamless infrastructure and a platform where users can get real ownership of their items without even knowing it's Web3 under the hood.”

Ferguson added he hopes the success of the platform means that “digital property rights in the game are the norm” so that games are owned by “all players rather than giant corporations.”

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move 

What are Web3 games, and how do they work?

Web3 games are decentralized, blockchain-powered, and offer true ownership of in-game assets.

The future of Web3 gaming

The future of Web3 gaming is exciting and promising, as it offers new opportunities for players to truly own their in-game assets and currencies, as well as new revenue streams for developers.

Incorporating blockchain into gaming has changed the industry, democratizing it by removing centralized parties and creating new ways of monetization with more social and community-oriented gaming experiences — all of which further enhance the social and entertainment aspects of gaming. 

However, it is unlikely that Web3 games will completely replace traditional games, as they offer different experiences and target different audiences. However, Web3 games have the potential to create new opportunities and revenue streams for the gaming industry and provide unique gameplay experiences.

Furthermore, as the technology and infrastructure for Web3 gaming continue to develop, we can expect to see more innovative and immersive games, increased adoption of cryptocurrency payments, and more opportunities for players and developers to participate in the decentralized gaming ecosystem.

Examples of Web3 games

There are many blockchain games and decentralized applications (DApps) in the modern Web3 gaming universe like CryptoKitties, Axie Infinity, and Decentraland.

Each game has its unique features and game mechanics, but they all use the power of blockchain technology to create innovative gaming experiences not possible on traditional centralized gaming platforms.

Here are some examples of Web3 games:

  • CryptoKitties is one of the first massively popular Ethereum-based games where players can collect, breed and trade unique digital cats. The game uses blockchain technology to ensure the uniqueness and ownership of each digital cat.
  • Axie Infinity is a Pokemon-inspired play-to-earn metaverse game built on the Ethereum-linked Ronin sidechain developed by Sky Mavis, where players can collect, raise and battle creatures called Axies. Web3 tools allow players to own and trade their Axies and in-game assets.
  • The Sandbox is a virtual world where players can build and monetize their virtual worlds, in-game assets and digital currencies using blockchain technology. 
  • Decentraland is a virtual world allowing players to create, explore and monetize their virtual experiences. 
  • Gods Unchained is a digital collectible card game that uses blockchain technology to allow players to own and trade their cards. The game uses the Ethereum blockchain to ensure the authenticity and scarcity of its digital cards.

Risks of Web3 gaming

As attractive as the Web3 game space can be, it is still nascent and niche, with some significant challenges. There are issues associated with user adoption and mainstream acceptance. 

Web3 can be complex, lacking user-friendly interfaces for non-crypto-savvy players. Developers, alongside the communities, should work to raise awareness and educate players about the advantages of Web3 games.

Web3 games are built on decentralized networks, which are generally more secure than centralized ones. However, Web3 games are still vulnerable to hacks and cyberattacks, which can lead to the loss or theft of game items. Gamers should take precautions to protect their private keys and use secure crypto wallets to store their digital assets.

Furthermore, there is a risk of missing something special — the “fun” element that is key to the overall gameplay experience. Web3 games may focus more on financial incentives than providing a fun and enjoyable experience. Web3 game developers must prioritize the fun gameplay element in design to attract a wider audience and compete with the major Web2 companies. 

And last but not least, there is a regulatory risk since the legal and regulatory environment surrounding Web3 games is still evolving. There may be uncertainty around taxation, licensing and Anti-Money Laundering regulations. Developers and players should be aware of these risks and work to comply with the relevant rules.

Web3 games vs. Traditional games

Web3 games and traditional games have several key differences, including how they are built and played. 

Here are some of the main differences between traditional and Web3 games:

Traditional games vs. Web3 games

Unique features of Web3 gaming

Web3 gaming offers several unique features like high transparency and greater control not possible on traditional centralized gaming platforms. 

First, Web3 games provide high transparency since peer hosting ensures the players have all information, without a centralized third party limiting or hiding access. These games are effortlessly accessible to gamers. Buying cryptocurrency and setting up a wallet to start playing is simple, even for non-tech-savvy users.

Another important benefit of blockchain-based gaming is that it gives players greater ownership and control over their in-game assets, such as virtual land, currencies and characters. With Web3 technology, players can truly own and trade their digital assets — which can have real-world value — and exercise greater control over their gaming experience.

Web3 gaming creates innovative in-game economies where players are rewarded for gaming skills and simultaneously opens new monetization methods. For instance, in P2E games, players can generate income while playing and earn real money for their in-game achievements, like completing quests. This can create a more resilient and reliable ecosystem for players and developers.

Web3 gaming also ensures greater interoperability between different games and platforms. Players can use their assets in various contexts and settings, and easily transfer or trade them between different games.

Web3 game developers show how a new gaming ecosystem thrives on personalized player experiences, prioritizing immersive, engaging gaming processes with the best incentives for players. The P2E model is a big motivator for many gamers, and games are often designed with the player in mind.

