Venture capital firm Andreessen Horowitz (a16z) recently released a new report titled “State of Crypto”. The article by the $35 billion investment firm addresses the issue of increasing the level of crypto adoption. He cites a key sector that could allow the crypto to acquire new users considerably. Here’s what its about.
Web3 Games: The Key to Major Crypto Adoption!
a16z’s report indicates that the web3 games sector could foster a big wave of crypto adoption. “Web3 games are a great opportunity to welcome new crypto users “, can we read in the article. The investment giant explained that approximately $67.9 billion was spent on digital games in 2022. Additionally, in the same year, 717 new Web3 games were launched. The report also states that Web3 games generate 23 times more on-chain transactions than DeFi.
The a16z company predicted: “Some of the most iconic Web3 products will be built during financial downturns in crypto. Governments will adopt bipartisan regulation on cryptos. On-chain games will grow in popularity. As block space becomes more affordable, non-speculative uses of tokens will proliferate“. She thinks all of these predictions will come true this year.
On the other hand, a16z has explained in his report:Blockchains have more active users and more ways to engage. Active addresses hit an all-time high last month (15 million), doubling over the past two years as a growing variety of apps and services, like on-chain games, give people new ways to s ‘engage“.
In its report, a16z explained that since 2016, crypto has a growth comparable to that of the Internet from 1990. Against this background, the company believes that the adoption of cryptos is only in its infancy. Furthermore, she stated that “the United States loses its lead on the Web3“. “Between 2018 and 2022, the proportion of crypto developers based in the United States compared to the rest of the world fell by 26%“, she said. The investment company’s statements are reminiscent of some of Ripple’s CEO’s recent remarks. Indeed, Brad Garlinghouse said last month that “industry crypto is already leaving the United States“.
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