More than a third of respondents believe that the blockchain gaming sector will benefit most from traditional game studios adopting Web3 technology in 2023. Nearly 40% of blockchain game developers see traditional game studios as one of the major positive driving forces for the Web3 gaming sector in 2024.
According to the “2023 State of the Industry Report” by the Blockchain Gaming Alliance (BGA), published on December 12, 37.8% of respondents think that Web2 studios launching new Web3 games or incorporating blockchain elements into existing titles will help boost the industry in 2024.
Web3 stands to benefit from the optimization of Web2. When asked to identify the biggest positive driver in 2023, 19.8% of respondents cited traditional game studios launching non-fungible token (NFT) games, while 15.2% pointed to the same studios transitioning to Web3.
Overall, 35% of respondents believe the sector will benefit most from Web2 game studios committing to adopting Web3 technology in 2023. Blockchain game developers are confident that 2024 will be the year of adoption growth; over half of the respondents are sure that more than 20% of the total $347 billion global gaming industry will leverage blockchain technology in some way in the next year.
The report surveyed a total of 526 blockchain gaming professionals between August and October 2023. Jeffrey Gwei, founder of theweb3game.com, asserts that Web2 players will increasingly find value in the digital ownership of their in-game assets by 2024.
“They will discover that their items have value, that they are owned, transferable, and gradually leave behind most misconceptions.”
The consistent ranking of “ownership of digital assets” as the main benefit of blockchain games for three consecutive years indicates a strong industry consensus on the future direction, according to Leah Callon-Butler, director of Web3 advisory firm Emfrasis and a BGA board member.
Ripio announces an acceleration program for Web3 startups with a focus on Latin America. Another $600 million was invested in Web3 gaming projects in the third quarter of 2023, bringing the total investments to over $2.3 billion for the year, according to DappRadar.
According to a recent Fortune Business Insights report, the global blockchain gaming market is expected to reach $615 billion by 2030, representing a compound annual growth rate of 21.8% from the $128 billion market size in 2022.