- 40% of blockchain game developers anticipate traditional gaming studios will majorly drive the Web3 gaming sector in 2024.
- The Blockchain Gaming Alliance report highlights a strong belief in digital asset ownership and the integration of Web2 and Web3 technologies.
Traditional Gaming Studios Poised to Propel Blockchain Gaming in 2024
As the blockchain gaming industry evolves, a significant shift is anticipated in 2024, with traditional gaming studios playing a pivotal role in the sector’s advancement. The Blockchain Gaming Alliance’s (BGA) recent
“2023 State of the Industry Report”
sheds light on these expectations.
A Fusion of Web2 and Web3 Gaming
The report, which surveyed 526 blockchain gaming professionals, reveals a strong belief among 37.8% of respondents that traditional (Web2) gaming studios entering the Web3 space will be key growth drivers in the coming year. These studios are expected to either launch new blockchain-based games or incorporate blockchain elements into existing titles. In 2023, nearly 20% of respondents noted that the introduction of nonfungible token (NFT) games by traditional studios was a significant positive factor, while 15.2% recognized the transition of these studios into the Web3 arena as impactful.
Adoption Growth and Digital Ownership
The findings also highlight a confident projection that over 20% of the global gaming industry, valued at $347 billion, will integrate blockchain technology in some form by 2024. Jeffrey Gwei, founder of theweb3game.com, emphasizes the growing value for Web2 gamers in digital ownership of in-game assets, expecting this trend to deepen in 2024.
Leah Callon-Butler, director of Web3 advisory firm Emfrasis and a BGA board member, underscores the industry’s consensus on digital asset ownership as a cornerstone of blockchain gaming’s future.
Investments and Market Growth
The report also mentions substantial investments in Web3 gaming projects, totaling over $2.3 billion in 2023. This investment surge, coupled with a Fortune Business Insights report projecting the global blockchain gaming market to reach $615 billion by 2030, indicates robust growth and an exciting future for the industry.
Conclusion: A Transformative Era for Gaming
The integration of traditional gaming studios into the blockchain sphere marks a transformative era for gaming, blending the established allure of mainstream gaming with the innovative potential of blockchain technology. As the industry gears up for a landmark year in 2024, the fusion of Web2 and Web3 gaming promises to unlock new possibilities in digital ownership, game design, and player engagement, setting the stage for an expanded, dynamic gaming universe.