5 Web3 Crypto Predictions for 2023

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2022 has been a great year for Web3 in many ways. Even with some expected ups and downs, 2023 will undoubtedly be a pivotal year. Funding for Web3 game projects in the first quarter of 2022 alone exceeded $2.5 billion last year, and now over 1,550 blockchain games are available as of June 2022. We expect more developers to start exploring the potential of games Web3 and that more investors will put money into Web3 game projects. Furthermore, we believe that Web3 games will start to be adopted by traditional gamers as well as cryptocurrency enthusiasts. This will help create a larger and more diverse market for Web3 gaming, which in turn will lead to more innovation and better quality games. Ultimately, we believe 2023 will be a watershed year for Web3 gaming.

Web3 is not without its critics and concerns, but we are optimistic about Web3 and here are some of the things we predict could happen in 2023 for the Web3 market.

The killer app is coming

As with any emerging genre, the audience starts small before it reaches the mainstream. Right now, the audience for Web3 gaming is still relatively niche; however, this may change in the future if a Web3 game becomes a killer app. A killer app is a game so widely captivating and viral that it demonstrates the core value of the emerging genre. While there hasn’t yet been a killer app for Web3 games, there are some very promising Web3 projects on the way that have the potential to be. If any of these games run well, they could help boost the popularity of Web3 gaming next year. Some of the most promising Web3 games include Waygu Games’ Undead Blocks, Big Time Studios’ Big Time, Utopian Game Labs’ Time Raiders, and Hymersion Studios’ Afterland. These games and many others have the potential to finally bring more players to Web3 gaming next year.

Increased development investment in alpha and beta games

Web3 gaming is still in its infancy, but 2023 could be the year it starts to come true. A number of factors are coming together to create a perfect storm for Web3 game development. First, there is growing awareness of the potential of Web3 games among investors and developers. Second, the Web3 infrastructure is maturing and becoming more user-friendly, making it easier for developers to create high-quality games. Finally, a new generation of gamers who are comfortable with blockchain technology and eager to try new gaming experiences is emerging. All of these factors are likely to lead to increased investment in Web3 game development in 2023, resulting in more and better quality games being released. We see many developers putting more resources into their games now including: Afterland, Magic Craft, Undead Blocks, SolCraft, EvoVerses, Big Time, Avalon and LandBox.

Improved discoverability and user experience

Web3 development is a highly fragmented space, as traditional Web2 platforms like Steam do not support blockchain gaming. As a result, Web3 developers quickly realized the pain of discoverability and player onboarding into Web3 games. We expect an increase in Web3 technology innovation, from players like Elixir, Flame and others, to make game development and onboarding much more accessible in 2023. The increased accessibility of Web3 development tools will pave the way for greater experimentation and growth in the space, leading to better discoverability and user experience for all.

First turbulence, then growth

The Web3 space has seen a lot of development over the last year, with an influx of new projects and games. However, the cryptocurrency crash of 2022 has held back investment in the space. A major cause of the crash is the tightening of the money supply due to rising interest rates. As a result, the impact has been a greater reluctance to invest in Web3 projects.

As unfortunate as the incident was, they are typical growth problems for a technology and market that the industry is still in its early stages of development. At the same time, we have an influx of Web3 game projects dying after the cryptocurrency crash, which isn’t necessarily a bad thing when you see the industry organically purging poorly designed projects. Both of these trends will contribute to better designs and more investment over time. In the meantime, Web3 developers will have to be patient and keep creating great products that solve real problems.

Some blockchains will crash, while others will rise

There are currently hundreds of different blockchains, and many of them are quite similar. This fragmentation is one of the biggest obstacles to mainstream adoption of cryptographic resources and applications. For Web3 to take off, we need fewer, more secure, and more widely adopted blockchains. The Bitcoin network is certainly a mainstay across a range of industries, but crypto gaming largely uses other chains like Ether. I expect many chains to go bankrupt or merge to create a more secure and reliable networks front for users. Only then will we see mass adoption of Web3 technologies.

The strong success of Web3 games such as Axie Infinity, Decentraland and The Sandbox attracted a lot of attention right from the start. More and more game projects are showcasing enhanced gaming experiences attributed to cutting-edge technologies and innovations in the landscape. The time is right to unlock new experiences and enjoy incredible growth for Web3 in 2023.

Web3 technology has enabled a new level of gameplay that was not possible before. With Web3, players can own their own items, experiences and game data. This gives them a real sense of ownership and control over their gaming experience. Additionally, Web3 games are also designed to be highly engaging and social, with features like chat rooms, forums, and leaderboards that encourage players to interact with each other.

As more people discover the benefits of Web3 gaming, we expect the popularity of these types of games to increase in 2023.

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