TL;DR
The Web3 gaming market continues to grow, with funding stabilized at $1 billion and a 72% increase in the use of Arbitrum compared to last year.
Telegram stands out as a key platform for new releases, representing 21% of Web3 games.
Despite the progress, only 45% of Web3 games are in a playable state and only 34% have blockchain integration.
The Web3 gaming market continues to solidify as one of the most dynamic and promising areas of the blockchain industry, with its growth reflecting greater adoption by both developers and players.
According to the “State of Web3 Gaming” report by Game7, funding in this market has stabilized at around $1 billion, marking a decline from the highs seen in 2022 and 2023, when figures reached nearly $4 billion.
Game7, in collaboration with @naavik_co, is thrilled to share its second Annual State of Web3 Gaming Report!
2,500+ Blockchain Games
1,500 Funding Rounds
100+ Ecosystems
6 Years of Industry Data
Download the full report here: https://t.co/VbYTm0OUWf
Let’s explore… pic.twitter.com/opDhuGBwEA
— Game7 DAO (@G7_DAO) November 14, 2024
Despite the drop, the report highlights the prominence of Telegram, which now accounts for 21% of new Web3 game launches. This platform has become a key channel for developers looking to showcase their creations and take advantage of the benefits of blockchain technology in their projects.
Arbitrum and Telegram Leading the Industry
Additionally, the Arbitrum network has established itself as one of the most widely used in the ecosystem, showing a 72% growth compared to last year, with 119 games published on its platform. This increase also reflects a shift in developer preferences, as they move from networks like Polygon to solutions such as Arbitrum and Immutable.
On the other hand, development teams from the Asia-Pacific region continue to lead in innovation. 39% of new Web3 games are launched from this area, followed by North America, which accounts for 36%. Despite steady growth, the ecosystem still faces several challenges, particularly in terms of development and integration. Only 45% of Web3 games are in a playable state, while only 34% have effective blockchain integration.
The Importance of Independent Development
The sector is also seeing strong participation from independent developers, who remain the main drivers of the ecosystem. More than 90% of game launches in 2024 are from small studios. Funding, although it has increased by 17% compared to last year, has shown a shift toward smaller and more strategic rounds, with significant growth in game token launches.
Steam Closes the Doors to Web3
On the other hand, distribution platforms like Epic Games Store, which has added 81 new Web3 titles in 2024, seem to be more open to innovation, while Steam continues to restrict the launch of blockchain-based games
