The web3 gaming market is experiencing significant growth, capturing the attention of major gaming studios. According to a report by Coingecko, 29 of the world’s 40 largest gaming companies are already investing in web3. These investments span developing blockchain games, funding web3 projects, and hiring blockchain specialists according to Immutable (IMX).
Massive Market Opportunity
Game studios are recognizing the vast potential of web3 gaming. Recent projections indicate that the market could expand from $4.6 billion in 2022 to an astounding $65.7 billion by 2027. Robbie Ferguson, co-founder and President of Immutable, emphasized the underestimated potential of web3 gaming at the Token2049 conference. Immutable, in collaboration with King River Capital and Polygon Labs, has launched a $100 million web3 gaming fund to support developers and studios transitioning to blockchain-based gaming.
Immutable’s platform supports over 330 games, with nearly 40% expected to launch in 2024. The significant investment of nearly $20 billion in gaming platforms over the last four years underscores the industry’s confidence in web3 gaming.
New Digital Ownership, Distribution & Monetization Models
Web3 gaming is revolutionizing the relationship between players and publishers. Unlike traditional gaming, where monetization models often burden players, web3 gaming aligns the incentives of both parties. Players gain true ownership of their digital assets, and game developers can benefit from continuous, non-exploitative monetization mechanisms.
For instance, the trading of physical cards in games like Magic: The Gathering generates significant value, but the developers cannot monetize secondary trading. Web3 technology allows studios to earn a percentage of every transaction, providing a sustainable business model. Immutable’s platform simplifies the development of web3 games by providing comprehensive tools, APIs, and SDKs, enabling developers to focus on creating engaging gameplay experiences.
Increased Player Retention & Engagement
Web3 gaming offers enhanced tools for maintaining player engagement. Flagship games like Gods Unchained and Guild of Guardians demonstrate the potential of web3 to sustain player interest. Data from Gods Unchained shows that web3 gamers transact over $130 monthly, far exceeding the revenue generated by traditional games.
Additionally, web3 gamers are more inclined to make frequent transactions, indicating a higher level of engagement. Immutable Passport, an authentication solution, simplifies player onboarding and offers secure digital wallets, fraud protection, and seamless authentication across web3 games and marketplaces.
Conclusion
Web3 gaming is poised to disrupt the $200 billion gaming industry. Studios that adopt this technology early will be well-positioned to capitalize on the burgeoning market. Immutable’s platform provides developers with the tools to create web3 games that leverage the massive market opportunity, new monetization models, and enhanced player engagement mechanisms.
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- Source: https://Blockchain.News/news/why-top-gaming-studios-are-diving-into-web3-gaming
