Blockchain Developers Predict Major Boost from Traditional Gaming Firms for Web3 in 2024
Summary:
The Blockchain Gaming Alliance's (BGA) recent "State of the Industry Report" reveals nearly 40% of blockchain game developers believe that conventional gaming firms will significantly contribute to the growth of the Web3 gaming sector in 2024. The report also notes that over half of the surveyed professionals predict that more than 20% of the global $347 billion gaming industry will use blockchain technology within the next year. The total investments in the Web3 gaming sector have reportedly surpassed $2.3 billion for 2023.
The Blockchain Gaming Alliance (BGA) has revealed in its recent "State of the Industry Report" that nearly 40% of blockchain game developers view conventional gaming firms as major contributors to the positive advancement of the Web3 gaming sector in 2024. The survey, which was published on December 12, shows that more than a third of respondents think the introduction of new games in Web3 or the incorporation of blockchain aspects into existing games by Web2 studios will stimulate industry growth next year. In 2023, 19.8% highlighted the launch of nonfungible token games by regular game studios as the main positive factor, while 15.2% indicated the shift of these same studios towards Web3. Furthermore, a good 35% of all those surveyed believed that the biggest advantage to the sector in 2023 came from Web2 game developers committing to adopt Web3 technology.
Looking ahead, blockchain game developers are optimistic that 2024 will mark a significant year in adoption growth, with over half of survey participants confident that more than 20% of the overall $347 billion global gaming market will harness blockchain technology in some shape or form within the year. Among the survey's 526 participants, Jeffrey Gwei, founder of theweb3game.com, is of the opinion that Web2 gamers will continue to recognize the increasing value of digital ownership for their in-game assets in 2024, emphasizing the inherent value, ownership, transferability, and gradual dispelling of misconceptions surrounding these items.
Leah Callon-Butler, a director of the Web3 advisory firm Emfrasis and a member of the BGA board, corroborated this sentiment by acknowledging the consistent rating of 'Digital Asset Ownership' as the top advantage of blockchain gaming for the past three years, indicating a shared vision among industry professionals for the future.
Further investment in the Web3 gaming sector has reportedly exceeded $600 million in the third quarter of 2023, surpassing a total investment of $2.3 billion for the year to date, according to DappRadar. Fortune Business Insights predicts the global blockchain gaming market could reach a staggering $615 billion by 2030 in a recent report, a compound annual growth rate of 21.8% from its 2022 market size of $128 billion.
Published At
12/13/2023 4:00:00 PM
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