Blockchain technology has yet to gain widespread adoption among game developers, according to a recent survey conducted by analytics platform Statista. The survey polled 2,300 game developers globally and found that only 7% of those associated with gaming studios are "very interested" in utilizing blockchain technology. In contrast, 75% stated that their studios have no interest in utilizing the technology, and 16% said their studios had some level of interest. Additionally, only 2% of game developers surveyed reported that their studios are currently using cryptos, NFTs, or Web3-related technology to enhance their games.
Despite the lack of interest among existing game developers, the future of blockchain gaming looks promising. A study by ResearchAndMarkets.com predicts that the market size will grow from $4.6 billion in 2022 to $65.7 billion by 2027, with a CAGR of 70.3%. This growth is attributed to various factors, such as rising investment in blockchain games and the entry of big brands like Amazon, which is reportedly preparing to debut blockchain-based gaming platforms along with other NFT applications in Spring 2023.
Investment in the web3 sector, including areas such as NFTs, decentralized autonomous organizations, the metaverse, and blockchain gaming, has remained steady despite challenges in the cryptocurrency market. A report by Galaxy Digital shows that venture capital firms have invested over $30 billion in blockchain and crypto companies. This trend is expected to continue in 2023, with companies like Mythical Games, a blockchain-based gaming company, announcing plans to secure $50 million in funding to further develop its role in the blockchain gaming market.
