The latest Blockchain Game Alliance Report suggests that the Web3 gaming space is gaining more users from video game enthusiasts rather than crypto fans.
Its 2024 State of the Industry Survey and Report shows over half of respondents, 52.5%, reported gaming expertise.
READ: YGG Pilipinas Roadtrip will bring Web3 to local communities
Conversely, blockchain or cryptocurrency specialists only accounted for 10.8%, suggesting that Web3 gaming adoption is growing outside the crypto space.
As a result, the BGA sees a brighter future for the blockchain industry and believes the technology will evolve significantly.
A closer look into Web3 gaming today
Here are the 2024 State of the Industry Survey and Report findings:
- 71% of respondents see digital asset ownership as the biggest benefit of blockchain technology.
- 4 out of 10 say new player reward models and revenue models are the next biggest rewards.
- 52.5% of blockchain gaming professionals come from the video gaming space rather than cryptocurrency.
“In 2024, we’ve seen real progress in making blockchain games more accessible,” said Sebastien Borget, President of the BGA.
“And now, industry professionals say that onboarding is less of a barrier than it was last year,” he added.
Nevertheless, the results show persisting industry challenges:
- 53.9% say onboarding challenges and poor user experience (UX) are still the biggest challenges.
- 66.3% believe the main misconception against blockchain games is that they are scams or Ponzi schemes.
- 29.5% think Web3 gaming is full of bots.
- 18.6% say traditional games and intellectual properties (IP) moving into Web3 had the greatest positive impact.
- Women only represented 17.3% of the respondents, highlighting an ongoing challenge with gender diversity
Blockchain Game Alliance is an organization committed to promoting blockchain within the game industry.
In 2024, BGA partnered with consulting firm Emfarsis to conduct this year’s State of the Industry Survey and Report.
READ: YGG Pilipinas and Immutable collab to launch GOG game
The survey was a qualitative-quantitative or hybrid study, which used a cohort cluster and time series data analysis.
BGA posted the survey online and received 623 valid responses. It is an 18.4% increase over 2023 and three times the number of responses from 2021.
Web3 gaming’s present and future
Game developers are making it easier for players to adopt Web3 by leveraging social media platforms and mechanics:
- Social gaming: Web3 devs are opening access to their games via Telegram, the cloud-based messaging platform.
- Memecoins: Gamers can earn memecoins from in-game challenges or community events to encourage social interaction and engagement. Memecoins are digital assets designed for humor and usually have no value.
- Social share functionality: Users may buy and sell “shares” of their social connections. Consequently, they can engage with the Web3 gaming community closer and link with blockchain-based economies.
Prominent gaming companies have also been adopting Web3 with their latest blockchain projects:
- Sony developed a layer-2 Ethereum blockchain called Soneium to explore how Sony Group can build on it. Also, the company is developing community features like returning profits to creators and fans.
- Ubisoft, the firm behind the popular Assassin’s Creed franchise, is developing “Captain Laserhawk, The G.A.M.E.” It’s a game on the Arbitrum L3 blockchain, which took inspiration from the company’s “Far Cry 3: Blood Dragon.”
- Square Enix, the company behind the iconic Final Fantasy series, invested in the Web3 platform HyperPlay.
READ: YGG Pilipinas adds AI to Web3 Metaversity with 10XME acquisition
The Web3 gaming report presents a few possibilities for growth in 2025:
- Smaller Web3 gaming projects will merge into larger companies. Alternatively, larger ones will absorb these fledgling projects.
- Web3 will seamlessly blend into video games, letting gamers benefit from the technology without noticing it.
- AI will enhance Web3 gaming by gathering and analyzing player data, letting games adjust for each gamer.
- Players will carry their gaming reputation in other titles, promoting interconnected economies, collaborative storytelling, and a unified Web3 progression.
- Web3 will decentralize e-sports, allowing players to start and foster their own communities and promote engagement. Consequently, smaller communities will host their own tournaments.