Nearly 40% of Blockchain Game Developers See Traditional Studios as Driving Force for Web3 Gaming
A recent report from the Blockchain Gaming Alliance (BGA) revealed that 37.8% of blockchain game developers believe that traditional gaming studios will play a significant role in driving the Web3 gaming sector in 2024. This means that Web2 studios launching new games in Web3 or incorporating blockchain elements into existing titles will contribute to the industry’s growth. Furthermore, 19.8% of respondents identified traditional game studios launching nonfungible token games as the biggest positive driver for 2023. Additionally, 15.2% mentioned the transition of these studios into Web3 as a significant factor.
Industry Confidence in Adoption Growth
The survey conducted by BGA also indicated that more than half of the respondents were confident that over 20% of the total $347 billion global gaming industry would utilize blockchain technology in some capacity within the next year. The report surveyed 526 blockchain gaming professionals between August and October 2023, providing valuable insights into industry sentiment and expectations for future adoption.
Increasing Value of Digital Ownership
Jeffrey Gwei, founder of theweb3game.com, stated that Web2 gamers will increasingly recognize the value of owning their in-game assets as they enter 2024. They will come to understand that their items have value, can be transferred, and are owned by them. This shift in perception is expected to lead to a reduction in misconceptions surrounding digital asset ownership.
Strong Consensus on Digital Asset Ownership
BGA board member Leah Callon-Butler emphasized the strong consensus among industry professionals regarding the importance of “Digital Asset Ownership” in blockchain gaming. This benefit has consistently ranked at the top for three consecutive years, highlighting the shared vision for the future of the industry.
Projected Growth of the Blockchain Gaming Market
DappRadar reported that an additional $600 million was invested in Web3 gaming projects in Q3 2023, bringing the total investments for the year to over $2.3 billion. According to Fortune Business Insights, the global blockchain gaming market is projected to reach $615 billion by 2030, representing a compound annual growth rate of 21.8% from the $128 billion market size in 2022.
Hot Take: Traditional Game Studios Drive Web3 Gaming Sector Growth
The Blockchain Gaming Alliance’s report highlights the significant role traditional gaming studios will play in driving the Web3 gaming sector. With nearly 40% of blockchain game developers believing in their positive impact, it is clear that Web2 studios launching new games in Web3 and incorporating blockchain elements into existing titles will drive industry growth. The report also indicates increasing confidence in adoption growth, with over half of respondents expecting significant utilization of blockchain technology within the global gaming industry. This aligns with projections for the future of the blockchain gaming market, which is expected to reach $615 billion by 2030.
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