The Blockchain Game Alliance (BGA) has released its comprehensive 2023 State of the Industry Report, revealing significant insights into the blockchain gaming sector’s resilience and growth, even as it navigates through the ongoing ‘Crypto Winter.’

Access the Blockchain Gaming Report for 2023 here: https://www.blockchaingamealliance.org/bga-2023-industry-report/

Survey Insights and Methodology

• The report draws from an extensive online survey conducted by BGA and Emfarsis, capturing the viewpoints of blockchain gaming professionals.
• The survey included 22 questions, focusing on careers, industry growth, adoption, and pressing issues, providing a unique window into the dynamics of this evolving sector.

Key Finding: Resilience Amid Crypto Winter

Despite the so-called crypto winter, when prices are depressed and investments have cooled down, innovation in the blockchain gaming space continues, the report stated.

• The industry witnessed over US$2.3 billion in investments in 2023, reflecting its potential for growth.
• Notably, 79.7% of survey respondents expressed their intention to remain in the industry in the coming year.

Challenges and Opportunities

In the previous BGA Report, onboarding and accessibility were identified as a top challenge for the industry, while “play-to-earn” was no longer seen as the narrative that will drive blockchain gaming adoption.

• In the 2023 report, 55.1% highlighted onboarding as the critical issue.
• 70% of the respondents think many people still believe blockchain gaming almost immediately means scams.
• However, the report also highlighted the fact that there are fewer female respondents to the BGA survey — 16.9% — lower than the previous years’ reports.

Among the opportunities highlighted by the respondents are:

• Asset ownership, often called the most important contribution of blockchain to video games, is still regarded as the top advantage of using blockchain in games.
• Atleast 52.1% anticipates that more and more games, amounting to 20% of the industry, will adopt blockchain in the future.

Geographic Trends

Geographically, Asia, particularly the Philippines, stands out for its rapid adoption rates in blockchain gaming.

The Philippines hosted the YGG Web3 Games Summit last month, the largest web3 gaming conference in the region. In the presentation of Sky Mavis co-founder Jeff Zirlin during the summit, it was revealed that majority of its gamers

Europe leads in survey respondent representation, while the Middle East and North Africa (MENA) region emerges as a significant player, thanks to improved web3 regulatory clarity, the report stated.

Looking ahead

One of the things this writer mentioned to many of the interviews did during the YGG Summit was whether or not the big video game publishers and developers (dubbed web2 studios) will seriously dabble in blockchain gaming:

• The BGA report stated that majority of the responders think the web2 studios venturing into web3 is always a positive development.
• The web3 industry would benefit from these traditional studios’ experience and brand recognition, said the report.

This article is published on BitPinas: Blockchain Gaming Industry Shows Resilience Amid Challenges: BGA 2023 Report

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• Source: https://bitpinas.com/feature/bga-report-2023/