In the realm of Web3, every sector is continuously surging, including cryptocurrencies, artificial intelligence, blockchain gaming, and many more. Recently, an institutional-grade crypto research firm, Delphi Digital, shared data highlighting the country’s rapidly evolving blockchain gaming.
Key markets in Web3 gaming
According to the data shared by Delphi Digital on December 24, 2023, the main markets for blockchain games are the Philippines, Singapore, South Korea, Hong Kong, China, UAE, and Pakistan. However, the OP Stack framework is now popular among full-chain game developers. The use of artificial intelligence in game creation promises a new and enhanced gaming experience.
Additionally, Delphi Digital also highlights that the market capitalization of blockchain gaming experienced continuous growth in 2023. The total market capitalization of 183 blockchain gaming projects is stable, ranging between $4 billion to $7 billion throughout this year, which is 86% lower than the all-time high in 2022. However, if we compare blockchain gaming with cryptocurrency, it is relatively lower than many cryptocurrencies like Ethereum, Dogecoin, and others.
#1: The total combined market cap of 183 gaming projects has remained relatively stable between $4B and $7B throughout the year, which is up to 86% lower than the all-time high in 2022.There is still significant potential for growth. pic.twitter.com/hEdabkBH7R
— Stacy Muur (@stacy_muur) December 24, 2023
It is also observed that the interest from gaming giants in entering Web3 is continuously increasing. In 2023 alone, the report indicates that 76 new networks emerged, including general-use L1s, L2s, and appchains. This is happening because of easier sign-up processes and less strict rules; Web3 developers find mobile gaming more appealing now. Thus, a major theme in 2024 will be the coming war over player liquidity.
Also Read: Axie Infinity, ORDI gains while Bitcoin struggles
Blockchain gaming vs. Decentralized finance (DeFi)
According to the data, it has also been observed that blockchain gaming is way more active than decentralized finance (DeFi), with about 23 times more transactions happening on gaming platforms. This makes gaming a big deal for networks and blockchains specifically designed for games. It shows that a lot of attention and effort will be put into developing technologies for gaming in the blockchain space.
Getting users for blockchain games can be very costly, especially for mobile hypercasual games in the blockchain world. Studies show that it can be 77% more expensive compared to traditional alternatives.
For blockchain games to make money and grow, they need to either get more users who spend money, convince whales to spend even more, or both. Right now, about 1.2 million wallets are actively playing blockchain games every day, leading to a range of 15 to 25 million gaming transactions daily.
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