Digital Media Net - Your Gateway To Digital media Creation. News and information on Digital Video, VR, Animation, Visual Effects, Mac Based media. Post Production, CAD, Sound and Music
Categories: BlockchainNABNews

Game7 Releases 2024 State of Web3 Gaming Report: Telegram Captures 21% of New Games, Industry Continues to Focus More on Gaming Chains than Game Titles, as Funding Rises 17%

FacebookFacebookTwitterTwitterEmailEmailWhatsAppWhatsAppFlipboardFlipboardGmailGmailRedditRedditLinkedInLinkedInMessengerMessengerShareShare

Covering all major aspects of the crypto gaming market, the report provides unbiased and data-driven insights drawing from rigorous analysis of 2,500+ blockchain games, 1,500 funding rounds, and 100 blockchain ecosystems over six years, as well as key developments that thought leaders should consider ahead of the new year.

ROAD TOWN, British Virgin Islands, Nov. 14, 2024 /PRNewswire/ — Game7, a community dedicated to accelerating the adoption of blockchain technology in gaming, today published its 2024 State of Web3 Gaming Report in collaboration with Naavik. The report, conducted independently, provides an objective, in-depth analysis of the evolving crypto gaming sector, revealing essential data, trends, and insights for industry professionals.

State of Web3 Gaming 2024 offers a comprehensive view of key ecosystem metrics that have evolved over the past twelve months, building upon and expanding the data from its 2023 report. Through rigorous primary research methods, Game7 has captured, examined, and fingerprinted data from more than 2500 blockchain games, 1500 funding rounds, and 100 blockchain ecosystems over the past 6 years.

George Isichos, Core Contributor at Game7, who spearheaded the report, shared “Maintaining accurate and objective data in Web3 gaming is a herculean effort, requiring deep understanding of technical, gaming, financial, and regulatory aspects. For the second year, Game7 is proud to deliver this comprehensive analysis as a public good to advance the Web3 gaming ecosystem.” 

Here are a few key findings from the report:

  • Telegram emerged as a key Development Platform for Web3 Games. Telegram has captured 21% of new web3 game launches in 2024. Publishers are utilizing the messaging app to create complementary experiences for user acquisition. This growth could potentially influence traditional mobile platforms’ approaches to Web3 gaming, while mobile gaming continues to face challenges due to restrictive app store policies from Apple and Google, alongside regulatory uncertainties in mainstream markets.
  • Immutable and Arbitrum ecosystems grew the most over the past 12 months. Immutable positioned itself as the leading blockchain gaming ecosystem, with 181 announced titles, marking a 71% growth from the previous year and capturing 33% of games migrating from Polygon. Arbitrum achieved a 68% YoY growth to 119 titles, largely driven by the popularity of the Orbit Framework, which powered 23 new web3 gaming networks, establishing Layer 2 and 3 networks as the standard for new specialized blockchain gaming networks.
  • APAC teams have added 39% of new web3 games in 2024, followed by North America with 36%. US-based teams account for 27% of all web3 games, with South Korea and Singapore next, contributing 11% and 7%, respectively.
  • For another year, interest in new gaming chains outpaced the games themselves. By Q3 2024, the number of new announcements for blockchain networks supporting web3 games reached 104, alongside 252 new web3 game announcements, highlighting a repeating trend favoring infrastructure launches over new content development. New web3 game announcements have decreased by 36% compared to 2023, yet there is a notable reduction (84%) in the number of teams exiting web3 or ceasing development.
  • Most Web3 gaming ecosystems are facing game development and blockchain integration pains, as reflected in the disparity between the number of game announcements, games with playable content, and games with a live Web3 integration. Analysis of the largest gaming ecosystems shows that 45% of Web3 games are in a playable state, and only 34% have integrated their games with any blockchain infrastructure.
  • Epic Games Store added 81 new web3 titles in 2024 while Steam maintains restrictions, forcing developers to create modified versions and explore alternative distribution channels. Console gaming is starting to show signs of change; while “Off the Grid” marks some initial progress, Sony and Microsoft’s stance on Web3 technology remains uncertain. Developers are mainly targeting console audiences without incorporating blockchain features, with a primary focus on user acquisition.
  • In 2024, over 90% of launches came from indie teams, with very few AA or AAA titles entering the market. RPGs (20%), casual (17%), action (14%), and strategy (14%) game genres continue to lead new Web3 game announcements this year.
  • Until Q3, funding for Web3 gaming titles and infrastructure grew by 17% YoY, reflecting a clear shift toward smaller, strategic rounds as teams concentrate on near-term token launches. Funding levels remain constrained by the lack of a new “Axie moment” for Web3 gaming and macroeconomic uncertainty stemming from a slowdown in mainstream gaming and the US elections. Gaming token launches increased by 200% YoY, with game titles accounting for 74% of these new launches, though they still remain below the peak levels of 2021.

