Web3 gaming industry statistics may surprise crypto holders
Mobile gaming company Coda Labs recently conducted 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 conducted in five countries, namely the USA, UK, Brazil, South Africa and Japan. A total of 6,921 respondents were asked. The USA registered the most responses, while South Africa accounted for the fewest.
Findings of the study
The participants were initially divided into three groups based on their gaming activity and interests. 81% of respondents qualified as gamers (general), meaning they played video games at least twice a month.
The next category is crypto non-players. These were people who use crypto regularly, but their gaming activity is insignificant compared to general players.
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 last category, labeled cryptogamers, 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 players with 90% of respondents qualifying for this category. Interestingly, only 2% identified as crypto non-players.
South Africa accounted for the least number of players at 71% of the total respondents, but had the highest proportion of crypto players at 24%.
The study concluded that Web3 games are not a “mass market” yet. 52% of players are not familiar with any kind of web3 gaming term.
Only 12% of respondents from this category have even tried a web3 game. Those who haven’t tried, don’t look forward to it at first.
In contrast, 65% of crypto non-gamers have tried a web3 game, indicating that the target audience for this sector lies within the industry.
Gamers as a group are not very fond of crypto, be it NFTs or trading/investing. However, crypto players have a positive attitude towards crypto.
Respondents across the board are encouraged to play web3 games because of potential crypto earnings. This motivation was identified, even among the general players.
General gamers who did not get involved in Web3 games cited a lack of knowledge about their work as the reason.
However, those familiar with crypto were more concerned about the setup costs of getting into Web3 gaming, and the risk of fraud and exploits.
Investments are flowing 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 games, along with NFTs.
ONE report published by DappRadar last month showed that projects focused on web3 gaming and metaverse had raised a whopping $750 million in investment since August 1, 2022.
In more recent news, blockchain game developer Horizon raised $40 million in its Series A funding round led by Morgan Creek Digital and Brevan Howard Digital
