In the dynamic realm of blockchain games, a paradigm shift is underway and the industry is eagerly looking forward to 2024.
The recent “2023 State of the Industry Report” by the Blockchain Gaming Alliance reveals a surprising sentiment among developers.
With 40% expressing confidence in the central role of traditional gaming studies as the driving force behind the surge of Web3 technology in the gaming industry.
40% of blockchain game developers are focusing on traditional gaming by 2024
The landscape of blockchain games is evolving at an unprecedented pace, with a significant shift in perception among developers regarding the influence of traditional gaming studies in the Web3 sector.
According to the “State of the Industry Report 2023” by the Blockchain Gaming Alliance (BGA), published on December 12th, 37.8% of interviewed blockchain game developers predict that traditional game studios will emerge as a significant positive force driving the Web3 gaming industry forward in 2024.
The report reveals that over a third of respondents attribute the growth of the blockchain gaming sector to traditional gaming studios embracing Web3 technologies.
A substantial 35% believes that the commitment of Web2 video game studios to adopt Web3 technology in 2023 has played a fundamental role in advancing the industry.
In particular, 19.8% highlighted that studies on traditional games have launched games with non-fungible tokens (NFTs), while 15.2% emphasized the transition of studies into the Web3 space as influential factors.
Looking ahead to 2024, optimism is high among blockchain game developers, with over 50% expressing confidence that a significant portion (over 20%) of the $347 billion global gaming industry will somehow integrate blockchain technology.
This belief underlines the prevailing sentiment that next year there will be a substantial growth in adoption in the gaming sector.
The growing value of gaming on the web3
Jeffrey Gwei, founder of theweb3game.com, has emphasized the growing value that Web2 players will find in the digital ownership of game assets in the coming year.
Gwei predicts that players will recognize the intrinsic value of their items, realizing ownership, transferability, and debunking misconceptions surrounding digital assets.
The report also sheds light on the widespread consensus within the industry regarding the main advantage of blockchain gaming: ownership of digital assets.
Leah Callon-Butler, director of Web3 consulting company Emfrasis and board member of BGA, highlighted the strong industry consensus, pointing out how interviewees have consistently ranked “ownership of digital assets” as the main benefit for three consecutive years.
In terms of investments, the Web3 gaming sector has seen a significant influx of funds, with an additional $600 million poured into projects during the third quarter of 2023. According to DappRadar, this brings the total investments in the sector to a staggering $2.3 billion for the current year.
The projections for the global blockchain gaming market are equally promising, with a report from Fortune Business Insights indicating an estimated market of $615 billion by 2030.
This projection reflects a robust compound annual growth rate of 21.8%, starting from the $128 billion in 2022.
As the industry prepares for 2024, the convergence of traditional gaming studies and Web3 technologies is ready to redefine the gaming landscape, with blockchain at the forefront of this transformative journey.
Conclusions
In conclusion, the trajectory of blockchain games is closely linked to the imminent convergence between traditional gaming giants and the innovative potential of Web3 technologies.
The statistics presented in the “State of the Industry Report 2023” by the Blockchain Gaming Alliance highlight the prevailing belief among developers that traditional game studios will contribute significantly to the advancement of the Web3 gaming industry in 2024.
The recognition of ownership of digital assets as the main advantage and the evolution of the Web2 players’ mindset towards the value of their game assets paint a compelling picture of the industry’s maturation.
The collaboration between traditional gaming and blockchain promises to redefine digital entertainment, offering players a new realm of possibilities.
At the threshold of 2024, the fusion between the skill of traditional gaming and the innovation of blockchain is destined to push the industry into uncharted territories, creating a landscape where ownership, innovation, and immersive experiences converge in ways never seen before.
The narrative of blockchain gaming, shaped by the synergy between the old and the new, propels us towards a future where the boundaries of the game are defined by the unlimited potential of Web3 technology.
