The annual blockchain gaming report has arrived. There are some interesting advances being made in the industry. The big news is that many blockchain gaming experts have a background in gaming, not cryptocurrencies. Ownership of digital assets remains the biggest benefit of blockchain technology in gaming, cited by almost three-quarters of respondents. The industry continues to face misinformation, with many believing bots and Ponzi schemes are rampant throughout GameFi.
Blockchain Gaming Alliance (BGA), the largest gaming group in crypto, has released its 2024 report, revealing how far the GameFi industry has progressed in the past 12 months. This release highlights some exciting steps the blockchain gaming sector has taken amid changes that are likely to continue into the new year.
Much of the initial enthusiasm came thanks to the Telegram minigame craze that engaged millions of users who had never used cryptocurrencies before.
But play-to-earn games are a drop in the bucket compared to what a rapidly maturing industry has in store.
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Gaming experts come together at Web3 to bring expertise to a fast-growing field
There were some impressive metrics to feast your eyes on for GameFi enthusiasts, but perhaps the most important was simply participation rate.
The latest BGA report saw a 3x increase in respondents including prominent gaming CEOs, esports legends, and GameFi enthusiasts compared to 2021.
The biggest criticism of blockchain games has always been the quality of releases. Earn-to-play titles like Hamster Kombat are fun and engaging, but they're a far cry from GTA 6 (looking at you, Rockstar).
But industry leaders are well aware of this fact and are making a fuss about it.
According to the survey, more than half (52.5%) of blockchain gaming professionals have a background in gaming rather than cryptocurrencies. This is an important step towards legitimizing the sector with the collaboration of creative expertise and blockchain developers.
this [proportion] is the highest in the four years this study was conducted, up from 34.2% in 2023.
Blockchain Gaming Alliance
Increased expertise is combined with unique new revenue models for both publishers and players, with 18% of respondents saying that the move of traditional games to Web3 will have a positive impact on everyone involved. Suggests.
Diversification of blockchain games remains a challenge
Of course, GameFi is not without its challenges.
The survey also revealed an unfortunate demographic gap, with only 17.3% of respondents identifying as women.
…We are far from our goal in terms of women’s representation at BGA, and our efforts continue to ensure that all groups within the industry are included and represented.
Sebastian Borger, Chairman of Blockchain Gaming Alliance (BGA)
Another major challenge identified was onboarding, where poor UX worsened the ability to bring non-Web3 customers into the field.
However, thanks to Telegram and Toncoin, this situation has definitely improved. The 2024 survey saw a 20% decrease in respondents suggesting onboarding is GameFi's biggest barrier, suggesting significant progress in this area.
Australia’s strong representation in the GameFi scene continues
Readers Down Under will be happy to know that Australians continue to make a big splash in the industry.
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The BGA report involves several major companies, including Corey Wilton, co-founder of Mirai Labs. Commenting on the excellence of AI, Wilton said:
AI is a breakthrough technology for studios like ours, and most studios use it just to generate art and speed up development in some way. What really matters is that studios can develop experiences that were previously impossible without AI.
Corey Wilton, Mirai Labs Co-Founder
Andrew Sorokovsky, VP of Business Development at Australian gaming blockchain Immutable, also provided insight into the power of Web3 in gaming.
The theoretical idea of players owning and moving assets between games is innovative and aligns with a broader vision of decentralization and true ownership.
Andrew Sorokovsky, Vice President of Business Development at Immutable
Finally, Leah Caron-Butler, Australian representative on the BGA board, noted the industry's impressive growth in South East Asia.
The growth of the Web3 gaming community in the Philippines is a testament to the idea of making money by playing fun video games. This is still a dream for many, especially in places where economic opportunities are limited…it's the path to financial independence [and] creativity.
Leah Caron Butler, Director, Mfalsys
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