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Lack of Experience Presenting Difficulty in Crypto Space for Gaming

Key Takeaways
  • Currently many games are being launched, the features in which attract the users. But even after this they are ending their services.
  • GameStop Corp has said it is closing its NFT marketplace. The reason given is the continuing regulatory uncertainty of the crypto space.
  • According to the report, more than 30% of the approximately 1,318 Blockchain based games since 2021 are currently either closed or abandoned.
15-Jan-2024 By: Gunjan Sahu
Lack of Experience P

Gaming Websites are Shutting Their Services Down

Currently, many types of games are being launched in the crypto space and Web3 world, in which different types of innovative features attract the users. But there are some of these games which are ending their services. Web3 is facing regulatory difficulties in some jurisdictions. The reason behind this is the lack and poor understanding of the continuing regulatory uncertainty of the crypto space. Actually, new games and websites are launched in the market, but lack of understanding and experience about how to take them forward forces them to take their steps back. Something similar has happened with a popular video game, which has announced the closure of its Non-Fungible Token (NFT) marketplace.

GameStop is closing NFT Marketplace

GameStop Corp has said it is going to shut down its NFT Marketplace. GameStop Corp has said in a statement that it will officially cease operations of its NFT market on February 2, 2024. Let us tell you that GameStop Corp was launched on Ethereum scaling network Immutable X and Loopring in 2022, which will be closed due to the continuing regulatory uncertainty of the crypto space. At the same time, for GameStop it marks a complete withdrawal from the world of Cryptocurrency. GameStop had made a lot of headlines in 2022, but with its entry in 2024, it is on the verge of closure.

Like GameStop Corp, many other games ended their services

Like GameStop Corp, the video game named Goals had also decided to discontinue its services. Moving away from blockchain integration, it was included in the list of high-profile games that collected millions of dollars in 2022 and 2023. But due to lack of financial support, Goals had decided to stay away from Blockchain integration. According to the report, more than 30% of the approximately 1,318 Blockchain based games since 2021 are currently either closed or abandoned. If we focus on the specifics of the 162 games discontinued in 2023, about 17% fall under multichain series. In this, Binance's BNB chain has emerged as the most common network in which developers have abandoned their gaming projects. Apart from this, 6% discontinuation rate has been recorded in Ethereum, Sui and Solana.

This is primarily due to funding challenges and changing market conditions, with small and inexperienced teams often facing security issues. The challenges faced by them force them to say goodbye to the market. At the same time, the closure of NFT Marketplace of video games like GameStop and the ratio of Blockchain based games creates many challenges for many new upcoming games and existing games. Only after finding solutions to these challenges can one position oneself with a strong foothold in the high-profile games and crypto space that currently exists. On the other hand, these gaming websites should also think about the future of the Web3 world, so that they do not face any problem in developing themselves in the Web3 world.

These suggestions can be useful to make a strong hold in crypto space

According to Coin Gabbar's opinion, the currently existing games and upcoming gaming websites should first focus on analyzing the market activities to make a strong hold in the crypto space. In which, through research, understand the market rates and consider their correct use. Apart from this, for better performance, a team should be selected which has sufficient experience and efficient strategy. Along with this, security is an essential requirement in the crypto space. Therefore, all gaming websites should adopt high level security processes to maintain secure smart contracts and other security. All gaming websites should constantly update their games with innovative and latest technology and security updates to offer a user-friendly system and open doors to increased opportunities for investing in crypto.

Also Read : BitFinex Successfully Foils Attempted 15B Dollar XRP Cyberattack

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