Will gaming token ‘enthusiasm’ return this crypto bull run? Web3 Gamer
2024.11.12 10:39
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Will “enthusiasm” come back for gaming tokens this bull run?
Bitcoin has reached several new all-time highs since Donald Trump was reelected president of the United States, and crypto analysts are now predicting a $100,000 Bitcoin price sooner rather than later.
With a massive bull run possibly underway, how will gaming tokens fare this time?
Gaming execs say that despite some underwhelming token launches earlier this year, studios are starting to find a better balance between token launches and game development.
Delabs Games head of strategy Quinn Kwon tells Web3 Gamer that Web3 adventure game Pixels “has done a commendable job balancing and managing Web3 elements, like tokens and NFTs.” Pixel’s native token, PIXEL, is up 32% over the last seven days at the time of publication, according to CoinMarketCap data.
“It offered a smooth onboarding flow, which is crucial for Web3, and its genre suits the platform well,” Kwon says, adding that she enjoys playing the game as well.
Pixels is an adventure game where one can farm, explore, own land and flex NFTs within the community. It’s so laid-back that popular Web3 content creator Cloudwhite recently chose to marry his partner in the Pixels ecosystem.
Pixels regularly creates humorous posts for its 322,000 X followers. (X/Pixels)
But picking the winning crypto gaming tokens might be tougher than it seems in this bull market.
Speaking to Web3 content creator Sanjay on Nov. 11, crypto analyst Ran Neuner found it difficult to determine his top three gaming tokens because “none of them have actually matured yet into anything that is significant.”
However, Neuner revealed he is a “big holder” of Immutable’s IMX token and BEAM.
At the time of publication, IMX is up 20% over the past seven days, while BEAM has jumped 31%, following Trump’s victory and a broader rally in the crypto market.
Kwon says that while 2024 had a positive start with Web3 gaming moving in a promising direction, “enthusiasm waned after a series of underwhelming token launches.”
“The core issue seems to be that many tokens launched prematurely, without a strong product foundation,” she explains.
“Even with hype and an appealing narrative, a token launch falls flat without a solid product that has users, revenue and a dedicated audience,” Kwon adds.
Kwon reiterates that these setbacks have “provided valuable lessons for the Web3 gaming industry, reinforcing the importance of prioritizing product and utility.”
If you can’t handle “14 hours a day” in a boring game, full-time gaming isn’t for you
Playing games full-time sounds fun, right? But if you’re not way better than the average player and ready to grind out at least 70 hours a week, you might want to look into other opportunities in Web3 gaming, says a Web3 gaming investor.
“If you’re only playing free-to-play games, trying to extract as much as you can before moving to the next game, it’s going to be a tough path,” Josep Rust explained in a Nov. 11 X post to his 53,400 X followers.
Rust said that if you want a successful career in Web3 gaming and are not a “highly skilled player” or “a grinder who can handle 14 hours a day in a boring game,” full-time gaming may not be for you.
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Aside from winning game tournaments, there are various ways to make money in games, from earning in-game rewards for completing tasks to flipping NFTs, staking and yield farming, and even investing in virtual real estate.
But don’t stress too much — there are plenty of other ways to get involved without actually being the player, kind of like the sports industry, Rust suggested.
“Web3 games need investors and creating content helps projects reach more users and educates people about the game,” he said, pointing out the opportunities available to be “a designer for a Web3 game, a lawyer, a moderator, a community manager, or a developer.”
The demand for good game designers in the space is only growing stronger, suggests NPC Labs co-founder Sean Geng.
“Why hire PhD economists to fix broken economies? Hire badass game designers & UX pros to make your games fun as hell first,” Geng opined in a Nov. 8 X post.
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“When a game’s a blast on its own, you won’t need an economist to force a sustainable economy,” Geng added.
Hot Take: Chiliz Farm Tap
Tap the screen to collect the Chilis. (Chiliz Farm Tap)
Tap-to-earn mobile game Chiliz Farm Tap claims I’m “ready to become a true farmer,” which couldn’t be further from the truth for someone like me who spends his days typing away at a computer for a job.
Still, I figured it might be worth giving it a shot.
Honestly, this didn’t teach me much about farming, but some of the mini-games are definitely fun. Nothing groundbreaking, though — not that you’d expect that from a tap-to-earn game.
Tapping the screen to collect chilis is the first activity you see, and it will probably keep you entertained for a few seconds at best. But if you’re into arcade games, the mini-games on the Telegram app might hold your attention a bit longer.
There’s the Chili Shooter game, where you tap hot air balloons out of the sky, and the Chili Flap game, which might just be one of the most frustrating. In Chili Flap, you have to tap the Chili through obstacles, and as someone who plays tapper games regularly, it took me 10 attempts to score above 2. Good luck with that…
Match 3 is basically like a Rubik’s Cube, where you’re just matching the same chilis together. Honestly, the other two games are way more addictive than this one.
If you enjoy some nostalgic, simple, mindless games while collecting coins that might (or might not) be worth something later, then give Chiliz Farm Tap a try.
Other News
— Virtual NFT horse racing metaverse zkRace has integrated the Base network into the zkRace ecosystem. Players can use ZERC on Base for all in-game activities, such as races and tournaments, as well as buying, renting and breeding horses.
— Immutable says it “will stand up and fight to defend digital ownership for gamers” after receiving a Wells notice from the US Securities and Exchange Commission.
— Mythical Games is teaming up with Pudgy Penguins to enter the mobile gaming space with the release of Pudgy Party, which will be available on iOS and Android sometime in 2025.
— Multiplayer battle arena game Moonray has announced a mobile game with the working title Moonray Autobattler, also set to be released in 2025.
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Ciaran Lyons
Ciaran Lyons is an Australian crypto journalist. He’s also a standup comedian and has been a radio and TV presenter on Triple J, SBS and The Project.
