In the last couple of months Web3 gaming experienced a surge in investor interest and development. It is not a coincidence that the industry’s recent growth happened around the same time as Bitcoin halving.
Bitcoin halving recently happened on the 19th April. As a result of this, the reward per block was reduced to 3.125 BTC from 6.25 BTC. Halving happens every 4 years, which means that the next halving is scheduled in 2028. But why is halving so important?
The reason why halving holds high importance is that it reduces the supply of Bitcoin in the market. Theoretically, this means that its price should go up if the demand increases or remains stable. This trend becomes apparent from the price action during the previous halving cycles.
After the first halving in November, 2012, Bitcoin’s price increased by 1800% within 5 months and by 3000% within 1.5 years of the second halving. However, the third halving in 2020 had relatively modest effects on the price. Nevertheless, we can see the upwards trend here.
Impact of Bitcoin halving on Web3 gaming
The Web3 gaming market revenue was more than $4.6 billion in 2022, and reports suggest that it will increase to $65.7 billion by the end of 2027. Recently, many traditional gaming studios have been interested in blockchain gaming tech like Sony, Ubisoft, and Square Enix.
For example, we saw Ubisoft entering Web3 with its PVP tactical RPG, Champions Tactics. Symbiogenesis by Square Enix is another example. An AAA game studio, Gunzilla Games also integrated its GUNZ blockchain with OpenSea to enable NFTs in its upcoming shooter game, Off the Grid.
Bitcoin’s price impacts the entire Web3 gaming market, as investor interest rises during price pumps. Since the general perception is that halving pumps up the price, Web3 projects tend to benefit from the positive outlook in the overall market.
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