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Blockchain Gaming – Are We Having Fun Yet?

Newsletter - February 2024



Dear Partners and Friends,


Welcome back to the latest edition of our research series on key concepts and developments in Web3.


Video games is an industry nearing US$190bn in size that is larger than the movie box office and music markets combined. In terms of harnessing the power of true ownership of digital property through blockchain, few arenas are comparable to the approximately US$80bn market that comprises in-game item purchases. Any gamer – for the same game – would choose the ability to sell or trade an in-game item versus simply returning it to the game developer when they finish playing a game. For this reason, gaming is widely considered to be one of the most promising drivers of mass adoption for blockchain within consumer technology given its global appeal to the over three billion active gamers today.


The industry’s growth has been driven by two key factors, the first of which is continuous innovation and bold experimentation with new models. The most pertinent example is the advent of mobile games and the “free-to-play” (F2P) concept, which have helped to double the size of the player base. Mobile games like Candy Crush Saga, released in 2012, played pivotal roles in popularizing the F2P model. The second factor is that players have progressively become more digitally native, to the extent where traditional media competes for the attention and dollar spend on video games. The growth trajectory and sheer size of the global eSports market is a good example of this trend.


The industry’s evolution to date has set the stage for the next paradigm shift as game developers incorporate blockchain technologies into games, creating tremendous value for both players and content studios alike. In this edition we unpack the essential features of Web3 games and some key upcoming game launches.


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