Metaverse Giant Roblox Has Signaled Plans To Enter Web3

Snorlax

Nov 15, 2022•2 min read

Metaverse Giant Roblox Has Signaled Plans To Enter Web3

Roblox, one of the most popular online gaming platforms, which boasts millions of active users, is looking to incorporate blockchain technology into its digital environment. Following a Q3 earnings miss, the electronic gaming company recently revealed plans to do so.

Despite the lack of information, the business declared that it would introduce "limited products" on its platform that resemble non-fungible tokens (NFTs). These products will be available for purchase in the Roblox markets and may be used alongside sponsored content.

BTIG, the game's financial partner, believes that Roblox is "taking measured steps forward to introducing Web3 features into their product" according to Clark Lampen, Vice-President, and Digital Gaming Analyst at the company.

In order to stave off any backlash from mainstream gamers, the business has downplayed Web3 terms. Many believe that Roblox might follow in the footsteps of Reddit, the dominant online forum, which easily onboarded over 2 million users into the NFT environment through "Collectible Avatars".

Even though the platform's daily active users increased to 58.8 million in the third quarter, Roblox reported $298 million in losses as a result of escalating operating expenses. The metaverse gaming company's revenue, which was $517.7 million as opposed to $680 million, fell short of BTIG's projections.

California-based Roblox had a surge in popularity in 2020, when the number of its daily active users increased by 85% to 32.6 million from the previous year. According to daily active user counts, its user base was primarily composed of children between the ages of 9 and 12. This made it one of the top metaverse companies.

The South Korean Web3 firm PlayDapp was successful in launching an NFT game on Roblox in February even though the gaming platform does not operate on a blockchain. In light of the most recent disclosure, Roblox is obviously much more accepting of everything Web3-related than its longtime rival Minecraft.

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