Connect with us
Active Currencies 14281
Market Cap $2,486,572,679,748.50
Bitcoin Share 51.97%
24h Market Cap Change $-0.92

Web3 gaming industry stats might surprise the crypto holders

3min Read

Share this article

Mobile gaming company Coda Labs recently carried out a user study focusing on the Web3 gaming industry. The study was led by WALR, a leading data creation firm and a member organization of the Market Research Society. 

The survey was carried out in five countries, namely the United States, the United Kingdom, Brazil, South Africa, and Japan.  A total of 6,921 respondents were surveyed. The U.S. recorded the most responses, while South Africa accounted for the least. 

Findings of the study

The participants were initially divided into three groups based on their gaming activity and interests. 81% of the respondents qualified as gamers (general), meaning that they played video games at least twice a month.

The next category is crypto non-gamers. These were people who use crypto regularly but their gaming activity is negligible compared to general gamers. 

Their crypto activity includes more than just buying and selling tokens. This category is active on decentralized exchanges and buys NFTs on a monthly basis.

The final category, labeled crypto gamers, included those who met the requirements of the previous two categories. So that means people who played games at least twice a month and interacted with DEXs and NFTs regularly.

Japan recorded the highest number of gamers with 90% of respondents qualifying for this category. Interestingly, just 2% identified as crypto non-gamers.

South Africa accounted for the least amount of gamers with 71% of total respondents but had the highest percentage of crypto gamers at 24%.

The study concluded that Web3 gaming is not a “mass market” yet. 52% of gamers are not familiar with any kind of web3 gaming term. 

Only 12% of the respondents from this category have even tried a web3 game. The ones who haven’t tried, aren’t looking forward to it anytime soon.

In contrast to this, 65% of the crypto non-gamers have tried their hands on a web3 game, indicating that the target crowd for this sector lies within the industry. 

Gamers as a group aren’t really fond of crypto, be it NFTs or trading/investment. Crypto gamers, however, have a positive sentiment toward crypto. 

Respondents across the board are incentivized to play web3 games due to the potential crypto earnings. This motivation was identified, even among the general gamers. 

General gamers who weren’t getting involved with Web3 games cited a lack of knowledge about their work as the reason. 

However, those familiar with crypto were more concerned with the setup costs of getting into Web3 games, and the risk of scams and exploits.

Investments pouring in

In the first six months of 2022, the blockchain gaming industry received investments totaling $5 billion. 

NFT scaling platform Immutable made headlines earlier this year when it announced a $500 million venture fund solely focused on web3 gaming, along with NFTs. 

A report published by DappRadar last month showed that projects focused on web3 gaming and metaverse had raised a whopping $750 million in investment since 1 August 2022. 

In more recent news, blockchain game developer Horizon raised $40M in its Series A funding round led by Morgan Creek Digital and  Brevan Howard Digital 

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.