The biggest names in gaming such as Microsoft, Tencent, Sony, and Nintendo are exploring the potential of blockchain & NFTs.
That's right, 72.5% of the top video game companies by market cap have ventured into web3?
Here's how and why?
According to a report by coingecko 29 out of 40 top video game companies have adopted web3 technologies to varying extents.
Some have invested directly in web3 gaming projects, some have developed their own blockchain games, and many have hired staff for blockchain roles. Seven companies are actively developing blockchain games:
Take-Two Interactive, Nexon, Bandai Namco, Konami Holdings, Krafton, Square Enix, and Ubisoft. These games can range from casual to hardcore, from fantasy to sci-fi, and from RPG to strategy.
Blockchain games that are in the midst of development, only Krafton’s Overdare (previously known as Project Migaloo), is set to soft launch in December 2023 and fully release in 2024.
Other notable games include Zynga's Sugartown and Bandai Namco's Ryuzo, which have already launched NFTs exclusive to their gaming ecosystems. Sugartown's Oras act as passes to access the platform, while Ryuzo's Maryus can be burnt to create Rya, a Tamagotchi-like token.
The adoption of #web3 by established videogames companies is not without challenges. Some of the barriers include scalability issues, market acceptance, regulatory uncertainty, and security risks. The adoption rate is still relatively low compared to the market size.
Web3 gaming is still in its early stages, but it has the potential to revolutionize the video game industry. By giving players more ownership and control over their gaming experiences, Web3 gaming can create a more immersive and engaging experience for everyone.
As of September 2023, the top 10 video game companies had a combined market cap of $3,219.6 billion, while the top 10 gaming tokens had a total market cap of $4.8 billion. This shows the huge potential for growth and innovation in the web3 gaming industry.