The approval of spot cryptocurrency ETFs, along with a wave of new money and more traditional gaming companies jumping on board, indicate that Web3 gaming is reaching a tipping point.
This is according to Robbie Ferguson, co-founder of the game development platform Immutable.
“The Web3 ecosystem is at a critical inflection point in reaching the future where players have true ownership of their assets and share control over the marketplace with studios — a win-win for all,” Ferguson tells Magazine.
This year has been a big one for cryptocurrency adoption, with spot Bitcoin ETFs getting the green light in January and spot Ether ETFs following in May. Ferguson says it’s tough to make a direct connection between these approvals and the gaming industry, but it definitely can’t hurt.
“It’s hard to draw a direct correlation between the two, but ETF approvals have certainly brought crypto back into the minds of the general public, and ultimately, gaming is one of the easiest adoption options for those looking to experience what the industry has to offer,” Ferguson explains.
Jack O’Holleran, the CEO of Skale Labs — the firm behind layer-2 Ethereum scaling solution Skale Network — echoes a similar sentiment, saying that ETFs will only be a positive for the Web3 gaming industry.
“As institutional inflows grow, we anticipate heightened focus on Web3 gaming projects, potentially accelerating development and innovation within the industry,” O’Holleran tells Magazine.
“This regulatory progress reinforces Ethereum’s role in the decentralized ecosystem, paving the way for broader adoption and integration of blockchain technology across gaming platforms,” O’Holleran adds.
Ferguson points out that by the end of May, when spot Ether ETFs were approved, the market capitalization of blockchain gaming tokens hit a significant high compared to the beginning of the year.
“Data suggests…
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