Game7, a prominent web3-focused gaming community, has recently unveiled its comprehensive report, "State of Web3 Gaming 2023," providing an insightful snapshot of the current landscape within the web3 gaming industry.
This extensive analysis, conducted by Game7's Core Contributor George Isichos, delves into critical data, trends, and insights drawn from an examination of over 1,900 blockchain games, 1,000 funding rounds, and 170 blockchain ecosystems.
Isichos emphasized the report's commitment to a neutral assessment of the broader web3 gaming ecosystem, prioritizing core game development challenges over tokens and speculation.
Key findings reveal the Asia-Pacific (APAC) region as a leader in web3 game development, hosting 40% of developers, with North America closely following at 30%. The USA emerges as the primary market for web3 game developers (30%), followed by South Korea (12%), the UK (6%), Singapore (6%), Vietnam (4%), and Australia (4%).
The report tracks the evolution of web3 gaming investments post the 2022 market correction slowdown. By Q3 2023, investments in blockchain gaming reached $1.5 billion, with over $800 million directed specifically to web3 gaming. US-based projects secured over $4 billion, while France, Canada, Singapore, and Hong Kong received funding ranging from $0.66 to $0.9 billion.
Despite market challenges, the gaming sector saw significant blockchain growth, with 81 new networks targeting gaming announced in 2023, marking a 40% increase from the previous year.
Distribution remains a major hurdle for the web3 gaming stack, with over half of the games inaccessible on mainstream platforms. However, platforms like the Epic Games store displayed growing support, featuring 69 web3 games by October 2023, compared to just two in June 2022. The report highlights the substantial migration of web3 games across different networks, intensifying competition among blockchains. Notable choices in 2023 were Polygon, Immutable, and Arbitrum.
Web3 gaming, with its potential to revolutionize the industry, offers players new monetization avenues, decentralized governance, increased interoperability, and enhanced user experiences. As the report concludes, web3 gaming holds the promise of creating a more sustainable, equitable, and enjoyable gaming experience for all.