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Blockchain technology's continuous evolution is giving rise to a new era of gaming, with the perfect integration of Web3 gaming and gaming public chain ecosystems becoming a highly anticipated focus. This report will delve into the close relationship between Web3 gaming and gaming public chain ecosystems, analyzing their remarkable performance in the current bull market, the logic behind their explosive growth, and the profound impact on gaming public chain ecosystems.
1. Astonishing Growth of Web3 Gaming Public Chains
During the early stages of this bull market, various hot topics emerged, but which category of tokens in the Web3 gaming-related sector experienced the most astonishing growth? After analyzing data from mainstream exchanges such as Binance and OKEx, we found that the public chain with the highest increase should be RON-Ronin, which surged over 11 times from its recent low point in October 23. Similarly, IMX-ImmutableX also demonstrated remarkable performance, with an increase of nearly 8 times from its low point in September 23. Other leading tokens in the Web3 gaming-related sector, such as Bigtime, YGG, and Gala, saw increases of approximately 6-7 times during the same period. In comparison to other full ecosystem public chains, except for Solana, which stood out with an increase of approximately 11 times during the same period, other public chains such as Avalanche saw an increase of about 7 times, Polygon about 2.5 times, and Optimism about 4.5 times. Why did gaming public chains perform so remarkably in this bull market? Why are these gaming public chains, which originated from Web3 gaming, attracting such attention from the market?
2. The Great Flywheel of Web3 Gaming + Public Chains
Why are gaming-native public chains exploding in popularity? At the core, it's the flywheel consisting of game development teams, players, public chains, and games.
Game development teams are dedicated to providing superior gaming products for Web3 gamers to create more value for players, thereby fostering continuous growth. Many users are attracted due to the enhanced gaming experience.
Players transact through public chains, providing income and liquidity to the public chain, contributing data and revenue to the game, thus injecting new vitality into the gaming ecosystem. Players' participation in Web3 gaming increases due to the added earnings.
The scale of players further promotes the distribution of costs across the public chain, facilitating performance upgrades. This allows gaming public chains to provide better infrastructure support for games through improved performance, lower costs, and better interactive experiences.
Finally, games contribute revenue to game development teams, supporting better cash flow, and encouraging the development of more high-quality gaming products. If based on a good product and a public chain with decent performance, along with capable development and operations teams, the entire flywheel can rotate positively and spiral upward during a bull market, becoming the most dazzling star in the market.
3. What Kind of Games and Public Chains Can Explode?
While there are many game teams developing their own gaming chains and many public chain teams having high hopes for the Web3 gaming field, not all combinations perform well. Through research, it is found that to achieve outstanding performance, the combination of games and public chains needs to meet several key conditions:
The public chain platform must create popular and sustainable high-traffic products.
The gaming public chain needs to transition to an ecological platform supported by heavyweight products.
There needs to be continuous addition of heavyweight products to maintain the vitality of the ecosystem.
To this end, we have specifically studied three gaming + public chain product combinations: Axie + Ronin, Gods Unchained + ImmutableX, and an emerging combination Mines of Darania + Chromia.
4. Axie and Ronin
In the previous bull market, Axie Infinity became the most dazzling star in the Web3 gaming industry due to its leading position on Ronin. It not only serves as the cornerstone of the Ronin ecosystem but also represents the pinnacle of the entire Web3 gaming industry. In a previous extensive research article in the "Guatian Academy GameFi Public Chain Research Series - Ethereum's Development and Upgrade Path", Axie was identified as a shining star in the Ethereum ecosystem in the previous bull market. Today, Axie's brilliance is a result of Ethereum's performance bottleneck and continuous congestion. To overcome this challenge, the Axie team decided to create their own public chain, giving rise to Ronin.
First, let's introduce Axie, a game based on Ethereum. Axie is a collectible and battle-style game where players can collect, breed, and trade virtual creatures called Axies to earn tokens. From the launch of Axie Classic in 2019 to the upgraded version Axie Origins released in 2022, the game has undergone continuous iterations over 21 seasons. Axie Origins provides players with new adventures and economic experiences, introducing an on-chain leveling system called AXP (Axie Experience Points) where players can level up by earning points in Origins. In addition, the team has also launched mini-games such as Homeland and Raylight, enriching the diversity of the entire Axie ecosystem.
Axie's rise began in the previous bull market, during which the market's fervor quickly propelled its popularity, significantly increasing the game's playability and player enthusiasm, driving a new wave of "P2E" Web3 gaming craze and even giving birth to numerous gaming guilds and gold farming studios. At its peak, Axie's monthly revenue exceeded $300 million, surpassing even "Honor of Kings" to become the world's most profitable game.
Ronin Network, as a hybrid consensus mechanism based on DPoS and PoA, aims to address Ethereum's long-standing congestion and high transaction costs. It is not only compatible with Ethereum ecosystem resources but also achieves higher throughput, low latency, and low transaction costs through independent block generation and consensus algorithms. Ronin's emergence provides significant supplementation and expansion to the Axie ecosystem. On one hand, it addresses Ethereum's bottleneck issues, while on the other hand, it attracts more high-quality gaming projects to join. With projects like Apeiron and Pixels joining in, Ronin's ecosystem has evolved from a single-game ecosystem dominated by Axie into a multi-dimensional gaming ecosystem platform. Particularly since 2024, the active wallet count in the Ronin ecosystem has continuously broken records, further driving the surge in Ronin chain prices. From another perspective, Axie Infinity's million players provide a solid user base for Ronin. Leveraging Axie's strong traffic, it can provide robust initial traffic support for other games in the Ronin ecosystem. Coupled with the strong development and operational capabilities of the game team itself, the ecosystem flywheel of games + public chains accelerates its rise. |
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Post time 6-4-2024 21:47:27