[Recap] Hedera Q3 2024 State of the Ecosystem

On July 31st, 2024, The Tie hosted the Q3 Hedera Webinar focused on Consumer Engagement and Web3 Gaming. The event featured Alex Russman, Head of the Consumer Engagement Fund at The HBAR Foundation, and Tony Pearce, CEO and Founder of RealityPlus. The discussion centered on Hedera’s strategies for enhancing consumer engagement through Web3, the role of gaming in this ecosystem, and the promising future for both industries on the Hedera network.

Watch the full Webinar here:

Alex Russman began the webinar by defining consumer engagement within the context of Hedera’s ecosystem. Since its inception, the HBAR Foundation has aimed to build a robust infrastructure around NFTs, wallets, and marketplaces. “Consumer engagement is about connecting brands with their audiences through NFTs, covering sectors like media, entertainment, gaming, sports, and fashion,” Alex explained. The strategy revolves around creating a comprehensive ecosystem that supports these verticals, enabling seamless brand and consumer interaction on Web3 rails.

Tony Pearce shared insights into RealityPlus’s journey, particularly focusing on their flagship project, Doctor Who Worlds Apart (DWWA). This collectible card game (CCG) seamlessly integrates Web3 elements into a traditional gaming experience. “We wanted to create a game that’s accessible to the mass market, where players can own and trade digital collectibles without even realizing they’re using blockchain technology,” Tony noted. By focusing on gameplay first and introducing Web3 features gradually, RealityPlus aims to bridge the gap between Web2 and Web3 gamers.

The game, which is currently live on PC, Mac, and globally on mobile (with UK and US launches set for October), allows players to craft unique, tradable cards that are minted as NFTs on the Hedera blockchain. This strategy not only enhances player engagement but also showcases the potential of NFTs in mainstream gaming.

When discussing brand acquisition, Alex emphasized the importance of brands in bringing large, engaged audiences into the Web3 space. “Brands are significant because they flow into multiple physical and virtual spaces, creating opportunities for comprehensive consumer engagement,” he explained. Hedera’s approach is to provide an “ecosystem-as-a-service,” offering brands a suite of tools and partners to create seamless Web3 experiences.

Tony highlighted the success of their FIFA Women’s World Cup project, “Own the Zone,” where fans could predict in-game events and earn unique FIFA-stamped NFTs. This project, which leverages live data integration, exemplifies how Hedera’s technology can be applied across different sports and entertainment industries.

Looking ahead, both speakers expressed optimism about the future of Web3 gaming on Hedera. Tony envisions a world where every game incorporates some form of Web3 integration, offering players ownership of in-game assets and the ability to trade them across different platforms. “In the next few years, we believe that in-game ownership and interoperability will be essential for gamers,” Tony predicted.

Alex reinforced this vision, highlighting Hedera’s efforts to build a strong ecosystem of gaming infrastructure and technical partnerships. He also stressed the importance of interoperability, allowing assets to move seamlessly between games and platforms. “The ability to take your digital assets into different virtual spaces will be a key driver of mass adoption,” Alex said.

As the webinar concluded, both Alex and Tony highlighted the importance of scaling the Hedera ecosystem through long-term partnerships and innovative projects. With upcoming launches and an expanding list of brand collaborations, Hedera is making significant strides in Web3 consumer engagement and gaming.

The Q3 2024 Hedera Webinar offered valuable insights into the ongoing evolution of the Hedera network. As the ecosystem continues to grow, the integration of Web3 technology into consumer engagement and gaming will be crucial in shaping the future of digital experiences.

This report is for informational purposes only and is not investment or trading advice. The views and opinions expressed in this report are exclusively those of the author, and do not necessarily reflect the views or positions of The TIE Inc. The Author may be holding the cryptocurrencies or using the strategies mentioned in this report. You are fully responsible for any decisions you make; the TIE Inc. is not liable for any loss or damage caused by reliance on information provided. For investment advice, please consult a registered investment advisor.