Published on: 04/01/2023
Web3 gaming app Glip records over 1M crypto wallets in Q4 2022
Indian Web3 gaming discovery platform Glip created more than a million unique crypto wallets in the last quarter of 2022.
Real-game players created these wallets because they wanted to explore the mechanics of the gaming economy on Web3, particularly the play-to-earn system. Data also showed that more than 100,000 real gamers accessed novel Web3 gaming options via the Glip platform within the same period. Nearly half of these gamers earned money from playing P2E games.
“Our community is learning to use exchanges, swaps, and NFT marketplaces with their earnings,” Glip co-founder and COO Ishan Shrivastava said. “Web3 games are unlocking new economic opportunities & enabling DeFi literacy for millions of young people across the world, and we are super excited to accelerate this revolution.”
Despite the exponential growth of the blockchain gaming industry in recent years — shown by the increasing number of developers launching their original IPs on Web3 — the industry faces significant challenges in attracting real gamers, instead of speculators.
The Web3 gaming industry also encounters challenges in marketing its products to current internet users because Web2 platforms typically do not accept crypto ads. At the same time, the P2E model gains very little interest from players, especially in this uncertain macroeconomic situation where people are more careful about where to put their money.
According to Shrivastava, Glip acknowledges the limitations of the industry by committing to make more Web3 game titles discoverable and accessible to the gaming community. Glip can achieve its success due to partnerships with leading Web3 companies like Axie Infinity, Play DApp, Kakao Games and Netmarble.
Glip recently switched its focus from a pay-to-play gaming model to free-to-play gaming. This decision came after the turbulence in the crypto market. The free-to-play model can attract people who are actually interested in playing games. It helps minimize the number of speculators who get discouraged by the decreased monetary value of collectibles.
Glip’s Questing method also attracts real players to Web3 games. Players can receive crypto tokens as a reward. This model has gained traction from players that many other companies, including YGG and Avocado DAO, also adopt the method to develop their blockchain gaming ecosystems.
According to co-founder and CEO Parth Choudhury, Glip’s approach has not only improved the user acquisition rate but also encouraged players to experiment with this innovative gaming environment. Choudhury said millions of Glip users would be able to earn money from Web3 gaming in 2023 by working with top studios.
Glip raises $2.5 million in November 2022
In November last year, Glip raised $2.5 million in funding to develop a new generation distribution platform for various blockchain apps. Hashed Emergent led Glip’s latest funding round, which involved several of Glip’s existing investors, like Prime Venture Partners.
Hashed Emergent managing partner Tak Lee said his company’s participation in Glip funding was linked to its conviction that the gaming industry would be a key to onboard billions of internet users to Web3.
Lee noted that the Web3 gaming industry suffered from the lack of distribution channels and a complicated onboarding process. According to the managing partner, Glip’s platform is able to tackle those issues.
Launched in 2020, Glip is the most used Web3 gaming app in its home country. As of 2022, Glip posted over seven million registrations from all around the world. Analysts said that Glip had built communities of Web3 users in strategic regions, including Southeast Asia and Brazil. Choudhury added that the integration of Web3 protocols in video games and esports will further increase Glip’s presence on Web3 market.