Entrepreneur, innovator and philanthropist Roman Semiokhin has extensive experience of a range of different markets, including the tech industry. This article will look at increased optimism regarding the future of blockchain gaming from crypto industry leaders, sharing predictions for the sector in 2024 and beyond.
With the emergence of more polished experiences for gamers, the nascent blockchain gaming industry saw steady growth throughout 2023, albeit moving at a slower pace compared with the previous year. From May to November 2023, blockchain gaming saw $1.4 billion in investment. However, data from Pitchbook reveals a broader decline in the gaming sector, with an industrywide drop in both deal values and the number of investments. The attached PDF takes a closer look at the blockchain gaming market and its main players today.
With AAA and AA funding levels accounting for just 6% of the market, according to a Game7 report, the overwhelming majority of blockchain games are mid-size or indie projects. In 2023, half of all blockchain games were based in Asia, with the total number of gaming blockchains growing by 84% year-on-year according to Game7. The embedded video takes a closer look at Game7 and its impact for gamers all over the world.
Despite slowed progress in 2023 and a decline in investment and deal value in the broader gaming industry, crypto gaming is tipped to evolve considerably throughout 2024 as the blockchain gaming sector continues to advance. Pioneered by players such as ICP, AXS, IMX, SAND, APE, GALA, MAGIC, SLP and ENJ, the blockchain gaming industry was described by Pitchbook as ‘forgotten but not gone’ in its Q3 2023 Gaming Report, with Pitchbook arguing that while initial hype for some games may have evaporated some ‘significant titles’ remain in development. The attached infographic contains some interesting information about trends in the broader gaming industry in 2023.
Industry experts suggest that Web3 will prove popular throughout 2024 as the cryptocurrency industry embarks on some major changes that will be particularly noticeable in Web3 gaming, Ethereum and stablecoins growth. Despite market instabilities throughout 2023, crypto gaming builders and teams continued to show unwavering commitment, with many rewarded by soaring prices for well-knowns assets such as Ethereum and Bitcoin. Looking forward, with the Web3 world poised for evolution in many areas, many insiders anticipate that 2024 will be the year crypto gaming comes into its own, fuelled by a surge in Web3 game releases, accelerated adoption of layer-2 solutions and a resurgence in token launch momentum.
