December 23, 2023 7:30 AM
The Blockchain Game Association has a new report on the state of the industry.
Image Credit: Blockchain Game Association
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The blockchain game industry is eagerly searching for new solutions, and it’s looking to Web2 studios and franchises to lead the way.
That’s one of the insights from the 2023 State of the Industry Report from the Blockchain Game Alliance.
In a survey of 526 people at blockchain game companies, a significant 19.8% of those surveyed believe that traditional game studios venturing into the realm of Web3 gaming will have the most positive impact this year.
Moreover, 15.2% highlighted the transition of Web2, or traditional gaming, into Web3 as a critical driver. A total of 35.0% agreed that Web2 game studios committing to the adoption of Web3, leveraging their talent, experience, brand recognition, and vast mainstream audiences, has already been a pivotal factor in the industry’s progress this year.
The respondents were spread across the U.S., Europe, Asia and Latin America. About 70.7% of respondents in 2023 were in senior positions, whether as founders or at the executive level, or as non-executive managers within their companies and protocols.
Demographics of Web3 game report.
The BGA noted that its members grew in certain regions, with respondents in Middle East and North Africa accounting for 5% of respondents, compared to few responses in the previous reports. That was due in part to regulatory clarity for Web3 in places such as Dubai and the United Arab Emirates in general. In 2022, Dubai committed $4 billion to metaverse development over five years, and Saudi Arabia’s Neom special economic zone recently invested $50 million in Animoca Brands.
Crypto Winter?
A sample of members of the Blockchain Game Association.
Over half of the respondents (52.1%) foresee a noteworthy shift within the next 12 months. This confidence is reinforced by the commitments of influential Web2 gaming giants like CCP Games (EVE Online), Nexon (MapleStory), Ubisoft, Square Enix, Bandai Namco and others who signaled intentions to adopt Web3 in 2023.
It was a year that saw wild swings in cryptocurrency prices and new scandals with companies like Binance facing regulatory actions. But Bitcoin prices have soared in recent weeks and have roughly doubled to more than $43,000 per Bitcoin compared $22,000 at the beginning of the year.
In spite of the Crypto Winter, DappRadar reported that blockchain gaming saw an average of 786,766 unique active walets in Q3 2023. Web3 gaming projects had also raised $2.3 billion in investments by the end of September, though funding has dropped compared to a year earlier.
The BGA has over 390 corporate members and 110 individual members now.
