现在，我的X feed到处都是正在放弃Web3游戏的人。我得到它。

自2020年以来，已有超过120亿美元的风险投资资金获得了资金，他们还没有看到许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.

现在，我的X feed到处都是正在放弃Web3游戏的人。我得到它。自2020年以来，超过120亿美元的风险投资资金已经投入了资金，他们还没有看到许多预期的突破性成功。出口：许多表现最佳的Web3游戏，例如Axie Infinity，Cryptokitties和YGG，都达到了令人印象深刻的高度，获得了数百万用户并获得了可观的收入。但是，与流行的Web2游戏相比，即使这些游戏也没有达到接近主流规模的任何事情。

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.

代币价格也受到了打击，深熊市摧毁了在牛市期间产生的大部分市值。由于缺乏资金来继续发展，一些有前途的工作室，例如Blovchchchchand和Mobox，不得不关闭他们的游戏。

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.

近几个月来，不断提及“旋转”和“缩减”，以及Crypto Twitter语调中明显的疲惫，谈到了Web3游戏团队在维持游戏中所面临的困难，并长期吸引了用户。

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.

仅通过令牌价格测量Web3游戏就像是因为互联网崩溃而将互联网称为失败，它忽略了技术已经走了多远以及它的发展方向。它缺少真实的故事。

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游戏的核心是为玩家提供真正的所有权，而不仅仅是他们购买和赚取的游戏中的项目，还包括他们的身份和成就。在传统游戏中，玩家将时间，精力和金钱投入到最终属于出版商的数字资产中。 Web3改变了这一点。通过将资产放在链上，玩家可以真正拥有自己赚取的收入 - 无论是武器或土地等可交易的物品，还是声誉，行会历史或可验证技能的不可转让的徽章。这不仅仅是买卖东西，这与代理商，持久性以及对您所建造的东西以及在生态系统中真正是您的真正认识的正确认可。

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.

这个概念并不新。玩家多年来一直希望对自己的游戏资产进行更多控制。查看CS的庞大市场：去皮肤或魔兽世界。但是到目前为止，如果集中式出版商决定关闭或更改规则，这些经济体已被分散，限制或有被关闭的风险。 Web3使这些经济体开放，可互操作，玩家拥有和播放器驱动。

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.

该所有权一直是Web3游戏的基础，游戏到欧文是一个实验模型，它显示了在区块链上虚拟经济体的潜力。现在，该行业正在发展，更加专注于可持续经济体和更好的代币学，更深入的游戏玩法和长期玩家的参与度。

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，如果您将Web3游戏与Web2游戏进行比较，您会感到失望。传统游戏已经进行了数十年的微调游戏设计，建立大量的玩家群以及开发有效的业务模型，而Web3游戏仍处于实验阶段。当然，数十亿美元的投资可以加快事情的速度，但是将钱扔给全新的类别并不神奇地购买往绩，也不会立即创造人们喜欢的新游戏。

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.

我已经制作游戏已有20多年了，我已经看到，在接管之前，每一个重大转变都被解雇了。没有人相信手机游戏可以与PC或控制台竞争，直到它变得比两者都大。免费游戏被称为骗局，直到它赚更多的钱并吸引了比以往更多的球员。电子竞技是个玩笑，直到体育场售罄并获得数百万美元的奖金。在成为数十亿美元市场之前，数字皮肤是“毫无价值的”。

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

而现在，Web3游戏处于同一拐点。

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.

当我第一次在2018年听说区块链时，我认识的金融科技都在谈论它。所以我当然认为这很无聊，我忽略了它。直到我了解了Cryptokitties，我才真正注意到。当我看到人们收集，交易和实际拥有这些可爱的链猫时，那是我兴奋的时候，因为我知道它们不像其他游戏中的资产。加密运动是数字化的东西，没人能从您身边带走。作为一个在游戏中度过一生的人，以及他们的职业生涯，说服他人磨碎相同的东西 - 没有真正为此而磨碎 - 数字所有权的想法给了我一种全新的思考方式。

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年真的很艰难。那时几乎没有人在乎。没有支持，没有真正的资金，也没有明确的想法，即这些游戏可能超出猜测，而（在少数信徒之外）的信念很少。市场处于深熊周期，许多团队在他们之前放弃或用完了钱