“GameFi executives predict ‘tens of millions’ will transition to Web3 via gaming in 2024.”

According to executives in the Web3 gaming sector, the excitement surrounding the crypto market and the “commercial release” of several eagerly awaited blockchain games is expected to attract “tens of millions” of gamers to Web3 in 2024.

“2024 is a year of expansion in terms of onboarding individuals to Web3,” stated Yat Siu, co-founder of the gaming and venture firm Animoca Brands, during an interview with Cointelegraph.

Data from DappRadar indicates that in the past three months, approximately 1 million or more unique active wallets have engaged with Web3 games on a daily basis. However, Siu anticipates that there could be an additional 100 million gamers next year.

“Many gaming titles set to launch were in alpha or beta testing phases in 2022 and 2023 and are now ready for commercial release in 2024.”

Siu predicts that the casual Web3 gaming sector — which includes mobile games — will experience the highest level of activity. He speculated that “tens of millions, possibly even 100 million gamers” will be attracted to these less demanding games.

He also foresees Asia “leading the way” due to its higher acceptance of GameFi technology and associated non-fungible tokens (NFTs) compared to the United States. Siu noted that Asia’s crypto regulations are “much more welcoming and open.”

Johnson Yeh, founder and CEO of Ambrus Studio, expressed hope that Web3 gaming “can truly take off and achieve widespread adoption with the support of the bull market,” which is anticipated to commence in 2024.

“The greatest potential lies in the free-to-play sector, particularly in selling skins,” he remarked, referencing the free-to-play Counter-Strike series as an example, where skins can sometimes fetch mid-six figure prices.

“The skins are secured by a smart contract, ensuring their uniqueness, which enables streamers, e-sport players, and celebrities to collaborate and generate revenue from skins alongside their fanbase,” Yeh explained.

Meanwhile, Sebastien Borget, co-founder of The Sandbox, informed Cointelegraph that he expects user-generated content (UGC) to emerge as a key theme in Web3 gaming next year.

Borget noted that UGC has already seen growth on traditional gaming platforms like Roblox and the Unreal Editor for Fortnite, the latter allowing users to create assets and games within Epic Games’ flagship title.

“Decentralized platforms are particularly well-positioned to empower creators and reward them for their contributions through Web3 technology.”

Expect celebrities in Web3, again

Despite numerous celebrities and brands facing backlash for endorsing crypto-related projects during the previous bull market, Siu asserts that this trend will persist, albeit not in the U.S. for the time being.

“If Americans perceive crypto as a scam, then the English-speaking world, so to speak, shares that sentiment. However, in regions like the Middle East or even in places such as France — Paris recently appears to be quite enthusiastic about NFTs.”

He mentioned that once there is legal clarity in the U.S., celebrities will return in large numbers.

Yeh from Ambrus Studio concurred but noted that celebrities will exercise greater caution with their endorsements, and more prominent stars may be reluctant to take risks.

“Many celebrities supported these NFTs to make a quick profit,” he added. “I believe the influence of celebrity will diminish in this upcoming bull market but will still play a very significant role.”

Borget remarked that numerous brands and celebrities are exploring innovative ways to connect with their audience through UGC-driven entertainment.

“They recognize that value regardless of the conditions in the Web3 market,” he stated.

Apple’s VR headset is a potential “game changer”

While discussing the metaverse, Yeh mentioned that the Apple Vision Pro — the tech giant’s forthcoming virtual reality headset — is “potentially a game changer” for virtual environments, suggesting it could achieve substantial sales volumes that may help reduce hardware costs.

“As more individuals adopt it, the costs will decrease, which addresses one of the major barriers for consumers entering the space,” he stated.

Although Meta is also making strides in the VR sector with the release of its new Quest 3 headset this year, Yeh believes the company “lacks the same iconic brand image as Apple for consumers to pay a significant premium.”

“Apple is likely one of the few players globally capable of making a substantial impact to lower hardware costs.”

Apple has indicated that the headset will be available sometime in early 2024 and includes features common among its competitors, such as eye and hand tracking. Initial demonstrations have positioned it more as a mixed-reality device rather than a purely virtual-reality headset.

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