Blockchain Gaming in 2024: What to Expect
In 2023, the blockchain gaming industry experienced growth and saw significant investments. However, progress was slower compared to the previous year. According to Pitchbook data, while blockchain gaming received $1.4 billion in investments between May and November 2023, the broader gaming industry experienced a decline in investments and deal values.
The majority of blockchain games are indie or mid-size projects, with only 6% being funded at AA and AAA levels. Half of all new blockchain games are based in Asia, and the total number of gaming-focused blockchains has grown by 84% year-over-year.
Some games will succeed—if they’re fun
Experts predict that three Web3 games released in 2024 will be successful enough to catch the attention of larger traditional game studios. This could lead to increased research and development efforts in Web3 from non-Web3 game companies and higher volumes of investment in Web3 games.
Furthermore, there is an expectation that more compelling and polished blockchain games will be released in 2024. The focus will be on optimizing these games for fun and embracing innovative gameplay elements. Additionally, there may be a trend of increased interest in blockchain-based games from countries in Asia.
Game developers are also predicted to prioritize user experience and avoid using complex blockchain jargon in their games. Instead of using terms like “NFT,” they may opt for more accessible terminology like “in-game assets” or “player-owned assets.”
Fully on-chain games will evolve
In 2024, fully on-chain games are expected to evolve into open-world experiences where players have more autonomy to create their own rules. This shift towards user-generated rule (UGR) games will provide players with the ability to become creators within the game world. However, fully on-chain games may struggle to meet the expectations set by traditional games.
Games will find an audience despite platform restrictions
Despite smaller funding rounds in 2023, it is predicted that several great blockchain games will launch in 2024. More game developers are expected to support user-generated content and mods, allowing for greater community involvement. However, distribution on third-party platforms is not guaranteed, and Web3-native game launchers may become a prevalent solution for reaching audiences.
Overall, 2024 holds promise for the blockchain gaming industry with the potential for successful games, improved user experiences, and increased adoption.
Hot Take: The Future of Blockchain Gaming
In 2024, blockchain gaming is poised for growth and innovation. The industry has learned from past challenges and is focused on delivering fun and immersive gaming experiences. With the emergence of successful Web3 games, larger traditional game studios may take notice and invest in Web3 research and development. Furthermore, improvements in technology and a focus on user experience will make blockchain gaming more appealing to a broader audience. Despite potential platform restrictions, innovative distribution solutions and a dedicated player base will ensure that blockchain games find their audience. As we enter the new year, the future of blockchain gaming looks promising.
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