Leading US crypto exchange Coinbase says that the next rally will be led by gaming altcoin projects. A new report draws particular attention to Axie Infinity (AXS) from this category.
Coinbase Ventures says this altcoin market will lead
According to the latest Q2 report from Coinbase Ventures, the gaming industry is making progress thanks to Axie Infinity (AXS). The global size of Axie Infinity, which was covered in most of the report, was emphasized. The highlights of the report were:
With virtually no marketing spend, Axie generated close to $1 billion in sales in a single month and attracted two million daily active users. That’s why the power of this new vertical was known to the entire gaming community.
Millions of people who closed their homes due to the pandemic preferred games to pass the time. During this period, play-win games became a revenue model, especially in 3rd world countries. The Coinbase Ventures report also includes predictions about what size the industry will reach in the future:
With an estimated 3.2 billion players worldwide, we are confident that the Web3 game will attract the upcoming massive influx of cryptocurrency users. In Q2, Web3 games continued to attract significant investment, with The Block estimated to have raised $2.6 billion or more. The last few quarters of our activity have only strengthened our faith.
Report predicts blockchain-based games will become a “huge category”
According to Coinbase, the market is already expanding rapidly as competition heats up for business start-ups in the altcoin industry. The report says blockchain-based games will become a “huge category”, citing a few examples from some of the biggest promising names in the gaming industry:
Founders with a proven track record in Web2 gaming continue to support this category as we saw in Q1. For example, the developers of Star Wars Galaxy Heroes, a mobile game developer with over 1.4 billion dollars, released Azra Games. Their goal is to create a war RPG game. It still has a strong in-game economy that can appeal to a wide audience. Justin Kan, the co-founder of the video game streaming service Twitch, which was bought by Amazon for $ 1 billion, also showed interest in this area. Fractal company is creating a market for gaming assets using NFT.
Blockchain technology has yet to give birth to a billion-dollar game that has outstripped Web2 players. Coinbase analysts predict that this adoption will take some time:
Businesses like Venly will fuel the fire with a suite of technologies that enable Web2 game developers to effortlessly migrate to Web3 environments. With Epic Titles, the creator of Fortnite and now accepting NFT-based games into the game store, even the biggest names in the gaming world are starting to gain attention. While this industry will take some time to develop, it is becoming increasingly clear that blockchain gaming will be a huge industry in the future. Expect more emphasis on sustainable economics and gameplay bringing more recognizable Web2 gaming experiences to NFTs.
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