Home
News
- 1 Being a Web3 game, it allows users to earn non-fungible tokens (NFTs).
- 2 Estimates indicate that the Web3 market could go on to generate $64.39 Billion by 2029.
In a new partnership, Web3 gaming company Animoca Brands and social chess website Chess(dot)com together are launching a browser based game called Anichess, news website BNN Breaking reported. Norwegian grandmaster Magnus Carlsen is joining this fantasy gaming bandwagon. As of now, it offers a single player mode, but the project will be launching a player-vs-player (PvP) mode soon.
A Vast User Base For Web3
Players can either connect Web3 wallets like MetaMask or just log in through their Google accounts. More options are available only after logging in, though. Being a Web3 game, it allows users to earn non-fungible tokens (NFTs) which are assets based on blockchain technology. The NFTs used in the game are dubbed as Orbs of Power which players can earn for free through the daily gameplay or by paying for them on OpenSea, the biggest NFT marketplace.
The partnership aims to attract chess enthusiasts from all over the world. Both, the beginners as well as seasoned players. The initiative has been launched recently but it had a solid financial footing with $1.5 Million raised during June 2023. The funds are set aside for future development and expansion.
A rough estimate shows that there are nearly 600 Million chess players globally, out of this, around 8 Million are registered in the International Chess Federation. As of August 2021, there were 2,270 chess grandmasters around the globe. Chess(dot)com has a user base of 100 Million which can help drive engagement for Anichess.
Their partners, Animoca Brands are making waves in the Web3 sector. The company initially focused on mobile gaming but shifted their focus on blockchain. They have developed an open world game, The Sandbox, where people can monetize their experiences using NFTs and its native cryptocurrency SAND.
As of now, Animoca Brands is among the few companies that are thriving in Web3. Recent reports indicate that investments, specifically in its gaming segment, are going dry. Business data aggregator CrunchBase reported that investments in the sector have plunged from $6 Billion in 2022 to $2 Billion in 2023.
Another report produced by CoinGecko recently, a Web3 data aggregator high that 2,127 games have failed in the past six years. One of the reasons for this decline is the disinterest of traditional gaming communities in blockchain. Organizations like Ubisoft and SEGA had to face a backlash from the fans following their NFT endeavors. Gamers believe NFTs can cut out the entertainment value from games.
It cannot be said that this collaboration would prove beneficial for Web3, especially in gaming. Nonetheless, the entities involved have far reaching and positive presence in the market. The sector was valued at $7.71 Billion in 2022. Estimates indicate that the Web3 market could generate $64.39 Billion by 2029.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
