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Community Gaming Lays Off Employees Amid Esports Recession

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In recent years, the Esports industry has been one of the fastest-growing ones, and by 2022, it is expected to make more than $1 billion. But there will be problems along the way, as there are in any industry that grows quickly. In recent years, the esports industry has had to deal with some big economic problems, and the ongoing pandemic has only made these problems worse.

Community Gaming, a Web3 platform for esports tournaments, just announced that it has let go of 17 employees, which is just over 17% of the company\’s staff. The move comes at a time when the esports industry is still having trouble. In the past few months, it has forced other businesses and sports teams to make similar decisions. Community Gaming is still hopeful that Web3 solutions could help esports organizations get through the recession.

Community Gaming\’s layoffs show that the esports industry as a whole is having trouble. \”Because of the economic downturn in the esports industry,\” said CEO Chris Gonsalves, \”we\’ve had to restructure our goals in order to have a stronger future. This meant getting rid of some roles.\”

Other businesses and teams in the same field have to do the same things. Because the pandemic has messed up live esports events and changed how much money was expected to come in. Gonsalves told the press, \”We value the work of all of our employees and will help them continue to be innovators in the space.\”

There have been other layoffs in the esports industry like the ones at Community Gaming. Many esports teams and organizations have had to lay off employees, cut salaries, or even close down. For example, esports teams have long relied on sponsorship money a lot.

But they are not enough to make money in a market that is going down. The pandemic has also had a big effect on live esports events, which have either been canceled or changed a lot to meet health and safety rules.

Community Gaming\’s Mission to Solve Esports\’ Payouts Problem

Even though the esports industry is facing problems, Community Gaming is still committed to its goal of solving the payouts problem in esports. Gonsalves started the company because he thinks that slow and hard to understand payouts are a problem in the esports industry. He wants to be able to pay tournament winners in cryptocurrency more quickly.

Gonsalves told Decrypt in the past, \”We want to take away all the complexity that comes with Web3 solutions and give them a competition platform that automatically pays out.\”

Even with these problems, Community Gaming has grown a lot in the last few months. The company has gone from having about 100,000 users in April 2022 to having about 250,000 users today. Last month, Community Gaming also helped set up more than 600 tournaments.

During that time, more than 21,000 players took part in at least one tournament. Winners of the company\’s Web3 esports tournaments can get their money quickly. Streamlines the process and gets rid of the need for extra steps or fees.

The Potential of Web3 Solutions in Esports

Even though the esports industry is having trouble, Community Gaming sees Web3 as a way out. Gonsalves thinks that Web3 solutions can help esports organizations build technology that works well with new games whose IP is more open.

Web3 solutions can also make governance and decision-making in esports more decentralized and open, which makes it easier for the community to get involved.

The recent Series A funding round for Community Gaming, which brought in $16 million from big names in crypto like Softbank, Binance Labs, and ConsenSys Mesh, shows how Web3 solutions could be useful in the esports industry. The company plans to use the money to grow its platform and come up with even more new ideas.

The ongoing recession in the esports industry has made things hard for new companies like Community Gaming, but the company is still committed to its goal of fixing the payouts problem in the industry.

Gonsalves told Media that the esports industry is going through a slump. \”Esports teams are having trouble finding other ways to make money because they were too dependent on sponsorship money.\” With Web3 solutions, esports organizations can get through the recession and come out stronger and more creative than ever.

\”I think Web3 can help esports organizations build tech that works well with new games that are more open with their intellectual property,\” Gonsalves said. \”However, everyone is having a hard year right now,\” he said. \”After the huge growth we all saw during the pandemic, the games industry as a whole is taking a break, and companies will need to be more careful.\”

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Community Gaming Lays Off Employees Amid Esports Recession

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How Important is Community in Web3 Gaming?

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A strong community is the foundation of any successful Web3 gaming project, that has been made painfully clear over the last few years. Whether it\’s through the relentless shilling of projects or rocking an NFT profile picture on the fly, a project\’s community is the propulsion jet that prepares it for liftoff, and sometimes it\’s almost as if the community is the project.

A big part of a brand\’s success and growth is already due to the power of the community or gaming community. As more brands move online, it\’s more important than ever to use the power of communities to grow your business.

As we move from Web2 to Web3, the way communities are built and how they work are starting to change as they become more tied to the brands themselves.

The gaming industry, in particular, is a Web2 industry that values communities. As Web3 gaming becomes more popular, it will be interesting to see how gaming communities change as well.

Community in Web3

As we\’ve seen, a strong community can take projects and brands to the next level, and it can have effects that go beyond what makes sense. There are many ways to start a community and get people involved, and each one is important and helps it grow in its own way.

By making and keeping up a community, a project can not only show interest and engagement, but also build trust, which is very important in the Web3 space after what happened in 2022.

Creating a community not only builds trust, but also brings people together around a common goal. This encourages interaction, sharing of ideas, and, most importantly, growth. It\’s a place where long-term, sustainable value can be made.

What are gaming communities?

