Game7, a Web3 gaming community, just released an independent Web3 Gaming Report that provides an in-depth analysis of the Web3 gaming sector, and contains valuable insights around trends in the space, data, and the past, present, and future of Web3 gaming.
Gathering ecosystem metrics from the past six years, the company collected and examined data from nearly 2,000 blockchain-based games, 170 blockchain ecosystems, and 1,000 funding rounds. The report considers gameplay trends, blockchains, Web3 gaming stack, fundraising, and competitive dynamics within the industry.
Here are some of the major takeaways from the report:
Asia Pacific (APAC) Leads Game Development
- 40% of all Web3 games were developed in the the Asia Pacific region. In 2023, half of all new Web3 games were developed in Asia.
- North America is not far behind, with 30% of new gaming teams.
- South Korea contributed an impressive 27% of Web3 gaming teams.
Web3 Gaming Investments
- Since 2018, $19B has been invested in Web3 gaming-related projects.
- Sports, action, and MMOs have led game genres in attracting funding since 2018.
- U.S.-based gaming projects lead all countries in funding, with more than $4B allotted.
AAA Web3 Games
- 94% of the Web3 gaming ecosystem consists of indie-level and midsize projects.
- AA and AAA titles contribute only 6% of the market share.
Pricing & NFTs
- 69% of Web3 games are free-to-play (F2P).
- 26% of Web3 games require players to possess NFTs to access the game.
- Most Web3 games (81%) use L1 networks.
- In 2023, over 80 new blockchains targeted Web3 gaming, a 40% increase in growth year-over-year (YoY).
- Most Web3 games are hosted on Polygon, then BNB and Ethereum Mainnet.
- Immutable has become the most popular L2 gaming ecosystem, followed by Arbitrum.
Distribution and Creation
- While 6 out of 10 Web games don’t reach mainstream distribution platforms, that is changing. The Epic Games Store now list 69 blockchain-based games, up from only two in June 2022.
- 95% of Web3 games are developed with Unity or Unreal Engine.
Core Contributor at Game7, who led the research, said that the report was the company’s first attempt to “index and better understand the broader Web3 gaming ecosystem.” Steven Chen, another Core Contributor, added that the research was “objective, transparent, and clear.” He hopes that the information can help developers make more informed decisions when developing games.
Web3 Gaming Is Emerging as a Major Sector
Despite the bear market, few sectors have garnered as much momentum recently as Web3 gaming, and excitement around the industry only appears to be increasing. At Rarity Sniper, we’ve covered several major stories about Web3 gaming in recent months.
Here are some of the top headlines from the burgeoning sector:
- Immutable and Ubisoft Partner to Enhance Web3 Gaming
- Web3 Gaming Projects Secure $600M in Q3 Funding: Report
- Immutable Teams with Amazon to ‘Supercharge’ Web3 Gaming
- Korean Gaming Giant Partners with Chainlink for Interoperable Web3 Gaming
- Mobile Gaming Giant Zynga Teases First Blockchain Title ‘Sugartown’
- Esports Gamers Express Interest in Blockchain Gaming
Time will tell what lies ahead for Web3 gaming, but if crypto and NFTs continue to surge as they have the past couple of weeks, and one day we return to the bull market, Web3 gaming looks poised to become an enormous business.
At Rarity Sniper, we’ll be keeping our eye on the industry and bringing you the latest breaking stories.