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Blockchain game developers believe that approximately 40% of those in the Web2 sector think that gaming companies will become one of the biggest driving forces behind the Web3 game sector by 2024. The Blockchain Gaming Alliance (BGA) revealed in its State of the Industry Report published on December 12th that 37.8% of participants believe Web2 studios developing new games in the Web3 sector or integrating blockchain into existing games will advance the industry in 2024.
Web3 Games to Dominate the Scene by 2024
When participants were asked to identify the biggest positive driving force for the year 2023, 19.8% highlighted that Web2 game studios were launching NFT games, while 15.2% pointed out the transition of the same studios to Web3. Overall, 35% of all participants believe that the sector will benefit most from Web2 game studios embracing Web3 technology in 2023, expressing their excitement for this trend.
Blockchain game developers believe that 2024 will be the year of adoption, with more than half of the participants confident that over 20% of the total $347 billion global gaming industry will benefit from blockchain technology in some way within the next year.
Striking Predictions for the Year 2030
The report mentions that a survey was conducted between August and October 2023 with 526 blockchain gaming experts. Jeffrey Gwei, founder of thewebsite theweb3game, stated that by 2024, Web2 players will appreciate the increasing value of in-game assets in crypto ownership, saying, “They will learn that their items have value, belong to them, can be transferred, and will gradually let go of many misconceptions.”
Leah Callon-Butler, director of Web3 consulting firm Emfrasis and a BGA board member, shared in a statement: “The fact that survey participants consistently rated ‘Crypto Asset Ownership’ as the most important benefit of blockchain games over three years shows a strong consensus within the industry about the future we are all building.”
According to blockchain data analysis firm DappRadar, the third quarter of 2023 saw a flow of $600 million into Web3 gaming projects, bringing the total investments for the year to over $2.3 billion. A report by Fortune Business Insights predicts that the global blockchain gaming market size will reach $615 billion by 2030, which corresponds to an annual compounded growth rate of 21.8% from the market size of $128 billion in 2022.
