The niche of Web 3.0 games is a topic that gamers, developers, senior management, and industry leaders talk a lot about. Whether you call it blockchain, NFT, crypto, Web 3.0, or any other loaded name, you will see an array of emotions among the public. Some people will be completely confused, others will love and support it, and still others will hate it. No matter what most people think, the blockchain gaming industry has gotten more than $7 billion in investments through 2022.
However, we can’t deny the fact that this niche is miles away from mass adoption. There are several reasons, do check out our take on the challenges and subsequent solutions here. The anti-Web 3.0 sentiment is surely present, but is it in the majority? Or just a vocal minority? What do game developers think about blockchain games? What is the future of blockchain games? How do the creators of video games feel about this technology and its integration into video games?
Coda Labs and Raptor PR Survey on Web 3.0 and Gaming
Even though most people think that Web 3.0 games are bad, the facts show that this is not the case. A recent survey suggests that Web 3.0 game developers plan to work on Web 3.0 games in the future. Traditional game developers also believe that the integration of blockchain technology and other Web 3.0 technologies like the metaverse will have an impact on player retention and acquisition. So, most developers agree that Web 3.0 will be an important part of the future of gaming. These findings come to light after an international survey commissioned by Coda Labs and Raptor PR.
Survey Participant Details and Methodology
The people in the survey are professionals in the gaming industry from places like the United States, the United Kingdom, Turkey, Germany, and France. WALR, a member of the Society for Market Research, conducted the survey online. The fieldwork was completed earlier this year, in August. A total of 154 participants responded to the survey. Three-quarters of the respondents are directly related to programming and game development. While only a little more than one quarter consists of founders, co-founders, and other senior management, all of the professionals are associated with either of the three platforms: mobile, PC, or console.
Web 3.0 is Here to Stay
The survey reveals that the majority of game developers think that Web 3.0 isn’t going anywhere. The majority of people also believe that Web 3.0 will have a big effect on the gaming industry. A total of 56% of game developers believe that Web 3.0 technology will revolutionize the gaming industry. Besides, a stronger majority (75%) of the game developers are eager and expect to work with Web 3.0 elements in the future. This means that many game developers will test the blockchain gaming waters, establishing the notion that Web 3.0 is here to stay. On the question of previous experience in Web 3.0 gaming, 62% of game developers nodded yes.
Is Web 3.0 gaming a fad? Or a scam?
This part of the survey asks respondents if they think Web 3.0 is a fad. It was discovered that 68% of game developers believe Web 3.0 is not a passing fad. On the question of whether blockchain games are a scam, only 31% of the game developers agreed to it. So, if we combine the two, with 32% labeling it a fad and 31% regarding blockchain games as a scam, the population here poses a challenge.
Web 3.0 Integrations and Gamer Retention
The survey also asked game developers if they believe that Web 3.0 will help in player retention and user acquisition. 36% of respondents agreed that blockchain games will improve player retention. It is because blockchain gaming provides a strong incentive to come back for more in the form of rewards. According to a recent survey, most gamers want to play crypto games that let them earn Bitcoin. So, owning an NFT or crypto from a Web 3.0 blockchain game increases player motivation as well as the retention rate.
Key Takeaways from the Survey
- One of the survey's key findings is that the majority of game developers have already tested Web 3.0 game development. The motivation behind the flocking towards Web 3.0 game development lies in the inflow of massive investments, new revenue streams, and the added benefit of player retention. 47% of respondents believe that one of the main benefits of added income streams comes from NFT sales. Additionally, 43% believe that crypto tokens are the main source of additional revenue streams. So, blockchain games provide a better revenue-sharing model between developers and gamers. So, it is not about whether or not Web 3.0 gaming will take off, but when.
- Another key point in the survey is that more than half of the respondents believe that Web 3.0 technology will revolutionize the gaming industry. Moreover, a whopping 60% believe that Web 3.0 isn’t going anywhere anytime soon.
- However, when it comes to blockchain gaming as a scam or Web 3.0 as a fad, a sizable minority still believes that Web 3.0 and blockchain gaming are both fads and scams.
- Another key point lies in the new revenue streams via NFT sales (47%). And tokens (43%), resulting in improved player retention and acquisition. .
- 75% of game developers are positive that Web 3.0 games are in the future plans of their companies.
- A large portion of respondents have experience working on Web 3.0 game developments. However, only 23% of these developers have launched their Web 3.0 games.
- The survey also shows that the Web 3.0 sector is experiencing growth, as 57% of respondents said that they are hiring developers for Web 3.0 projects.
If it seems a bit more on the geeky side, then check out our Angelic game review. Check out our website and other social media channels to keep track of new games and updates in the Web 3.0 gaming space. If you like video game reviews, then check out our Youtube Gaming Channel.