現在，我的X feed到處都是正在放棄Web3遊戲的人。我得到它。

自2020年以來，已有超過120億美元的風險投資資金獲得了資金，他們還沒有看到許多人期望的突破性成功。

Right now, my X feed is full of people who are giving up on Web3 gaming. I get it. Over $12 billion of venture capital funding has gone into it since 2020 and they haven't seen the sort of breakout success that many expected.output: Many of the best-performing Web3 games, such as Axie Infinity, Cryptokitties, and YGG, have reached impressive heights, acquiring millions of users and generating significant revenue. However, even these games haven't achieved anything close to mainstream scale compared to popular Web2 games.

現在，我的X feed到處都是正在放棄Web3遊戲的人。我得到它。自2020年以來，超過120億美元的風險投資資金已經投入了資金，他們還沒有看到許多預期的突破性成功。出口：許多表現最佳的Web3遊戲，例如Axie Infinity，Cryptokitties和YGG，都達到了令人印象深刻的高度，獲得了數百萬用戶並獲得了可觀的收入。但是，與流行的Web2遊戲相比，即使這些遊戲也沒有達到接近主流規模的任何事情。

Token prices have also taken a hit, with a deep bear market wiping out a large portion of the market cap that was generated during the bull market. Several promising studios, such as Blockchained and Mobox, have had to shut down their games due to a lack of funds to continue development.

代幣價格也受到了打擊，深熊市摧毀了在牛市期間產生的大部分市值。由於缺乏資金來繼續發展，一些有前途的工作室，例如Blovchchchchand和Mobox，不得不關閉他們的遊戲。

The constant mentions of "pivoting" and "winding down" in recent months, as well as the exhaustion evident in the tone of crypto Twitter, speak to the difficulties faced by Web3 gaming teams in sustaining their games and engaging users over the long term.

近幾個月來，不斷提及“旋轉”和“縮減”，以及Crypto Twitter語調中明顯的疲憊，談到了Web3遊戲團隊在維持遊戲中所面臨的困難，並長期吸引了用戶。

Measuring Web3 gaming by token prices alone is like calling the internet a failure because of the dot-com crash—it ignores how far the technology has come and where it's headed. It's missing the real story.

僅通過令牌價格測量Web3遊戲就像是因為互聯網崩潰而將互聯網稱為失敗，它忽略了技術已經走了多遠以及它的發展方向。它缺少真實的故事。

At its core, Web3 gaming is about giving players real ownership—not just of the in-game items that they buy and earn, but also their identities and achievements. In traditional games, players invest time, effort and money into digital assets that ultimately belong to the publisher. Web3 changes that. By putting assets on-chain, players can truly own what they earn—whether that's tradeable items like weapons or land, or non-transferable badges of reputation, guild history, or verifiable skill. It's not just about buying and selling stuff—it's about agency, persistence, and getting proper recognition for what you've built and what is really yours in the ecosystem.

Web3遊戲的核心是為玩家提供真正的所有權，而不僅僅是他們購買和賺取的遊戲中的項目，還包括他們的身份和成就。在傳統遊戲中，玩家將時間，精力和金錢投入到最終屬於出版商的數字資產中。 Web3改變了這一點。通過將資產放在鏈上，玩家可以真正擁有自己賺取的收入 - 無論是武器或土地等可交易的物品，還是聲譽，行會歷史或可驗證技能的不可轉讓的徽章。這不僅僅是買賣東西，這與代理商，持久性以及對您所建造的東西以及在生態系統中真正是您的真正認識的正確認可。

The concept isn't new. Players have wanted more control over their in-game assets for years. Look at the massive markets for CS:GO skins or World of WarCraft gold. But until now, those economies have been fragmented, restricted, or at risk of being shut down if a centralized publisher decides to close it or change the rules. Web3 makes these economies open, interoperable, player-owned and player-driven.

