SNEAK PEEK
- Nearly 40% of blockchain game developers expect traditional gaming studios to drive the Web3 sector in 2024.
- A survey of 526 professionals revealed a significant impact of adopting Web3 technology by traditional game studios in 2023.
- In 2023, 19.8% noted traditional studios launching NFT games as a key driver, while 15.2% saw their transition to Web3 as crucial.
Blockchain game developers anticipate a significant shift in the gaming industry as they look ahead to 2024. According to the recent “2023 State of the Industry Report” by the Blockchain Gaming Alliance (BGA), nearly 40% of these developers believe that traditional gaming studios will be pivotal in driving the Web3 gaming sector forward in the coming year.
The survey, conducted among 526 blockchain gaming professionals between August and October 2023, revealed that more than a third of respondents believed adopting Web3 technology by traditional game studios in 2023 benefited the blockchain gaming industry significantly.
Regarding specific drivers for 2023, 19.8% of respondents pointed to traditional game studios launching nonfungible token (NFT) games, while 15.2% highlighted these studios transitioning into the Web3 space. Overall, 35% of those surveyed believed that the industry saw the most benefit from Web2 game studios committing to adopting Web3 technology in 2023.
Looking ahead to 2024, optimism abounds, with over 50% of respondents expressing confidence that over 20% of the entire $347 billion global gaming industry will incorporate blockchain technology in some capacity.
Jeffrey Gwei, founder of theweb3game.com, emphasized that even Web2 gamers will increasingly see the value of digital ownership of in-game assets in the coming year as they realize the potential for asset transfer and license.
The report also highlights the consistent ranking of “Digital Asset Ownership” as the top benefit of blockchain gaming for three consecutive years, indicating a strong consensus within the industry about the future direction of gaming.
In terms of investments, the blockchain gaming sector is witnessing significant financial support; an additional $600 million was poured into Web3 gaming projects in Q3 2023, bringing the total assets for the year to over $2.3 billion, according to DappRadar.
These developments reflect a broader trend, with a recent report from Fortune Business Insights projecting the global blockchain gaming market to reach a substantial $615 billion by 2030, representing a robust compound annual growth rate of 21.8% from its 2022 size of $128 billion.
As we move into 2024, the intersection of traditional gaming studios and Web3 technology promises to reshape the gaming landscape excitingly, offering gamers new opportunities for ownership and engagement within their favourite titles.
