A new international survey conducted by Coda Labs and Raptor PR shines a light on the role that Web3 has to play in the gaming industry.
The survey is composed of games industry professionals and saw responses from 154 participants, most of them based in the USA, UK, and Turkey. Three-quarters of the respondents work directly on programming and game development. With little over one-quarter being company founders or part of senior management.
The survey results show that the majority of game developers believe that Web3 is here to stay and will play a significant role within the industry. According to the results, 56% of respondents believe that Web3 technology will revolutionise the games industry. While a huge 75% expect that they will work with Web3 aspects in the future, with 62% stating they already have experience in this area of gaming. The survey also asked if respondents thought Web3 tech to be a fad, with 68% stating no.
New opportunities
CEO and founder of Coda Labs, Sekip Can Gökalp commented on the survey results saying “The potential benefits of web3 games for players are well-debated. But the upsides for developers and studios tend to fall by the wayside. This survey shows that a majority of developers have already dipped their toes into web3 game development. Driven by benefits such as additional funding, new revenue streams, and player retention. As with our consumer study earlier this year, it’s clear that there are plenty who don’t perceive benefits for them. As someone who has published mobile games totalling more than 100 million downloads, I do believe that the current model of paid user acquisition and platform fees is out of date, and web3 represents an opportunity for developers to replace it with a more equitable one.”
While the majority of the results point to a positive future, some results highlight concerns. With 32% of participants saying Web3 games are a fad, and stating they perhaps won’t be around for long. On top of that, 31% went as far to say that Web3 games are a scam. When considering the obstacles that face Web3 development, 27% of participants noted that player adoption would be the main issue. A further 21% stated they were conscious of the often complex user experience of Web3 titles.
While most are anticipating they may be working within Web3 in the future, there is still some uncertainty within the industry. However, despite this and the ongoing crypto winter blockchain gaming is still standing firm. Throughout 2022 at least $7.8 billion has been invested in Web3 games and gaming projects.
“Not if, but when”
Founder and CEO of Raptor PR, Rana Rahman also spoke on the future of Web3 commenting that “Despite polarised opinions about web3 gaming in both consumer gaming and games industry circles, there’s an undeniable momentum behind it. As this data shows. This momentum isn’t just purely driven by commercial gain, such as a drive to be the next F2P, but to improve aspects of gaming and the business of the games industry. As well as better revenue share for creators and devs, obvious player-first concepts such as gameplay progression and basic interoperability spring to mind. Based on my discussions with industry leaders from indies to AAAs, there’s a ton of activity happening to deliver games with smart use of web3. It’s not a question of ‘if’ web3 gaming will take off, rather, ‘when’.”
Various companies are looking to support the future of Web3 such as Animoca Brands, who announced a new $2 billion fund which is dedicated to metaverse start-ups. Game7 also recently unveiled its new Web3 plug-in making blockchain technology easier to incorporate into Unreal Engine.
Paige Cook is a writer with a multi-media background. She has experience covering video games and technology and also has freelance experience in video editing, graphic design, and photography. Paige is a massive fan of the movie industry and loves a good TV show, if she is not watching something interesting then she's probably playing video games or buried in a good book. Her latest addiction is virtual photography and currently spends far too much time taking pretty pictures in games rather than actually finishing them.
