40% of crypto game devs will bank on the trad game by 2024

Nearly 40% of blockchain game developers believe that traditional game studios will be the biggest positive driving forces for the Web3 gaming sector in 2024.

In its “2023 State of the Industry Report” released on December 12, the Blockchain Gaming Alliance (BGA) found that 37.8% of respondents believe that Web2 studios launching new games in Web3 or applying blockchain elements to existing titles will help push the industry forward. Forward in 2024.

In the year When asked to identify the biggest positive driver in 2023, 19.8% of respondents cited traditional game studios launching Invincible Token games, while 15.2% said the same studios would transition to Web3.

Overall, 35% of all respondents believed that the industry is more likely to use Web3 technology than Web2 game studios in 2023.

Blockchain game developers are confident that 2024 will be a growth year for adoption, with more than half of respondents confident that more than 20% of the $347 billion global gaming industry will use blockchain technology in some way within the next year.

The report surveyed 526 blockchain gaming professionals between August and October 2023.

According to Geoffrey Gwe, founder of theweb3game.com, Web2 players will find added value in digital ownership of their in-game assets going into 2024.

“They realize that their goods have value, they are owned, they are transferable and they slowly let go of most of the misconceptions.”

“The fact that respondents to the survey consistently listed ‘digital asset ownership' as a top benefit after three years running the blockchain game shows a strong consensus within the industry that we are all building towards in the future,” Emfrasis, a Web3 consulting firm, and a BGA board member told Cointelegraph.

Related: How the crypto bull run will affect Web3 games beyond gaming

An additional $600 million was poured into Web3 gaming projects in Q3 2023, bringing the total investment to $2.3 billion so far this year, Dapradar said.

According to a recent report from Fortune Business Insights, the size of the global blockchain gaming market is expected to reach $615 billion by 2030. This equates to a 21.8% compound annual growth rate to a market size of $128 billion by 2022.

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