Roblox is Looking into NFT and Web3 Integrations After Q3 Earnings Miss
The metaverse giant plans to launch "limited items" that resemble NFTs, with the firm seemingly looking to integrate Web3 features into its gaming platform.
Metaverse giant Roblox has signaled plans to enter Web3
Roblox, one of the biggest online gaming platforms with millions of daily active users worldwide, is looking to integrate blockchain technology into its virtual ecosystem. The electronic gaming firm recently revealed plans to do so after a Q3 earnings miss.
Though details are scant, the company announced that it would launch "limited items" within its platform that resemble non-fungible tokens (NFTs). These items will be sold in Roblox marketplaces and will have the opportunity to work alongside branded content.
Clark Lampen, Vice-President and Digital Gaming Analyst at the game's partnered finance firm BTIG, also claims that Roblox is "taking measured steps forward to introducing Web3 features into their product."
However, the company has downplayed Web3 terminologies to avoid potential backlash from mainstream gamers. Many speculate that Roblox might follow in the footsteps of online forum giant Reddit, which seamlessly onboarded over 2 million users into the NFT space through "Collectible Avatars".
While the third-quarter numbers showed a growth in users to 58.8 million daily active users on the platform, Roblox reported $298 million in losses due to rising operating costs. The metaverse gaming company also missed BTIG's revenue estimates, coming in at $517.7 million versus $680 million.
Based in California, Roblox was shot to popularity in 2020 when its daily active users rose 85% to 32.6 million compared to the year prior. Users aged 9 through 12 mainly contributed to its user base, placing it as one of the top metaverse companies based on daily active user counts.
Although the gaming platform is not running on blockchain, South Korean Web3 company PlayDapp managed to launch an NFT game on Roblox in February. Coupled with the latest announcement, Roblox clearly has a much more open mindset about all things Web3 than its long-time rival Minecraft.