The blockchain industry has moved through a challenging few years, with the so-called “crypto winter” impacting valuations, tanking leading currencies, and frustrating development. Yet, despite the unfortunate circumstances, interest has never been higher. We are currently seeing a huge influx of investment into the industry, with major global companies driving the charge.
A large part of capital moving into the industry is directed at one particular subsection: blockchain gaming. In fact, this segment has received over $2.3 billion USD in funding since the beginning of 2023. Alongside staggering movement in the gaming industry, tech and telecom leaders like Sony, NTT Domoco, and KDDI are increasing support for the sector.
In this article, we’ll turn to the striking movements occurring in the blockchain industry, tracing the entry points for these leading companies and forecasting their impact on 2024’s crypto market cap.
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Let’s dive right in.
Exciting Partnerships
One core issue facing the blockchain industry has been the inability to onboard the general public on-chain. Despite development in the utility of major blockchain use cases and functionality, most users still don’t even understand what blockchain is, let alone actively utilize on-chain systems.
To overcome this barrier, leading blockchain brands worldwide are focusing on partnering with Web2 giants to create a rapid onboarding pathway. A phenomenal example is the recent partnership between Oasys and Japan’s KDDI. Oasys is a gaming blockchain that’s seen extraordinary success since its inception.
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By partnering with KDDI, one of Japan’s most important telecommunications companies, they are lining up for a massive Web3 push. This partnership aims to create an “aU” wallet for KDDI, a cryptocurrency wallet where users can trade NFTs and manage digital assets.
By simplifying how users can access cryptocurrency and exchange digital assets, Oasys could help to onboard KDDI’s nationwide customer base. Not only would this increase the number of active participants on-chain, but it would also provide a runway for users to begin interacting with blockchain games.
The blockchain gaming market is booming, pulling in over $600,000,000 in 2023 Q3 investments despite the current bear market. Although this partnership could become a major drive in Web3 onboarding, it’s only one smaller part of the current plan that Oasys is executing.
This announcement comes as a segment of the Alpha You metaverse and Web 3 server that Oasys launched in March, enabling any user to become a creator. Their ability to partner with a leading telco company further cements them as one to watch in the space.
Developing Blockchains
Another major announcement from the blockchain industry in the last few months is a partnership between Sony and the Astar Network. Sony has long been known for its innovative strategies, bringing major attention to the sector due to its shift to prioritizing blockchain development.
Together with Astar Network, Sony is working on creating a cutting-edge Web3 blockchain. It aims to create the global infrastructure to sustain Web3 innovation, creating a base platform for financial services, imaging technology, entertainment, music, and more.
With public support from Sony, this initiative could possess the media attention and funding to create an innovation drive in Web3. With Sony’s international network of clients, this partnership could potentially bring millions of people on-chain, helping to raise global confidence in blockchain and increase usage.
While the partnership is still in its early days, representatives from Startale Labs, which underpins the Astar Network, have portended exciting use cases and compelling future development.
With development like this underway, this emerging technology could advance rapidly, cementing blockchain as a leading tech innovator.
Investing in Existing Technologies
Sony isn’t the only tech leader to increase spending in the blockchain sector. Japan’s Docomo has recently announced a plan to invest over $4bn in Web3 technology. Docomo is Japan’s leading mobile carrier, hoping to cement its market advantage by embracing and cultivating emerging technology.
Docomo plans on investing directly in blockchain technology infrastructure, helping to improve cryptocurrency issuance, exchange, and digital wallet utility. Much like Sony, Docomo has selected the Astar Network to head up this charge, hoping to facilitate the rapid development of fundamental Web3 architecture.
Back in 2022, the Astar Network partnered with Oasys. The partnership aimed to establish a multi-chain collaboration, helping to streamline smart contract performance and contribute to the expansion of the blockchain gaming ecosystem. With this partnership already in place, additional partnerships with Astar or Oasys feed into the same development drive.
Together, the huge influx of investment into blockchain infrastructure, both through Astar and Oasys, demonstrates the turning tides in this industry. Several telco and tech giants are directly investing in this emerging technology’s future. All three of the biggest telecommunications companies in Japan, KDDI, Softbank, and Docomo, are validators of Oasys.
With industry giants, market leaders, and blockchain infrastructural innovators all coming together, it seems the industry is about to enter an incredible few years.
Final Thoughts
The past few months have seen a shift in the interest paid to and investment in the blockchain industry. With billions of dollars pouring into the industry, backed by an international selection of giants, we will likely see rapid development and innovation over the coming year. After a harsh crypto winter, all signs point to the start of a thaw.
As leading blockchain brands like Oasys and Astar partner with multi-national telco companies, blockchain could be poised for an increase in adoption and mass onboarding. With direct access to new customers and emerging markets, these announcements could be the push the segment needs to start to climb.
While the global economy is still uncertain, blockchain has had an incredible few months, with investments into the foundational architecture helping to develop the technology and user base this industry needs to go mainstream.
