Web3 Gaming Reaches Tipping Point with Spot Cryptocurrency ETF Approvals

The approval of spot cryptocurrency ETFs, along with a wave of new money and more traditional gaming companies jumping on board, indicate that Web3 gaming is reaching a tipping point. This is according to Robbie Ferguson, co-founder of the game development platform Immutable.

This year has been a big one for cryptocurrency adoption, with spot Bitcoin ETFs getting the green light in January and spot Ether ETFs following in May. Ferguson says it’s tough to make a direct connection between these approvals and the gaming industry, but it definitely can’t hurt.

• ETF approvals have brought crypto back into the minds of the general public.
• Gaming is one of the easiest adoption options for those looking to experience what the industry has to offer.

ETFs Boost Web3 Gaming Industry

Jack O’Holleran, the CEO of Skale Labs — the firm behind layer-2 Ethereum scaling solution Skale Network — echoes a similar sentiment, saying that ETFs will only be a positive for the Web3 gaming industry.

• Institutional inflows will grow, leading to heightened focus on Web3 gaming projects.
• Regulatory progress reinforces Ethereum’s role in the decentralized ecosystem.

Blockchain Gaming Tokens Show Increase

Ferguson points out that the market capitalization of blockchain gaming tokens hit a significant high compared to the beginning of the year following the approval of spot Ether ETFs. More traditional gaming companies are also investing in the Web3 industry.

Over half of the largest gaming companies are already investing in Web3, by either developing blockchain games or investing in Web3 gaming projects.

Notcoin Sees Price Spike

Notcoin, the gaming token for the Telegram-based tap-to-earn game Notcoin, has climbed 16.76% over the past seven days while other gaming tokens have tumbled between 15% and 20%. This spike comes after Notcoin announced an accelerator collaboration with AI-powered analytics firm Helika Gaming.

Bitcoin Snake: A Nostalgic Play-to-Earn Game

Bitcoin Snake, developed by THNDR Games, is a modern twist on the classic Snake game that offers users the chance to win Bitcoin through daily raffles.

If you enjoy retro gaming and want to earn a bit of Bitcoin, give Bitcoin Snake a try.

Other News

• Axie Infinity creator Sky Mavis teams up with Filipino crypto exchange Coins.PH to launch PHPC, “the stablecoin of the Philippines.”
• Motoverse, a game backed by gaming giant Animoca Brands, partners with cryptocurrency memecoin Turbo token for a token swap.
• Decentralized new asset trading platform Tomarket launches a beta version of its new Telegram game, “Tomarket Drop Game.”
• Telegram CEO Pavel Durov says the viral-based crypto game Hamster Kombat is the “latest internet phenomenon.”

About the Author

Ciaran Lyons is an Australian crypto journalist and standup comedian. He has been a radio and TV presenter on Triple J, SBS, and The Project.