This is an essay about the intersection of Web3 and games written by Colleen Sullivan, Co-Head of Venture at Brevan Howard Digital. It’s intended for anyone who enjoys games and is curious how Web3 technologies may impact the gaming industry. This essay is written in a modular fashion enabling readers to skip around and read the sections that are of most interest.
For the full essay, download the PDF version of this report.
The gaming industry is thriving with 3.38 billion gamers globally and $184 billion in expected revenue in 2023. Gen Z and Gen Alpha — who increasingly view digital and physical experiences as one — devote considerable time to gaming (~15 hours/week). $135 billion was spent in 2022 on virtual gaming items — none of which are owned or tradeable by gamers. In my opinion, it's inevitable that (younger) gamers will eventually demand ownership of virtual gaming items, and Web3 enables just that. Gaming goes through paradigm shifts approximately every 10 years, and in many respects, the rise of Web3 gaming is similar to the rise of free-to-play (F2P) gaming. I believe that over the next 10 years, most games will incorporate Web3 technologies and that monetization enabled by Web3 will become a dominant business model in gaming. When these paradigm shifts happen, they seem obvious only in retrospect, and this essay is an attempt to pull that future forward.
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For the full essay, download the PDF version of this report.
Important Legal Information & Disclaimer
The commentary contained in this essay represents the personal views of its author, Colleen Sullivan, and does not constitute the formal view of her employer or its affiliates. It does not constitute investment research. The views expressed in the document are not intended to be and should not be viewed as investment advice. This document does not constitute an invitation, recommendation, solicitation, or offer to subscribe for or purchase any securities, investments, products or services, or any investment fund. Unless expressly stated otherwise, the opinions are expressed as at the date published and are subject to change. No obligation is undertaken to update any information, data, or material contained in the essay. This essay is issued by Colleen Sullivan in a personal capacity.
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Colleen is Co-Head of Venture at Brevan Howard Digital and previously co-founded three companies, including CMT Digital. Colleen also previously practiced law at Sidley Austin in the Investment Funds and Derivatives Group.
About the author
Colleen is Co-Head of Venture at Brevan Howard Digital and previously co-founded three companies, including CMT Digital. Colleen also previously practiced law at Sidley Austin in the Investment Funds and Derivatives Group.