Bittime - Investments in blockchain games are declining, but Bitcoin halving will soon change things! Investment in blockchain-based games (Web3) fell drastically in the first quarter of this year.
However, the Bitcoin halving event that will occur this week is expected to attract funds to the sector again.
Bigger Bitcoin Halving Impact for Web3 Games
Joonmo Kwon, founder and CEO of Web3 gaming platform Delabs Games, predicts that the Bitcoin halving event will see a lot of funds flowing into the Web3 gaming industry.
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"The increased market enthusiasm and increased capital flow into the crypto world due to the halving could be a significant driver for the funding and progress of Web3's gaming initiatives," Kwon told Web3 Gamer.
"Usually, when altcoin dominance and market capitalization increase, interest and capital flows into gaming tokens will also increase," he added.
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Kwon stressed that blockchain gaming is in a much different position this cycle compared to previous halvings.
"In the past, blockchain gaming was dominated by casual and puzzle games. However, recent developments have expanded to genres such as FPS, MMO, and RPG. The gaming sector has made rapid progress compared to previous halving events."
Bitcoin Rise Can Boost Blockchain Game
With Bitcoin recently hitting an all-time high, Kwon hopes it can have a positive impact on blockchain gaming. However, he added that the correlation between the two was only moderate.
This means that Bitcoin's rise does not directly make blockchain games rise. However, general market optimism can encourage the growth of these two sectors.
Blockchain Game Investments Drop in First Quarter
According to a recent DappRadar report, investment in blockchain games only reached $288 million in the first quarter of this year. This figure fell sharply by 57% compared to the previous quarter.
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Even so, several projects still managed to get large funding injections at the beginning of this year.
- Gunzilla Games secured a $30 million investment for their next project, Off the Grid.
- Parallel Studios, the team behind the Ethereum-based NFT card game Parallel, has raised $35 million in a funding round.
Simple Secrets of the Shrapnel Game
Don Norbury, studio head for the highly anticipated first-person shooter Shrapnel, believes game developers should focus on the simple things to make successful games.
"Gamers play video games to escape the real world and shoot things. It's as simple as that," Norbury told Web3 Gamer.
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"Good Web3 game developers now understand that and are working to create blockchain games that are easy to use and fun to play," he explained.
Norbury was unimpressed with the overly complicated game mechanics used by many Web3 game developers.
"Complicated game mechanics and the fact that Web3 games are generally boring to play, discourage core gamers from trying this genre," he said.
The lack of fun in blockchain games has been a long-standing problem, complained about by developers and gamers.
Therefore, Norbury is not worried about competition for Shrapnel in the Web3 gaming industry. He actually hopes that all games can be successful.
"I think there is still little competition in this genre, and I support everyone," he said.
Two games he really likes are the cyberpunk battle royale game Off the Grid from Gunzilla and the multiplayer online battle arena (MOBA) and collectible card game Wildcard.
"A combination of The Division with Blomkamp style and a third-person MOBA made by a professional team? I will definitely try it," said Norbury excitedly.
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Shrapnel, The Highly Anticipated Game
Shrapnel seems to be a game ahead of most other titles. This game has been promoted and eagerly awaited for a long time.
Shrapnel was even named the "most anticipated game" at the GAM3 Awards held by Polkastarter Gaming in December 2022.
The development of this game has been going on for a long time, even the "futuristic" 2044 setting in the game is now getting closer to "the present".
Luckily, the game's full launch is targeted for 2025, and they've just launched early access to the game. So, impatient players can try Shrapnel first.
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Also read:
Bitcoin Halving 2024: What Will Happen to the Miners?
What Will Happen to the Bitcoin Network After the Halving?
PORTAL Listing on Bitget: Revolutionizing the Web3 Gaming Landscape
YGG and LongHash Team Up to Advance the Web3 Game
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.
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