According to Yat Siu and Johnson Yeh, the founders of gaming studio Animoca and The Sandbox, respectively, the intersection of gaming and blockchain technology will bring “tens of millions” of new users to the Web3 space in 2024. They believe that blockchain-based games and the ability to earn real-world value through in-game assets and cryptocurrencies will drive this influx of users. The founders spoke at the Virtual Blockchain Week, highlighting the increasing interest in GameFi (Game Finance) or Play-to-Earn models.
Siu and Yeh pointed out that the gaming industry has seen significant growth and adoption during the pandemic, with many traditional gamers exploring new platforms and experiences. They expect this trend to continue and accelerate as more gamers discover the opportunities provided by blockchain gaming. These opportunities include owning and trading unique in-game assets that hold real-world value, as well as participating in decentralized finance (DeFi) and non-fungible token (NFT) ecosystems within gaming platforms.
The Sandbox, a virtual world where users can create, own, and monetize their gaming experiences using blockchain technology, recently completed its second land sale, generating over $10 million in revenue. This success indicates the growing interest in blockchain gaming and the potential for mainstream adoption.
Siu and Yeh’s positive outlook on the future of Web3 and blockchain gaming aligns with the broader narrative surrounding the industry. As more people see the potential and value of blockchain technology, they are increasingly drawn to gaming platforms that offer tangible rewards. This combination of entertainment and financial opportunity has the potential to bring a significant number of new users into the Web3 space in the coming years. With the continued development of innovative blockchain games and the expanding ecosystem of play-to-earn models, gaming could become a significant gateway for mainstream adoption of cryptocurrencies and decentralized technologies.
Overall, Siu and Yeh’s prediction of “tens of millions” of new users entering Web3 through gaming in 2024 seems plausible, considering the growing interest in blockchain gaming and the potential for earning real-world value. As more people recognize the benefits and excitement of blockchain-based games, we can expect a surge in adoption and participation in the Web3 space. Gaming could indeed become a powerful driver for the mass adoption of cryptocurrencies and decentralized technologies.
