Web3 gaming is seen as a contender in the traditional gaming industry, but a majority of traditional gamers find using the crypto wallet a tough task. Publicly available data notes that the Web3 game market was veiled at $26.38 in the previous year.
A report titled “The Future of Web3 Gaming is Competitive: Global Gaming Report 2024,” conducted in a joint operation of Elympics with PlayToEarn and Blockchain Game Alliance (BGA), surveyed 928 gamers globally to understand their take on Web3 games.
The survey includes several questions, such as why they play games, whether they have tried Web3 gaming, What they find in blockchain gaming, and other similar questions.
Primary Reason Barring Gamers to Play Web3 Gamers
The complexity of using crypto wallets has been barring 10 percent of gamers from exploring Web3 games, the survey reveals. However, 7.3 percent of the 928 gamers argue that they don’t understand the value behind blockchain gaming.
Roughly 9.1 percent of gamers don’t find it appealing, and 2.4 percent believe that traditional gaming or Web2 gaming is enough for them.
The survey identified airdrops and the potential of earning capital for gaming as primary answers from the majority of gamers. One other reason identified was to compete with other players.
Chris Avignon, CEO at PlayToEarn, quoted, “As the lines between gaming and blockchain blur, the next generation of players will not just play, but actively shape the worlds they engage with while behind empowered with true ownership of the assets they use in-game”.
Web3 Market Size
As per data available on fortunebusinessinsights(dot)com, the global blockchain gaming market size was valued at USD 154.46 billion in 2023 and is expected to grow with a CAGR of 21.8%, reaching USD 614.91 billion by 2030.
The blockchain gaming market was dominated by North America in 2022 with a 23.87% contribution.
When writing, the collective market capitalization of gaming crypto tokens was $18.10 billion with a volume of $1.90 billion. Immutable (IMX) tops the list in market capitalization with $2.39 billion, followed by Floki (FLOKI) at $1.30 billion, Notcoin has $803.35 million, and Beam has $749.69 million.
Source: CoinMarketCap Source: CoinMarketCap
Illuvium is the most pricey in terms of trading price, trading at $36.74, followed by MultiverX at $25.26 and Moon Tropica at $10.62. Baby Doge Coin has the lowest trading price among all gaming tokens/coins trading at $0.082249, followed by Cate Coin at $0.063475, Wagmi Games at $0.00001183, and Floki Inu at $0.0001358.
The intraday gainer among the gaming coins/tokens is Reef (REEF), trading at $$0.005453, surging 10.53%, followed by BinaryX (BNX) at $0.7562, Saga (SAGA) at $2.76, DEAPcoin (DEP) at $0.001269 and Baby Doge Coin at $0.082249 growing 8.21%.
