The Web3 gaming market faces challenges, but still has potential

The Web3 gaming sector reached an investment peak between February and March this year, with monthly investments ranging from 60 million to 100 million USD. However, this figure is only 41.35% of the same period last year. Since the beginning of 2024, the market value of Web3 games has dropped by 33%, while other cryptocurrencies have only decreased by 14%.

Despite facing numerous challenges, Web3 games still demonstrate enormous potential. Currently, Web3 games remain an active field, accounting for 30% of all decentralized application activity, with 2.1 million daily active wallets. As technology continues to evolve and user experiences improve, Web3 games are expected to become an important force driving the development of the cryptocurrency space.

Recently, a new game called Off The Grid (OTG) has attracted widespread attention in the industry. Developed by Gunzilla Games, this game has been in the making for 5 years with a team of over 300 people and a total investment of up to $90 million. In comparison, this investment scale even exceeds the estimated cost of the highly anticipated domestic game "Black Myth: Wukong."

Cyberpunk-style Battle Royale Game

OTG is currently launching a beta version on multiple mainstream gaming platforms. The game combines the mechanics of classic battle royale games with cyberpunk-style equipment and items, providing players with a rich gaming experience. In addition to traditional firearms, players can also use jetpacks for more flexible movement, as well as change and use mechanical prosthetics with different abilities during the game.

The game has designed the largest battle royale map to date. Players can use their characters' special abilities to move swiftly between skyscrapers, achieving rapid aerial movement. This highly flexible movement system not only enhances the excitement of the game but also encourages a more aggressive playstyle.

OTG has also innovatively introduced the "Extraction Battle" mode. Players collect HEX cubes on the map that represent blueprints for weapons, attachments, or prosthetics, and bring them to specific extraction points for decoding. After a successful extraction, these items will be "3D printed" into the player's inventory, effectively minting the assets onto the blockchain in the background.

The game does not have a traditional in-game store; all items that enter the economic system and peer-to-peer market are obtained by players through in-game extraction mechanisms and minted onto the chain. This design not only ensures the scarcity and true ownership of items but also brings more dynamism and player engagement to the game economy.

Can it impact the mainstream market?

The "semi-finished" version launched by OTG has already gained significant attention on mainstream gaming platforms. As of October 15, OTG's trading volume has surpassed 50 million, with more than 5.6 million independent wallets. In addition, the game has exceeded 2 million hours of watch time in its first week.

However, whether OTG can maintain its traffic after gaining significant attention remains to be seen. Currently, there are no clear signs that the gaming industry will be particularly favored in the fourth quarter. In addition, a large number of new games are expected to be released in the next six months, which may intensify competition and further disperse market liquidity.

Several upcoming Web3 games worth noting include:

• EVE Frontier: A single shard survival game set in a dark, dystopian space.
• MetaCene: A blockchain-based massive multiplayer online role-playing game set in a post-apocalyptic world.
• Avalon: A multi-chain game built on Unreal Engine 5, inspired by the legend of King Arthur.
• Big Time: A multiplayer action role-playing game that combines fast-paced combat with an open game economy.

Conclusion

As more and more crypto games enter the mainstream market, the Web3 gaming industry is expected to see significant growth potential. Emerging games like Off The Grid could have a positive impact on both the Web3 and traditional gaming markets. This type of content is still regarded as one of the most promising promotional methods in the cryptocurrency space, and industry insiders are optimistic about the short to medium-term prospects.