In a nutshell, a gaming community is a group of people who play the same game or type of game. However, there is a lot more to it than that. From the player\’s point of view, it\’s a place where people from all over the world can come together and support something they all enjoy. This helps build that sense of belonging and community that is so important, especially in the gaming world.

It\’s also a great way to meet new people and make connections and memories that can sometimes last a lifetime. You never know who will walk into your life. In some cases, the games can be set by the communities.

look at League of Legends, a genre-defining title and a game with a secure spot in the hall of fame. League of Legends is a great game, a 5v5 MOBA with a myriad of interesting characters and play styles to choose from. But what really makes the game is the community.

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How Important is Community in Web3 Gaming

Streamers rallied the game, and built mega communities on platforms like twitch, 9 of the 20 biggest twitch channels in 2014 were all League of Legends streamers! Personalities Tyler1, Imaqtpie, and TSM’s Bjergsen helped drive engagement in the game, whether it be through extreme displays of hardcore game mechanics and gameplay, or running amok in the game for the sake of the viewers, the game grew bigger than anyone could have imagined – with prize pools for the games world championship peaking at $6.4M in 2018, and now comfortably sitting at $2.3M.

For developers, gaming communities are one of the most important stakeholders – Seems obvious enough, but you’d be surprised how many game developers don’t listen to their audience.

These are the people putting the most hours into your product, and they’ll have the deepest insight and best feedback for you! The developers that listen to their communities the most, will stand the test of time.

What is Web3 gaming?

Web3 games are the next step in the way games are made. Developers can now use blockchain technology and smart contracts to make decentralized gaming experiences that give players ownership of their games and keep them out of the hands of centralized companies.

The space has gathered astronomical momentum in the last year, with funding hitting $4 Billion, and games like BLOCKLORDS and Skyweaver have seen backing from the industry\’s biggest investors.

The implementation of blockchain and distributed ledger technology has some major benefits to the world of gaming, and here are some to name a few:

Decentralization

When distributed ledger technology is used, data can be stored in different places and is not kept on a single server.

This keeps the power from being in the hands of any one group and makes the game much safer, since to shut down the server, someone would have to control every node, which can be spread out all over the world. Even for the best hackers, this is not an easy job.

Transparency

Another perk of the distributed ledger technology (DLT for short), all transactions and data transfers are in the public eye, and can be queried at any time. In the world of gaming, where in-game economies are present, this feature creates trust, and provides a safety net for all, as transaction contracts can be viewed by everyone, eliminating the threat of fraud.

Digital Ownership

For decades, gamers haven\’t had full control or ownership over their assets or experiences. If a game developer decided to shut down a game, all the hours of grinding, season after season, would be gone in the blink of an eye.

This doesn\’t happen when you play games on Web3. Players\’ in-game assets are NFTs, are completely owned by the players, and exist eternally on the blockchain unless otherwise burnt. Players now have full ownership of these items, and they can\’t be taken away, even when the game isn\’t running.

Gaming DAO’s – The Future of Gaming Communities?

Gaming DAOs are a combination of the Web3 and gaming communities, and they are here to change the way that gamers usually work with developers. DAOs have been an important part of Web3 communities for a long time.

When you mix gaming with Web3, you get gaming DAOs. As gaming DAOs become more and more common, players will have a bigger say in how games work. Using governance tokens, developers can give the community a chance to have a say in how games are made in the future and show players that they really do listen to what they have to say. This is in the best interest of everyone involved and will lead to a stronger relationship between players and developers.

Gaming DAOs do pretty much everything that a normal gaming community should do, plus they bring the community into the project. It\’s a win-win for everyone!

Rounding Off

Given how common community is in both Web3 gaming and gaming in general, it\’s hard to say enough about how important it is. The community is your best friend, whether you want to boost engagement and growth or get useful feedback on how well a game is doing.

The growth of games DAOs let players be a part of the game, not just a group of people who spend hours playing for no reason. It\’s a big step toward making the perfect gaming experience, bringing together developer and player in a way that had never been done before.

Now more than ever, the best place for developers and gamers to grow together and for the idea of creating value in a way that lasts is needed!

Play to Earn Gaming News

Want to know the most profitable (P2E) games to play? We provide reviews of video games on our website. Our large collection of P2E games was carefully put together to give you all the information you need.

Add details on the game\’s kind, platform, tokens, white papers, and social media links. On our website, you can find the latest gaming news as well as game trailers and in-depth reviews. We are pleased to provide you with daily news updates on the most recent play-to-earn, P2E, blockchain, non-fungible tokens (NFTs), crypto, Web3, and metaverse games.

Find the top P2E games and developers by browsing our \”Best Games\” and \”Game Lists\” sections. If you want to know what\’s going on in the gaming industry, check out our \”Video Game News\” section daily.

If you are launching a game or have news regarding PlayToEarn games, please send us a press release. Our PlayToEarn Game news reporters will cover the event. Our website with video game reviews will assist you in locating the top play-to-earn (P2E) games.