Blockchain provides a way to track the provenance of digital assets. This means that developers and players can easily track the owners of specific assets and transaction history, resulting in greater transparency in the game’s economy.

Web3 gaming allows for digital scarcity, which means that in-game assets can be made unique, rare and valuable. In traditional gaming environments, this is tough to achieve. Developers can print more copies of rare items or give them to players as rewards, which can lead to inflation. 

In Web3, game developers can ensure that in-game items are scarce and not subject to inflationary pressure. Items are stored on the blockchain and cannot be replicated or tampered with.

Features of Web3 gaming

How do Web3 games work?

Web3 games use blockchain technology to enable decentralized ownership of in-game assets and currencies, allowing players to earn, trade, and use these assets outside of the game. They also often incorporate cryptocurrency payments and smart contracts for secure and transparent transactions.

Web3 games are built on decentralized blockchains, allowing for greater transparency, security and user control compared with traditional centralized gaming platforms. Blockchain technology provides a tamper-proof ledger of all transactions and ensures that verifiable algorithms rather than centralized servers determine game outcomes.

Web3 gaming components

Another key component of Web3 games is smart contracts, which are programmed to execute specific actions automatically when certain conditions are met, such as when a player buys or sells an asset. In Web3 gaming, they manage the ownership, transfer and trading of in-game assets. 

Web3 gaming platforms utilize digital cryptocurrency wallets to house players’ in-game collectibles and assets. Crypto wallets are an important part of Web3 gaming architecture and a necessary tool for interaction with blockchain-based services.

Also, players can own and trade in-game assets, such as virtual items or currencies, which are stored on a blockchain and can be easily transferred or traded. NFTs or other digital assets often represent these assets.

Web3 games often involve high collaboration and co-creation between developers and players. The decentralized nature of the platforms allows for greater input and feedback from the community, which can help shape the game’s direction and evolution.

Gaming DAOs help create a player-driven gaming ecosystem to manage gaming communities and decentralized gaming platforms. Types of gaming DAOs include grant DAOs, gaming guilds, incubators and accelerators.

What are Web3 games?

Web3-based gaming, also known as blockchain gaming, refers to gaming that utilizes distributed ledger technology to offer greater transparency, security, democratization and user control over in-game assets.

Web3 games are based on the decentralized, peer-to-peer architecture of blockchains, and include cryptocurrencies and nonfungible tokens (NFTs). Blockchain enables players to own and trade in-game items —  like NFTs and other digital assets — and transfer them without third-party intervention. The assets are managed and traded on decentralized marketplaces using smart contracts

Decentralization offers the gaming industry and players lots of unique benefits. Alongside the increased transparency and security a blockchain provides, decentralized gaming gave rise to the play-to-earn (P2E) gaming model, where players earn cryptocurrency for playing and leveling up in games.

Web3 gaming contributes to the gaming industry’s financial strength through innovations like decentralized autonomous organizations (DAOs), crypto-secured gaming wallets and the metaverse.

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move 

Game developers expect to work on Web3 games in the future: Survey

A new survey showed that developers believe that integrating Web3 will have an impact in terms of user acquisition and retention.

As blockchain gaming gains broader adoption, 3 out of 4 game developers are expecting to work on Web3 game projects in the future, according to a recent survey. 

Blockchain entertainment firm Coda Labs commissioned a survey, targeting game developers to have a peek at their thoughts about Web3. After conducting the survey, the researchers found that a majority of the respondents believe that Web3 gaming is on its way to their firms. 75% of the participants expect to work on Web3 projects in the future.

Apart from this, more than half of the survey participants believe that Web3 will revolutionize the gaming industry. Some believe that Web3 will have an impact in terms of user acquisition and retention. 40% anticipate that implementing Web3 will bring more new users, while 36% believe that Web3 integration will enable games to retain users better.

Sekip Can Gökalp, the CEO and founder of Coda Labs, also commented on the survey results. Gökalp noted that Web3 games’ potential is always debated, but the upside for developers is always obvious. He explained that:

"This survey shows that a majority of developers have already dipped their toes into Web3 game development, driven by benefits such as additional funding, new revenue streams, and player retention.”

Apart from getting new users and retaining them, developers also recognize that Web3 brings new revenue streams. 47% of the survey participants highlighted that one of the main benefits of Web3 is nonfungible token (NFT) sales, while 43% believe in crypto tokens as a source of additional revenue.

However, not everyone is convinced that Web3 is here to stay. The survey results also show that 32% of participants think that Web3 games are just a fad and will not be around for long.

Related: Web3 gaming still a long way from mainstream adoption: Survey

While developers who participated in the survey believe in NFTs and crypto tokens as new sources of revenue, another recent survey showed that gamers are more interested in earning Bitcoin (BTC) while playing games.

Several 2017 Wallets Reactivate in August: $28.2 Million in Bitcoin on the Move