Microsoft, Sony, Nintendo Jump On Web3 Space, Who Else Has Joined Them? New Data Shows
Big tech giants, including Microsoft, Tencent, Sony, and Nintendo, have made their entry into the Web3 space in recent years. These companies are exploring various avenues to invest in the nascent industry, as revealed in a report by crypto analytics firm Coingecko.
The report highlights that most big tech companies, accounting for 75.9% of the total, have adopted a “measured and indirect approach” to inject capital into the Web3 space. This strategy allows them to cover themselves in case of any adverse events or challenges faced by blockchain-based projects, while still benefiting from the technology. By leveraging this approach, companies like Microsoft and Nintendo can explore the potential of Web3 without exposing themselves to negative press.
On the other hand, companies such as Tencent and Unity Software have taken a more proactive approach by developing the necessary infrastructure to support blockchain-based projects. These efforts include the development of tools and support systems for blockchain developers to build on.
The report also sheds light on some of the projects backed by these major tech companies. This includes support for blockchain game producers like WeMade, metaverse companies like Morpheus Labs, and Web3 incubators like Startale Labs. Additionally, a joint venture between Game Freak and Nintendo is also being supported.
Despite the growing interest and investments from major tech companies, the Web3 space is still relatively small. The entire market cap of gaming tokens in the sector is around $5 billion, while the combined market cap of the top 10 video game companies launching projects in the Web3 space is $3,219 billion.
However, the report also mentions that only a handful of these projects are ready to launch this year, while others are expected to debut in 2024 and beyond. This slower adoption by established video game companies is attributed to concerns such as scalability, market acceptance, regulatory uncertainty, and past security breaches in previous blockchain games.
Nevertheless, the entry of big tech companies into the Web3 space underscores the relevance and potential of this sector. With their support and investments, the Web3 industry is likely to witness significant growth and development in the coming years.
As of now, the price of Ethereum (ETH), one of the major cryptocurrencies used in the Web3 space, is trading at $1,630, showing sideways movement in the last 24 hours.
In conclusion, the involvement of major tech giants like Microsoft, Nintendo, and Tencent in the Web3 space highlights the growing interest and potential of this industry. As they explore different investment strategies and support various projects, the Web3 ecosystem is poised for significant growth and development in the future.
