In 2023, the gaming world experienced a significant transformation with the application of blockchain technology. Over 37% of blockchain game developers believe that traditional game studios will be a key driving factor for the Web3 gaming sector in the coming year. What changes will this synergy between old and new bring, and how will it affect the gaming industry?
The video game market has always fascinated with its dynamism and innovation. However, in recent years we have seen a revolution, the epicenter of which lies in the combination of traditional game development methods with blockchain technology. According to the “2023 State of the Industry” report by the Blockchain Gaming Alliance (BGA), nearly 40% of blockchain game creators believe that traditional game studios will be one of the biggest positive driving forces for the Web3 gaming sector in 2024.
There is huge potential in applying blockchain elements to existing titles and creating new games in the Web3 ecosystem. This is indicated by the fact that 37.8% of respondents believe that such actions will be a catalyst for the development of the industry in 2024. Additionally, 35% of respondents emphasize that the greatest benefit has been the engagement of Web2 game studios in Web3 technology.
The merging of both worlds – traditional gaming and blockchain technology – opens up new possibilities. Blockchain game developers are convinced that 2024 will be a year of growth in adoption, expecting that over 20% of the global gaming market, valued at $347 billion, will in some way utilize blockchain technology in the coming year.
The impact on digital asset ownership in games is also significant. Jeffrey Gwei, founder of theweb3game.com, points out that Web2 sector players will discover increasing value in owning digital goods in games, which can be transferred and owned. This changes the approach to the value of items in games and dispels many misunderstandings.
Leah Callon-Butler, director of Web3 advisory firm Emfrasis and a board member of BGA, notes that consistently pointing to ‘Digital Asset Ownership’ as the main benefit of blockchain games over the last three years indicates a strong industry consensus about the future they are jointly creating.
Finally, it is worth mentioning that in the third quarter of 2023, an additional $600 million was invested in Web3 game projects, bringing total investments for the year to over $2.3 billion. According to a Fortune Business Insights report, the global blockchain gaming market is expected to reach a value of $615 billion by 2030, representing an annual growth rate of 21.8% compared to the market value of $128 billion in 2022.
This dynamic combination of two worlds – gaming and blockchain technology – paints a picture of a constantly evolving gaming industry, offering both players and creators new, exciting opportunities.
Photo by Florian Olivo on Unsplash
