Industry professionals continue to work in blockchain gaming despite Crypto Winter

Industry professionals continue to work in blockchain gaming despite Crypto Winter

Remy Sharp
Waqar Play-To-Earn | 12 Jan 2023 21:17 UTC

The BGA Member Survey Report for 2022 has been released, providing a comprehensive overview of the blockchain gaming industry. The survey results indicate that gaming professionals in the field have a positive outlook on blockchain gaming, despite the current downturn in the cryptocurrency market.

The survey sample population included BGA members, such as game industry professionals, gaming studios, venture capitalists, cryptocurrency exchanges, guilds, service organizations, and members of the blockchain gaming community.

The BGA member survey, conducted annually, is consistent with the previous year's BGA survey. The majority of survey participants were young individuals, with nearly 90% expressing confidence in their continued involvement in the blockchain gaming industry in the upcoming year.

The survey also delves into the factors driving the blockchain industry and identifies the challenges faced by industry professionals.

Key Takeaways

  • 89% of survey participants plan to continue working in the blockchain gaming industry in the coming year.
  • 36.5% of survey participants believe that advancements in gameplay will drive the growth of the blockchain gaming industry.
  • 40% of survey participants see lack of education and misconceptions about blockchain gaming as a major challenge facing the industry.

Key Changes in the Game Industry

The survey observed a significant increase in the number of respondents from Asia, who made up over 55% of the total. Additionally, the majority of survey participants were in the age range of 25-34, comprising two-thirds of the total respondents. Many of these industry professionals had recently joined blockchain gaming projects, accounting for nearly 50% of the respondents.

Why is blockchain gaming beneficial?

The survey posed a common question to industry professionals, asking about the true benefit to gamers provided by blockchain gaming. Nearly 69% of respondents believed that digital asset ownership was the primary benefit, with player reward models and new revenue models coming in second and third with 35.2% and 34.3% respectively.

The survey found that older respondents tended to view digital asset ownership as the key benefit of blockchain games. It is noteworthy that 60% of the participants were associated with gaming studios or guilds. The majority of the professionals work exclusively on blockchain games, while 26% are involved in both Web2 and Web3 projects, and only 4% are traditional game developers.

BGA Members Survey 2022, blockchain gaming industry, web3
BGA Members Survey Report 2022

DappRadar's take on 2022

As reported by DappRadar, video games continue to be a driving force for Web3, despite the current crypto market downturn. The statistics demonstrate this, as more than 50% of all on-chain activity is related to gaming, with 1.13 million Unique Active Wallets connecting to Gamefi on a daily basis.

On-chain gaming transactions also saw an increase of 37% YoY, reaching 7.4 billion. Furthermore, fundraising for blockchain-based gaming projects also saw a 59% increase in 2022, amounting to $7.6 billion. The statistics indicate that blockchain-based gaming projects have demonstrated resiliency throughout the year 2022.

The play-to-earn mechanics may decrease due to the crypto bear market, and this may lead to the emergence of new free-to-play Web3 games that focus on both earning and owning. Thus, 2023 is likely to be a transformative year for Web3 games.

What is stopping Web3 games’ mainstream adoption?

Despite the blockchain gaming industry's strong performance in 2022, mainstream adoption of Web3 games still has a long way to go. Over 51% of respondents believe that onboarding new gamers and accessibility are the biggest challenges facing the industry.

37.2% of respondents identified poor gameplay as an issue, and 28.5% believed that the main challenge lies in educating the public about the concept of blockchain. This lack of education seems to be a valid concern as it is a critical aspect for the industry's growth.

The majority of respondents believe that the misconception of blockchain games being scams is the biggest problem facing the industry. The percentage of people considering games as scams increased from 59% in 2021 to 69.5% in 2022.

When considering the challenges faced by organizations, the survey identified a list of challenges. The respondents ranked the top 10 challenges, with the most significant challenge for organizations being FUD (fear, uncertainty, and doubt).

FUD (fear, uncertainty, and doubt) is a term that has long been associated with the crypto industry. In addition to FUD, marketing and brand awareness were the second biggest challenge at 26.8%. Companies with fewer than 50 employees identified lack of funding as a significant concern.

What will drive the future of blockchain games?

When looking to the future, 35.7% of respondents believe that advancements in gameplay will drive the industry forward. 30.3% of respondents think that Web3 adoption by traditional gaming studios is crucial, and 26.2% believe that the involvement of major gaming franchises will be a deciding factor for mainstream adoption.

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Tags

play to earn, Blockchain games, web 3.0, BGA, Survey, BGA Member Survey Report

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