Web3 Starts to be Looked at by Conventional Games

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Bittime - The blockchain gaming industry is showing positive signs again with growth of 33% in the last quarter. This is good news, especially at a time when the traditional gaming industry is going through tough times. 

Revenue from global mobile games has declined for the second year in a row as the gaming market is overcrowded and the growing number of players has stalled.

In an increasingly complicated situation, China is also tightening rules to control spending and prizes in video games. This caused huge losses for the world's largest gaming company. 

Seeing this condition, traditional game developers are starting to look for new ways to attract and retain players by switching to a decentralized model called Web3 .

Also Read: What is Xai (XAI): Gaming Innovation on Blockchain Arbitrum

Obstacles in the Conventional Gaming Industry

Before recent concerns about stricter regulations emerged, the traditional gaming industry was already facing major challenges. The market is saturated, growth is slowing, and regulations are getting tighter. 

The announcement of new rules in China only exacerbates this situation. Not only that, the slow growth in the number of players and intense competition means advertising costs are increasingly high and profits are decreasing.

Apart from that, regulatory issues are also a serious problem. Regulations such as GDPR in Europe and CPA in California make player identification increasingly complicated and promotional costs higher. This makes player acquisition more difficult and expensive.

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Advantages of the Web3 Model

In this situation, many developers, studios and advertisers are starting to look at the opportunities in the decentralized world called Web3. They are attracted by the unique benefits offered by Web3.

On Web3, game developers can avoid fierce competition and get new players more easily. This model also offers a new way to promote games without having to worry about strict rules. 

Additionally, there are also benefits for players, such as the ability to make money from playing games and earn rewards in the form of digital assets.

With strong quarterly growth, blockchain gaming is poised to compete with the traditional gaming industry. Many large game studios are starting to notice the potential of Web3. This was an important turning point. 

Blockchain gaming offers an attractive alternative amidst the difficult conditions of the conventional gaming industry. It is hoped that more companies and partners in the gaming industry will join the blockchain gaming world to create more opportunities.

Also Read: What is the Difference between Web2 vs Web3? Listen to the explanation!

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.