Venture capital firm Andreessen Horowitz (a16z) says that one industry could spark a large wave of adoption of digital assets.
In a new “State of Crypto” report, the firm’s crypto arm a16zcrypto says that Web3 gaming is a sector primed to attract more crypto users.
Says the report,
“Web3 games are a huge opportunity to welcome new users to crypto.”
The report says that consumers spent an estimated $67.9 billion on digital in-game purchases in 2022, and that 717 new Web3 games have launched in the last year alone. It also notes that Web3 games are generating 23 times more on-chain transactions than decentralized finance (DeFi).
The Investment giant says that crypto remains in the “early” days of adoption, and compares the blossoming industry to the internet in the 1990s.
In a graphic, the report compares the growth of internet users, beginning in 1990, to the growth of crypto users, starting in 2016.
In 2022, there were an estimated 20 monthly transacting crypto addresses and 120 million yearly transacting addresses, per the report. By comparison, in 1996, there were nearly 100 million internet users.
A16zcrypto also makes a series of predictions for 2023, including:
- “Some of the most iconic web3 products will be built during financial downturns in crypto.
- Governments will pass bipartisan crypto regulation.
- ‘On-chain’ games will rise in popularity.
- As blockspace becomes more affordable, non-speculative uses of tokens will proliferate.”
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