TOKEN2049, Asia's premier crypto event, wrapped up in Singapore last week – and our presence at the event was unmistakable.
It was an unforgettable experience gathering 20,000 attendees, 400+ exhibitors, and 800+ side events.
We were fortunate to be already connected with 90% of the games there and partnered with many key players in the space. From new business models to the future of blockchain tech, our insights are at the heart of the conversation.
We don’t take our responsibility as leaders lightly. Our belief holds firm—web3 gaming is on the cusp of going mainstream as evident in our August momentum blog post.
TOKEN2049 only further reinforced that vision. Here are our main five takeaways from the event.
Gaming remains a strong focus with evolving business models
Gaming (unsurprisingly) was the frontrunner of the event.
However, we’re seeing a shift towards hybrid business models that blend the best of web2 gameplay with web3 functionality. This evolution is crucial, moving away from simplistic farming mechanics towards more engaging, gameplay-focused experiences.
This approach aligns perfectly with our strategy at Immutable. Recent launches like Space Nation and Medieval Empires showcase how engaging gameplay and true digital ownership can coexist seamlessly.
We're setting the bar high, emphasizing quality games that stand on their own merits, with web3 features enhancing rather than defining the experience.
Current investor sentiment is cautious but optimistic
Crypto winter is in our rearview mirror, but investors haven’t warmed up to web3 fully yet.
Web3 startups raised $3.7 billion in the first half of 2024, showing signs of stabilization and growth. Q2 2024 saw over $2 billion in funding, up from $1.8 billion in Q1, marking two consecutive quarters of increased funding.
This trend was evident at TOKEN2049, where the Investors Roundtable highlighted the changing landscape of crypto investments.
Investors Roundtable: Navigating Crypto's Changing Landscape - TOKEN2049 Singapore 2024
While some view gaming as underperforming recently, we recognize this as a natural correction after leading the initial bull run. This cooling-off period has actually brought a welcome change: investors are now looking beyond the hype, seeking quality projects with real potential.
We've always prioritized substance over hype, focusing on building easy-to-use infrastructure and supporting games with genuine player value.
It’s also why we continuously partner with industry giants like MARBLEX and Ubisoft. These collaborations demonstrate the confidence in our ecosystem and our vision for the future of gaming.
There’s a need for more blockchain use cases over infrastructure
Tagging on from the point above, it’s also clear that the industry is hungry for real-world applications that deliver value to users.
The days of endless infrastructure debates are waning, with many L1 and L2 networks pivoting towards practical solutions. This focus on user-friendly applications is key to driving mainstream adoption.
Even Vitalik Buterin chipped in at this during his talk:
Vitalik Buterin - What Excites Me About the Next Decade - TOKEN2049 Singapore 2024
We're also excited about the emerging web3 infrastructure that can support games in their go-to-market strategies. Our suite of products, from our rapidly growing Immutable zkEVM to our user-friendly Passport with over 2 million users, is creating the backbone of web3 gaming.
By providing end-to-end solutions for development, distribution, and player retention, we're eliminating barriers and driving mainstream adoption.
This is why 70% of top gaming studios are investing into the web3 gaming space. They know it’s the blue ocean opportunity that has the most tangible use case for blockchain tech for the most amount of people.
The event showcased strong growth and global representation
There was way more interest in gaming this year than any other year since the event's inception in 2019.
This is good news. The event's growth mirrors the expansion we’re seeing in web3 gaming. The diversity was striking, with projects from China, Hong Kong, Japan, and Korea showcasing high-quality games. We also saw many first-time attendees from North America, indicating the global appeal of web3 gaming.
The cherry on top was how attendees were drawn to our team and eager to discuss our initiatives and solutions. Just wearing an Immutable-branded shirt sparked conversations and connections.
AI and crypto are gaining traction
The intersection of AI and crypto is becoming a highly exciting area, with active discussions on how blockchain can address challenges posed by rapid AI growth.
While it's early days, the potential applications are vast. We're keenly aware of how AI could enhance gameplay, improve user experiences, and create new forms of digital ownership, but it’s so much more.
Balaji Srinivasan gave an incredible talk about ‘Technodemocracy’ that we found fascinating and worth a listen:
Balaji Srinivasan - Technodemocracy - TOKEN2049 Singapore 2024
Looking ahead, we expect AI and crypto integration to shape the future of gaming and digital experiences significantly, and we’re here for it.
The best is yet to come
As always, Immutable will be at the forefront of these developments, driving innovation in the space.
The takeaways from TOKEN2049 reinforce our vision: web3 gaming is inevitable.
This is only the beginning.
Join us during these exciting times – and start your Main Quest – to experience first-hand the benefits web3 gaming has to offer.
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