Crypto assets continued their upward trajectory in 2023, with Bitcoin and Ethereum hitting record market capitalizations and valuations. Web3 gaming made significant strides thanks to innovation in identity management, tokenization, and e-commerce solutions.
Bitcoin’s market capitalization saw a peak increase of 172% in 2023, while Ethereum and other altcoins experienced around 90% growth in their market caps. Digital assets overall outperformed traditional assets like equities, bonds, and precious metals.
Immutable launched Immutable Passport, a universal profile system, to aid over 500,000 players across six Web3 games. This created a simplified player experience and allowed players to maintain their identities and digital assets across different games.
Tokens.com introduced Valor, an e-commerce platform for gaming worlds like Roblox and Fortnite. Valor allows product placement and advertising within games without disrupting gameplay, addressing current branding challenges.
With continued technological developments and innovation, 2024 looks set to take Web3 gaming and the metaverse to new heights. The growth seen in 2023 provides a strong foundation for the next stage of evolution in this exciting space.