Over 79% of Users Interested in Web3 Gaming Despite Overall Reduced Activities: Report

Blockchain Game Alliance (BGA), an organization aimed at developing the blockchain gaming industry, has released its latest survey. The survey encompasses the industry’s opportunities and challenges as 2024 inches closer.

79% of Respondents Interested in Web3 Gaming

Conducted in partnership with the consulting firm Emfarsis, the BGA’s third State of the Industry Report shows valid responses from 526 individuals with expertise in gaming, blockchain, and other fields. Most of the participants came from Europe, followed by Asia.

Since the last bull run in November 2021, the blockchain gaming industry, like other facets of the crypto space, has been enveloped by a wave of bearish trends. Despite the reduced attention given to Web3 gaming, 79% of respondents show interest by stating that they will continue working in the industry over the next year.

Another 44.3% mentioned receiving their payroll this year via cryptocurrencies like stablecoins.

Highlighting the challenges, 55.1% of survey respondents pinpointed onboarding as the primary issue for users joining the blockchain gaming industry. Another 70% struggle with the misconception that blockchain gaming is a scam.

The survey also showed a need for gender diversity, as only 16.9% of respondents were females. The metric is at an all-time low compared with previous years when the BGA conducted surveys.

Focusing on industry drivers, 37.8% foresee that Web2 game studios will push the blockchain gaming industry forward. 52% of participants expect a sizable number of gaming studios to delve into blockchain gaming. This year, major studios like Ubisoft and Square Enix have plunged into the intersection of blockchain technology and gaming.

Web3 Gaming Projects Secure $2.3B in 2023

Amid the prolonged crypto winter, Web3 gaming projects have recorded substantial growth in their revenues. This year alone, these projects have secured a whopping $2.3 billion in investments.

Among other metrics from the analytics platform DappRadar, over 786,000 unique addresses have been opened in the third quarter of 2023 alone.