Blockchain
Why the best game studios are diving into Web3 gaming
The web3 gaming market is experiencing significant growth, capturing the attention of major game studios. According to a report by Coingecko, 29 of the 40 largest gaming companies in the world are already investing in web3. These investments concern the development of blockchain games, the financing of web3 projects and the hiring of blockchain specialists second Immutable (IMX).
Huge market opportunities
Game studios are recognizing the vast potential of web3 games. Recent projections indicate that the market could expand from $4.6 billion in 2022 to an astonishing $65.7 billion by 2027. Robbie Ferguson, co-founder and president of Immutable, highlighted the underappreciated potential of web3 games at Token2049 conference. Immutable, in partnership with King River Capital and Polygon Labs, has launched a $100 million web3 gaming fund to support developers and studios in the transition to blockchain-based gaming.
Immutable’s platform supports over 330 games, of which nearly 40% are expected to launch in 2024. The significant investment of nearly $20 billion in gaming platforms over the past four years underlines the industry’s confidence in web3 gaming.
New models of digital ownership, distribution and monetization
Web3 games are revolutionizing the relationship between players and publishers. Unlike traditional games, where monetization models often burden players, web3 games align the incentives of both parties. Gamers gain true ownership of their digital assets, and game developers can benefit from seamless, non-exploitative monetization mechanisms.
For example, trading physical cards in games like Magic: The Gathering generates significant value, but developers cannot monetize the secondary trading. Web3 technology allows studios to earn a percentage of each transaction, providing a sustainable business model. Immutable’s platform simplifies web3 game development by providing comprehensive tools, APIs, and SDKs, allowing developers to focus on creating engaging gaming experiences.
Greater player loyalty and engagement
Web3 games offer advanced tools to keep players engaged. 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 players transact over $130 per month, far exceeding the revenue generated by traditional games.
Furthermore, web3 players are more likely 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 games are poised to revolutionize the $200 billion gaming industry. Studios that adopt this technology early will be well positioned to take advantage of the burgeoning market. Immutable’s platform provides developers with the tools to create web3 games that take advantage of massive market opportunities, new monetization models and improved player engagement mechanisms.
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