Most game developers are not interested in blockchain tech or NFTs
A recent survey conducted by analytics platform Statista found that a small percentage of game developers associated with gaming studios, only 7%, are “very interested” in utilizing blockchain technology.
Blockchain tech lacks adoption from existing game developers
The same survey revealed that a majority of game developers from studios worldwide, 75%, stated that their studios have no interest in utilizing blockchain technology. The survey polled 2,300 game developers globally.
Only 16% stated that their studios had some level of interest in using blockchain technology. Furthermore, only a very small number of game developers out of the ones surveyed, 2%, reported that their studios are currently utilizing cryptos, NFTs, or Web3-related technology to enhance their games.
Overall, it seems that while the interest in blockchain technology among game developers may be lagging behind investors and mainstream adoption, there are still some studios and developers who see potential in the technology and are working to integrate it into their games.
Blockchain gaming still has a promising future
Data shows that the global market for blockchain gaming is predicted to see substantial expansion in the near future. A recent study by ResearchAndMarkets.com forecasts that the market size will grow from USD 4.6 billion in 2022 to USD 65.7 billion by 2027, with a CAGR of 70.3%. This growth is attributed to various factors, such as the rise in investment in blockchain games.
Even big brands are beginning to jump onto the industry. Today, tech giant Amazon made headlines as it is reportedly preparing to debut blockchain-based gaming platforms along with other NFT applications in Spring 2023.
It is said that Amazon aims to offer blockchain-based games with NFT features. The company is said to be building a multi-layered platform that will allow digital gamers to collect NFTs as they play. With a large customer base already in place, Amazon has the potential to drive significant adoption of blockchain-based gaming.
Web3 investment to boost the blockchain gaming industry
Although the cryptocurrency market has faced challenges in 2022, investment in the web3 sector has remained steady. A report by Galaxy Digital shows that venture capital firms have invested over $30 billion in blockchain and crypto companies, with a substantial portion of the funding directed towards the web3 sector, including areas such as NFTs, decentralized autonomous organizations, the metaverse, and blockchain gaming.
This trend is expected to continue in 2023, which could be vital for the growth of blockchain gaming. New studios seem to be the ones adopting the technology and launching new titles, as existing ones may lag behind when adopting the new tech, as shown by the survey conducted by Statista.
Just this week, Mythical Games, a blockchain-based gaming company, announced it plans to secure $50 million in funding further to develop its role in the blockchain gaming market. The CEO, John Linden, traveled to Dubai, a major center for blockchain technology, to meet with potential investors