The post Web3 is a Dead Space Full of Games And Investments By Companies appeared on BitcoinEthereumNews.com.

Many reports suggest that Web3 gaming is growing as the sector is attracting a lot of investments. If that’s the case, many of such investments have gone down the drain. A new report indicates that 75 percent of Web3 games are dead already. The year 2022 turned out to be the worst of all in the last six years. It’s a Warzone For Traditional Gamers and Web3 According to data aggregator CoinGecko, 2,127 games have failed in the past six years including 2023. The failure rate reached 107 percent last year while 2021 registered the lowest percentage of failures. It can be attributed to the crypto and non-fungible token (NFT) market boom that year. Traditional gamers have generally maintained a safe distance from the blockchain. The community has opposed the technology’s integration as it may take away its essence. More than entertaining value, it could give rise to financial value. Additionally, it is also considered damaging to the environment given the energy consumed by data centers powering the technology. As of now, there are over 3 Billion active gamers globally. Only 800K of them are active in Web3. One of the reasons for this can be attributed to the fact that the next evolution of the internet (at least that’s what people are calling Web3), has not entered the mainstream. Blockchain gaming is likely to rise from $4.6 Billion in 2022 to $65.7 Billion by 2027. The sector does not cater for any AAA games for now, however, leading companies like Square Enix and Epic Games are involved in the development of titles associated with Web3 integration. NFT is among the crucial elements required for blockchain games. Ubisoft and SEGA, two of the leading gaming organizations, tried infusing NFTs into their games. Reaction from their respective communities caused them to…

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Filed under: News - @ December 2, 2023 5:10 pm