Game developers — attracted to Web3’s funding model, promises of ownership and user engagement, are forced to either build on existing blockchains and compromise gameplay or launch their own chain — which diverts attention and resources away from what they want to do: make better games. Recent: Web3 gaming investors no longer throwing money at ‘Axie killers’While crypto native players may feel this is a worthwhile tradeoff, mainstream gamers want engaging experiences.
Opinion by: Daryl Xu, co-founder and CEO, NPC LabsWhile gaming has been on a steady decline since the end of COVID-19 lockdowns, 2024 hit the industry especially hard, with layoffs and studio closures hitting even the most prominent studios. While unsustainable development costs and an innovation crisis seem to be the main culprits behind the collapse, Web3 gaming emerged as a potential solution promising to return power to developers — and it raised billions of dollars in investment to do so. Yet, despite a continued rise in crypto adoption, Web3 gaming has failed to capture mainstream players’ attention or solve any of gaming’s fundamental problems.Why?
Within this bubble, success in Web3 gaming meant taking crypto users from each other rather than bringing new players onchain. With rare exceptions, the industry lost sight of what’s important: making fun games that people want to play.
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