Urvit Goel of Polygon says that 2023 will be a big year for the Web3 industry and metaverse. He says that this is when we will see high-quality blockchain games.
There are a lot of hopes for blockchain games, and many people expect them to live up to those hopes. Since 2023 is a "put up or shut up" year, it's likely that things will work out. However, it's more likely that we'll see excellent Web3 games created by people with a lot of game development experience. Urvit Goel, Vice President of Games at Polygon, talked to VentureBeat about how important 2023 will be for the blockchain gaming industry. He also talks about the role that Polygon is playing in making the change happen.
Goel said that 2023 will be a big year for the gaming industry, especially in terms of how blockchain technology is used. People will pay close attention to the promises made about upcoming games, and it's important that results start to show. Many developers are still in stealth mode and haven't put out any products yet. As more games come out, it will be easier to figure out how good they are and where the industry is headed.
Polygon is making progress in the right direction, as it recently integrated Magic Eden into its chain. Additionally, blockchain games like The Sandbox, Decentraland, and more have embraced Polygon. However, it isn't as easy as it sounds, especially after the FTX collapse and the raging crypto winter. Despite the challenges, Dappradar reports that the Web3 blockchain gaming sector saw more than $500 million in investments.
Polygon’s $100 Million Fund for Web3 Games
Goel facilitates the integration of cutting-edge technologies and marketplaces into the development process. He does this with a view to producing superior products. In support of this, Polygon has created a fund worth $100 million to invest in Web3 gaming and related sectors. A significant portion of this funding has been provided from the company's own resources, derived from a previous funding round that generated $450 million.
Goel says that the blockchain gaming industry is growing up very quickly. At first, most people were interested in how blockchain and cryptocurrencies could be used to make money. This made games that were easy to understand and didn't impress serious gamers. Goel, on the other hand, thinks that the industry has reached a point where good games are being made. This shows a change toward becoming more mature and trustworthy.
Goel says that the only developers left in the blockchain gaming industry are those who are very dedicated to making high-quality games that gamers will enjoy. Most of the time, these teams have a lot of money and all the tools they need to play great games. On the other hand, Web2 developers who move into Web3 projects are also likely to make a difference in the field. Even though the business has changed recently, Goel doesn't see any signs of a slowdown in the near future.
The Challenges Ahead in Web3 and Blockchain Industry
Despite some positive developments in the blockchain gaming industry, there are still several challenges ahead. For example, Yosuke Matsuda, the CEO of Square Enix, will step down from his role in June. It remains unclear whether his successor will prioritize blockchain games as he did. Also, the number of active wallets in the blockchain is still pretty low, and if the economy goes down, blockchain gaming companies could run out of money.
Also, there is more competition among blockchain gaming companies. ImmutableX, for example, takes studios from both Solana and Polygon. It is clear that the industry still has a number of problems that companies must solve if they want to be successful in the long run.
According to Goel, major companies in South Korea and Japan are beginning to explore the use of blockchain technology for their intellectual property. However, there is still a need for improvement in the industry's infrastructure. This comprises better marketplaces, data analytics, wallets, and payment solutions. Game companies should not have to rely on internal staff to address these issues. Instead, improvements to infrastructure should be a shared responsibility among all industry players. They should aim to create a more robust and efficient ecosystem.
Polygon's Goel on the Blockchain Metaverse
Goel thinks that the trend toward the metaverse will keep going in the years to come. Companies have put in tens of billions of dollars, which shows that a lot of people are interested in the idea. Also, businesses that support the decentralized metaverse are working hard to build a presence in Web 3. As the industry grows, it's likely that more big companies will join, and gamified experiences and games will become commonplace in the metaverse.
Goel warns, though, that a truly important metaverse hasn't been fully realized yet, and that getting there will take time. The industry is making strides toward the development of the metaverse but there is a long journey ahead. This long stride will help create an immersive experience for users in the long run.
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