- Community Gaming, a Web3 esports tournament platform, has laid off 17 employees, representing over 17% of the company’s head count.
- The CEO of Community Gaming attributes the layoffs to the current economic downturn in the esports industry, which has forced many companies and teams to restructure their goals.
- Despite ongoing macro challenges, Community Gaming still sees Web3 as a light at the end of esports’ currently dark tunnel and believes it can play a part in helping esports organizations build tech that synergizes well with new games that are more open with their IP.
The gaming industry has been hit hard in recent years, with the esports downturn resulting in layoffs and economic difficulties for companies. However, there is hope on the horizon with the emergence of Web3 technology, which can offer innovative solutions to longstanding issues in the gaming world. Community Gaming, a Web3 esports tournament platform, is one company leading the way in this regard.
Community Gaming has been experiencing steady growth since its launch, with a user base that has more than doubled in the past year alone. The company offers fast crypto payments to tournament winners, bypassing the delays and fees that have plagued esports payouts in the past. With backing from heavyweights in the crypto industry such as Softbank, Binance Labs, and Polygon Labs, Community Gaming is poised to continue leading the charge in the Web3 gaming space.
Despite the challenges facing the esports industry, Community Gaming CEO Chris Gonsalves sees Web3 as a light at the end of the tunnel. In a recent statement, he said, “I think Web3 can play a part here for esports orgs to build tech that synergizes well with new games that are more open with their IP.” This sentiment is echoed by many in the gaming community who believe that Web3 technology can provide innovative solutions to longstanding issues, such as slow payments and complicated distribution models.
One way that gaming companies can implement Web3 technology is through the use of NFTs, or non-fungible tokens. NFTs are blockchain-based tokens that provide proof of ownership for digital and physical content, making them ideal for use in gaming. By incorporating NFTs into their projects, gaming companies can offer unique and valuable assets to players, while also creating new revenue streams through the sale and trade of these tokens.
Additionally, Web3 technology can be used to create more transparent and democratic gaming ecosystems. By using blockchain technology, gaming companies can create immutable and decentralized ledgers that allow players to see exactly how resources and rewards are distributed. This can help to eliminate the mistrust and skepticism that has plagued the gaming industry in the past.
Overall, the gaming industry is facing significant challenges due to the esports downturn and broader economic struggles. However, the emergence of Web3 technology provides hope for a brighter future, with innovative solutions to longstanding issues and a more transparent and democratic gaming ecosystem. As companies like Community Gaming continue to lead the charge, the gaming industry is poised for a new era of growth and innovation.