Industry execs expect more big players to jump in

Despite the bullying that gamers inflict on traditional gaming companies dipping their toes into nonfungible tokens (NFTs), executives working within the NFT gaming industry are hopeful that more traditional gaming firms will jump into the space this year. 

From mainstream gaming companies jumping in, to the relevance of NFT gaming models like play-to-earn (P2E) and move-to-earn (M2E), various industry professionals shared their insights on NFT gaming trends in 2023. 

Aleksander Larsen, the co-founder of Sky Mavis, the team behind the popular P2E game Axie Infinity, told Cointelegraph that it’s just a matter of time until more big players enter the space. However, Larsen also believes that these firms will hold off until they see a game generate billions in revenue.

Apart from game-focused studios, Larsen pointed out tech giants like Google being involved, mentioning how Google Cloud also runs a Ronin Network validator. “I’m excited to see big tech giants like Google and Microsoft get even deeper into the blockchain gaming industry,” he added.

When asked about the relevance of P2E in 2023, the Sky Mavis executive admitted that the model is currently flawed. He explained that:

“As the pioneers behind the first play-2-earn game, I can say with confidence it does not work in its current state. Games need to be fun first with a solid economy backing, which can enable some players to earn.”

Zoe Wei, the senior business director at BNB Chain, echoed Larsen’s thoughts. According to the executive, further experimentation and analysis are necessary to make the token economies of most games sustainable.

“The focus was too strong on the earn mechanism and not enough on the enjoyability of games,” Wei said. Despite this, Wei still thinks that both P2E and M2E concepts will be relevant in 2023, though there needs to be more improvement.

Apart from the NFT gaming models, Wei also commented on the topic of traditional game producers coming into the space. Wei believes that blockchain technology and NFTs have “undeniable benefits” for game producers and gamers. “We have already seen countless gaming studios venture into web3 over the past year, and this is a trend that will continue into 2023,” Wei added.

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