這個概念並不新。玩家多年來一直希望對自己的遊戲資產進行更多控制。查看CS的龐大市場：去皮膚或魔獸世界。但是到目前為止，如果集中式出版商決定關閉或更改規則，這些經濟體已被分散，限製或有被關閉的風險。 Web3使這些經濟體開放，可互操作，玩家擁有和播放器驅動。

This ownership has always been the foundation of Web3 gaming, and play-to-earn was an experimental model that showed the potential for virtual economies on blockchain. Now, the industry is evolving with a stronger focus on sustainable economies and better tokenomics, deeper gameplay, and long-term player engagement.

該所有權一直是Web3遊戲的基礎，遊戲到歐文是一個實驗模型，它顯示了在區塊鏈上虛擬經濟體的潛力。現在，該行業正在發展，更加專注於可持續經濟體和更好的代幣學，更深入的遊戲玩法和長期玩家的參與度。

But if you're comparing Web3 gaming to Web2 gaming, you'll be disappointed. Traditional gaming has had decades to fine-tune game design, build massive player bases, and develop business models that work, while Web3 gaming is still in its experimental phase. Sure, billions of dollars of investment can speed things up, but throwing money at a brand new category doesn't magically buy it a track record or instantly create new games that people love.

但是，如果您將Web3遊戲與Web2遊戲進行比較，您會感到失望。傳統遊戲已經進行了數十年的微調遊戲設計，建立大量的玩家群以及開發有效的業務模型，而Web3遊戲仍處於實驗階段。當然，數十億美元的投資可以加快事情的速度，但是將錢扔給全新的類別並不神奇地購買往績，也不會立即創造人們喜歡的新遊戲。

I've been making games for over 20 years and I have seen every major shift get dismissed before it took over. Nobody believed mobile gaming could compete with PCs or consoles until it became bigger than both. Free-to-play was called a scam until it made more money and reached more players than ever before. Esports was a joke until stadiums sold out and prize pools hit millions. Digital skins were "worthless" before they became a multi-billion dollar market.

我已經製作遊戲已有20多年了，我已經看到，在接管之前，每一個重大轉變都被解雇了。沒有人相信手機遊戲可以與PC或控制台競爭，直到它變得比兩者都大。免費遊戲被稱為騙局，直到它賺更多的錢並吸引了比以往更多的球員。電子競技是個玩笑，直到體育場售罄並獲得數百萬美元的獎金。在成為數十億美元市場之前，數字皮膚是“毫無價值的”。

And now, Web3 gaming is at that same inflection point.

而現在，Web3遊戲處於同一拐點。

When I first heard about blockchain in 2018, everyone I knew in FinTech was talking about it. So of course I thought it was boring and I ignored it. It wasn't until I learned about CryptoKitties that I actually took notice. When I saw people collecting, trading and actually owning these cute on-chain cats, that's when I got excited because I knew they weren't like other in-game assets. CryptoKitties were digital things that no one could take away from you. As someone who's spent their life grinding in games, and their career convincing others to grind the same — without really getting anything for it — that idea of digital ownership gave me a whole new way to think.

當我第一次在2018年聽說區塊鏈時，我認識的金融科技都在談論它。所以我當然認為這很無聊，我忽略了它。直到我了解了Cryptokitties，我才真正注意到。當我看到人們收集，交易和實際擁有這些可愛的鏈貓時，那是我興奮的時候，因為我知道它們不像其他遊戲中的資產。加密運動是數字化的東西，沒人能從您身邊帶走。作為一個在遊戲中度過一生的人，以及他們的職業生涯，說服他人磨碎相同的東西 - 沒有真正為此而磨碎 - 數字所有權的想法給了我一種全新的思考方式。

So I went all-in on blockchain games. But 2018 and 2019 were really tough times. Pretty much no one else cared back then. There was no support, no real funding, no clear idea of what these games could be beyond speculation, and (outside of a handful of believers) there was very little conviction. The market was in a deep bear cycle, and many teams either gave up or ran out of money before they

所以我全力以赴。但是2018年和2019年真的很艱難。那時幾乎沒有人在乎。沒有支持，沒有真正的資金，也沒有明確的想法，即這些遊戲可能超出猜測，而（在少數信徒之外）的信念很少。市場處於深熊週期，許多團隊在他們之前放棄或用完了錢