Web2 studios embracing Web3 technology
Nearly 40% of blockchain game developers believe that traditional gaming studios will be one of the biggest positive driving forces for the Web3 gaming sector in 2024, according to a report by the Blockchain Gaming Alliance (BGA).
Adoption growth in 2024
The report, titled "2023 State of the Industry Report," surveyed 526 blockchain gaming professionals between August and October 2023. It found that 37.8% of respondents believed Web2 studios launching new games in Web3 or applying blockchain elements to existing titles would help push the industry forward in 2024.
Value of digital ownership
When asked to identify the biggest positive driver in 2023, 19.8% of respondents cited traditional game studios launching nonfungible token games, while 15.2% pointed to the same studios transitioning into Web3. Overall, 35% of all respondents believed the industry benefited the most from Web2 game studios committing to adopt Web3 technology in 2023.
Confidence in blockchain technology
Blockchain game developers are convinced that 2024 will be the year of adoption growth, with more than half of respondents confident that over 20% of the total $347 billion global gaming industry will leverage blockchain technology in some way within the next year.
Increasing investments in Web3 gaming
A further $600 million was poured into Web3 gaming projects in Q3 2023, making the total investments surpass $2.3 billion in the year so far, according to DappRadar.
Growth projection for blockchain gaming market
According to a recent report from Fortune Business Insights, the size of the global blockchain gaming market is projected to reach $615 billion by 2030. This equates to a compound annual growth rate of 21.8% from the $128 billion market size in 2022.
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