Main topic: The state of the crypto world and the promising growth of web3 development.
Key points:
1. The crypto world is currently facing challenges, including fewer checks being written and regulatory pressure in the U.S., as well as global economic uncertainty.
2. Despite this, web3 developer activity has continued to grow in the second quarter, with significant installations of Ethereum and crypto wallet software developer kits.
3. Ethereum's price has increased by 53.7% since the beginning of the year, potentially sparking greater interest in the market.
4. The web3 ecosystem is rapidly growing, with more developers contributing to projects and launching web3 apps/games.
5. Other layer-2 blockchains, such as Arbitrum, Optimism, and Polygon, have also seen significant gains.
6. However, NFT trading volume and users have declined, while decentralized finance trading volume has fallen, although the number of users has increased.
7. The increase in DeFi users indicates the stickiness of projects and products in that subsector.
8. Despite current challenges, past cycles suggest a positive outlook for the crypto industry.
Web3 game development company QORPO argues that the play-to-earn model in the gaming industry is flawed and proposes a different approach that focuses on user retention, sustainable tokenomics, and high-quality gameplay.
Hong Kong's Financial Secretary, Paul Chan Mo-po, believes that blockchain and Web3 technology will drive the next wave of growth in the digital tech sector, particularly in emerging areas such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment.
Web2 gaming, characterized by centralized ecosystems, is transitioning to Web3 gaming, which embraces blockchain and player ownership of in-game assets, according to Naoki Motohashi, the producer of TOKYO BEAST, a crypto-entertainment IP project. TOKYO BEAST aims to merge Web2 and Web3, offering interconnected features and attracting both Web2 and Web3 users through its NFT proxy model. The project plans to release its functions, cryptocurrency, and NFT sale next year and stay ahead of the evolving gaming industry by delivering true crypto entertainment.
The Korea Blockchain Week (KBW) focused on newer ideas and terms like Web3 rather than traditional concepts like cryptocurrency and blockchain, with attendees showing optimism despite the bear market conditions. The event highlighted discussions on privacy, scalability, blockchain gaming, regulatory challenges, and creating user-friendly applications. Founders emphasized the need for decentralized exchanges, privacy networks, and user retention strategies in the NFT space.
Web3 game distribution platforms aim to create a player-centered and community-driven gaming ecosystem by utilizing blockchain technology and decentralization, offering new monetization options like the play-to-earn model, but face challenges such as a lack of understanding and limited game titles, requiring a broader range of enjoyable games and better user interfaces to establish a successful platform akin to Steam in the Web3 space.
