The emergence of the web3 gaming space has caused a stir in the gaming industry, introducing a host of new opportunities, challenges, and possibilities.
While many game developers are excited by the potential of web3 gaming, there are still areas of confusion and uncertainty that need to be cleared up.
In this article, we amalgamate multiple data points from various sources and make inferences to paint a clear picture of what game developers think of web3 gaming.
7 out of 10 Game Developers Want to Embrace Blockchain
A recent survey conducted by blockchain platform Stratis and insight agency Opinium among game developers in the US and UK showed that over 70% of developers are inclined to incorporating blockchain into gaming.
This is evidenced by the fact that 62% of game developers have experience working on web3 games, and 23% have already launched a web3 game. Such positivity potentially stems from the several opportunities that arise from the technology.
For example, developers foresee Web3 as a means to unlock new revenue streams, with 47% of them anticipating income generation through NFT sales and 43% considering cryptocurrency tokens as another potential source of earnings.
Additionally, 40% of them anticipate better user acquisition, and 36% expect improved user retention integrating web3. This is likely due to the new innovative methods that web3 gaming offers developers to interact with and maintain their users.
Moreover, Web3 gaming provides a more immersive experience for players, as they have a greater sense of ownership and control over their in-game assets and items.
It enables the creation of cross-platform and cross-gaming experiences. The interoperability of blockchain-based assets allows players to use their in-game items across multiple games, further enhancing player engagement and longer retention rates, which is beneficial for game developers.
Learn more on: Web3 Gaming- A deep dive
Voice of the Minority
The survey results also show that 32% of the participants aren’t quite ready to jump on the Web3 gaming bandwagon, considering it a passing trend likely to vanish in the long run. Now, let’s put on our detective hats and uncover the reasons behind this differing viewpoint among the remaining 30% of developers.
Their concerns might be a mixed bag, featuring elements like:
- Feeling lost in the world of token design and mechanics
- High development costs giving them a headache
- Web3 games still being the new kids on the block with limited adoption
- Navigating the murky waters of regulatory uncertainties around NFTs or tokens worldwide
- Scalability issues making them sweat
- Dealing with the bad rep Web3 games sometimes get
On top of that, there’s a growing concern that the dazzling allure of financial rewards in the Web3 gaming space might lead developers astray, causing them to prioritize monetary gains over crafting a truly engaging gameplay experience. Striking the right balance between embracing the financial opportunities of Web3 gaming, such as cryptos and NFTs, and delivering a compelling adventure for players is essential for long-term success in the industry. After all, what good is a treasure trove of digital riches if it’s buried in a lackluster game?
Even though the fascination with blockchain technology among game developers is gaining momentum, these concerns highlight that there’s still some homework to do. We need more education, research, and development to overcome the hurdles and limitations of blending blockchain into the gaming realm.
For instance, developers should get a firm grasp on how to weave blockchain technology into their games and find ways to cut down those pesky implementation costs. Plus, let’s not forget about making blockchain technology scalable enough to handle the high-octane throughput gaming demands, ensuring players enjoy a seamless, lag-free experience.
Opportunities for Game Developers in Blockchain
In the first six months of 2022, investment in blockchain gaming surpassed $5 billion. Animoca Brands announced a $2 billion investment fund aimed at supporting the development of startups in the metaverse sector, which encompasses virtual worlds, augmented reality, and other immersive digital experiences.
These investments are expected to fuel the growth of web3 gaming, which often leverages blockchain technology for decentralized and secure gaming platforms.
According to the DappRadar report, $739 million was invested in blockchain games in Q1 of 2023, with over 60% of this amount ($434 million) raised in March 2023.
The expected market value and growth rates of the web3 gaming industry are promising, with a global market value projected to reach USD 23.3 billion by 2028, increasing at a CAGR of 41.6% between 2022 and 2028. These significant investments and impressive growth rates highlight the wealth of opportunities available to developers in the web3 gaming space.
Moreover, the attractive salary range for web3 game developers makes it a lucrative career choice for many.
Read more on: 2022 Web3 Gaming Review & What’s expected from 2023?
Entering the Web3 Gaming Space: Tips and Resources
As developers consider venturing into the world of web3 gaming, it’s essential to be well-equipped with the right knowledge and tools. To help you get started, we’ve created an infographic that offers “10 Tips to Start Your Journey as a Web3 Game Developer.
For developers looking to delve deeper into the web3 gaming space and sharpen their skills, we have a detailed article on the complete web3 gaming tech stack that linked below:
Delve Dipper: The Complete Web3 Gaming Tech Stack
This comprehensive guide will help you navigate the complex world of web3 gaming development and better equip you for success in the industry.
Conclusion
The rapid adoption of blockchain technology within the video gaming industry is creating a wealth of exciting opportunities for developers.
The data presented in this article reveals that a growing number of game developers are embracing the potential of web3 gaming, leveraging the power of blockchain technology and NFTs to craft innovative and engaging experiences for players.
Despite some challenges and concerns, the overall trend indicates that more developers will continue to migrate to blockchain-based games as they recognize the benefits and convenience of decentralized gaming.
With the emergence of DeFi, GameFi, and play-to-earn economic models, it is expected that blockchain & web3 will continue to transform the video gaming industry in 2023 and beyond.
If you are a developer interested in joining the web3 gaming revolution and participating in this paradigm shift, now is the perfect time to start your journey.
