• The gaming industry is expected to be a huge catalyst for the mainstream adoption of blockchain technology and digital assets.
• Most prominent Web2 gaming projects have already begun investing in the Web3 gaming industry to secure future growth prospects.

The mainstream adoption of blockchain technology has grown exponentially year over year. However, some businesses have helped the mainstream adoption of blockchain and digital assets accelerate at a faster rate than others. On the top list is the gaming industry, which experienced a significant boom during the COVID-19 global lockdowns.

As a result, most Web2 companies have been injecting billions of dollars to tap into the nascent metaverse and NFT industries. Moreover, the companies are likely to collect more in revenue and involve players financially.

According to market aggregate data provided by Coingecko, the gamifi coins had a total market capitalization of about $7.63 billion and a 24-hour trading volume of about $1.55 billion. Some of the notable gamifi top crypto projects include the Sandbox (SAND), ImmitableX (IMX), and Axie Infinity (AXS), among many others.

Web2 to Web3 Via Gamifi on Ethereum

The Ethereum (ETH) network is the undisputed king of DeFi projects in the crypto industry and its leading layer two scaling solution, Polygon (MATIC), is used by most decentralized applications (Dapps) to reach out to global markets. As a result, gamifi startups and Web2 companies venturing into the same gamifi industry have significantly tapped into the Polygon network to scale their operations exponentially.

For instance, Zynga – a gaming publisher acquired by GTA parent company Take-Two Interactive Software for a whopping $12.7 billion – announced earlier this week the launch of its Ethereum-based gaming projects dubbed Sugartown.

Notably, the Sugartown game will offer players an in-game currency that runs on the Ethereum network as ERC-721.

“We’re excited to launch ‘Sugartown’ both as Zynga’s first web3 game and as the first new web3 game with an original IP,” said Matt Wolf, Zynga’s vice president of web3.

Polygon Insider Perspective on Gamifi Industry

According to Urvit Goel, a former Amazon gaming executive who now heads business development at Polygon Labs, the launch of a Web3 game by a veteran Web2 gaming publisher will open the floodgates of mainstream adoption of blockchain technology.

“These are the early signals the blockchain gaming industry needs to drive its validity within the broader gaming industry,” Goel highlighted.

Goel added that the Western gaming companies are following the footsteps of the Asian Web3 developers, specifically from South Korea and Japan, in a bid to maintain their high valuation-to-revenue ratio.

“..developers based out of Asia Pacific – or let’s say more specifically Korea and Japan – have always been frontrunners of new technology,” Goel added. “If you go back to when mobile became a thing, or free-to-play became a thing, you can see once again it wasn’t the Electronic Arts, the Activisions, or Ubisofts that were first to mobile.”

Meanwhile, Polygon was listed by Nexon to help build a blockchain-based gaming project for its popular Web2 platform MapleStory universe.

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