The president of Polygon has stated that the massive adoption of web3 gaming will drive the growth of the blockchain industry. Ryan Watt made this comment following the recent backlash on non-fungible tokens. In a recent podcast, the former Gaming Head of YouTube stated that it is just a matter of time.
Several niches within decentralized technology have come under scrutiny in recent times. First, it was the cryptocurrency sector. It began around July 2020, with most tokens losing more than 300% of their value. Some even dropped below their ICO prices. Bitcoin dropped from an all-time high of over $67,000 to less than $20,000.
While this happened, the non-fungible token markets thrived. The likes of Bored Ape Yacht Club and numerous other communities became more influential. However, that sector has also suffered its setback. Most NFTs prices dropped, and many holders could not trade them or had to sell at a loss.
Why Polygon President Believes Web3 Gaming Adoption Will be Different
The statement from Polygon President stating that web3 gaming adoption leading to blockchain growth met some contrasting views. Many persons noted that these projects have also suffered setbacks as well. $AXS, $SAND and the token of many games have dropped in value due to the prolonged crypto winter.
In addition, many prominent gaming firms come under disapproval from video fans regarding their application of digital assets. The critics are unconvinced about the shallow nature of gameplay options. There are also concerns about scams and publishers using NFTs to exploit players.
In response, Ryan Watt stated that the process would be gradual and may take some time. He added that most gamers are tech-inclined and will adopt web3 under the right circumstances. They already understand the concept of virtual ownership and can ascertain that the current model is limiting. For example, the skins a player bought from Fortnite will become useless if Epic Games shuts down.
With web3 gaming, however, this is entirely different. Users are the actual owners of every in-game item they earn or purchase. They can trade or use them in other metaverse games to an extent. This feature can usher more players into the niche. In turn, this will encourage them to try out different aspects of blockchain technology.
Despite the promises, Mr. Watt still believes that web3 games must convince traditional players and investors. These projects must give stakeholders reasons to come aboard. However, this feature is currently not in the industry right now.