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.
In its “2023 State of the Industry Report,” released on Dec. 12, the Blockchain Gaming Alliance (BGA) 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.
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.
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.
The report surveyed 526 blockchain gaming professionals between August and October 2023.
Jeffrey Gwei, founder of theweb3game.com, said that Web2 gamers will also find increasing value in digital ownership of their in-game assets moving into 2024.
“They will find out their items have value, are owned by them, can be transferred, and slowly let go of most of the misconceptions.”
“The fact that survey respondents have consistently ranked ‘Digital Asset Ownership’ as the top benefit of blockchain gaming for three years running shows strong consensus among the industry in terms of the future we are all building toward,” Leah Callon-Butler, director of Web3 advisory firm Emfrasis and BGA board member, told Cointelegraph.
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.
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.