Current blockchain gaming metrics present methodological challenges, as wallet activities and on-chain data capture only a portion of user engagement patterns and can be subject to artificial inflation. This report proposes an alternative perspective by focusing on developer activity and ecosystem infrastructure development – areas that provide objective and reliable indicators of industry growth as this industry continues to improve the way we capture and analyze end-user metrics. Additionally, it includes a critical examination of publicly reported figures, fact checking industry claims to ensure the most accurate representation of the crypto gaming landscape.

“Our team believes in empowering stakeholders in the Web3 gaming industry, which is what has informed the stringent standards of data integrity, verifiable trend reporting and accountability of Game7,” said Steven Chen, Core Contributor at Game7. “This report not only presents crucial metrics but also challenges commonly held beliefs, particularly regarding the readiness of games for player engagement. We champion these beliefs through our Game7 Developer Program, which will not only provide funding and support to developers building crypto games, but will also prioritize player-centric ideas that promote long term success and reward gamers for helping  bring these digital worlds to life.”

“Naavik is thrilled to partner with Game7 on this State of Web3 report. As new Web3 games reveal the potential of this emerging category, understanding the evolving market dynamics, technologies, and best practices is key to enabling tomorrow’s leaders. Game7’s public research is invaluable, and we’re dedicated to supporting high-quality research and game teams driving the future of Web3 gaming,” said Aaron Bush, Co-Founder of Naavik.

A full copy of Game7’s 2024 State of Web3 Gaming Report is available here.

About Game7
Game7 is a Web3 Gaming ecosystem created to accelerate the adoption of blockchain-enabled game economies. The Game7 community helps shape capital allocation decisions, define gaming standards, and fund open-source software. Game7’s mission is to make the future of GameFi business models sustainable by ensuring the interests of players and developers are aligned.

For more information:

Website: https://game7.io/
X: https://twitter.com/G7_DAO

About Naavik
Naavik is a leading research, consulting, and advisory firm dedicated to the games industry. Naavik has worked with 250+ clients on wide-ranging projects and is a trusted partner to both big and small publishers, studios, platforms, and investors. The team’s Open Gaming Research Initiative, backed by a world class creator network, also publishes some of the best free games industry analysis around.

For more information:

Website: https://naavik.co/
X: https://x.com/naavik_co

Media Contact: aheibeck@mgroupsc.com

View original content:https://www.prnewswire.com/news-releases/game7-releases-2024-state-of-web3-gaming-report-telegram-captures-21-of-new-games-industry-continues-to-focus-more-on-gaming-chains-than-game-titles-as-funding-rises-17-302306025.html

SOURCE Game7

Staff

Recent Posts

Faraday Future to Deliver FF 91 2.0 Futurist Alliance to Entrepreneur and Community Leader Luke Hans in January 2025

Luke Hans, the Company’s latest Developer Co-Creation Officer, will receive his FF 91 2.0 Futurist…

9 hours ago

Southeastern Grocers highlights year of impactful contributions and industry achievements

Grocer donates more than $4 million in support of local communities and earns nearly 130…

10 hours ago

Huawei and Moroccan Government Boost National Education Transformation through DigiSchool Project

AGADIR, Morocco, Dec. 30, 2024 /PRNewswire/ -- Huawei has announced the successful completion of the…

11 hours ago

Taiwanese Companies Lead Innovation in AI-Powered Smart Wearables

TAIPEI, Dec. 29, 2024 /PRNewswire/ -- In the rapidly evolving tech landscape, smart wearable devices enriched…

11 hours ago

Science and Technology Daily: Tech with Heart AI for Good AI with a Human Touch

BEIJING, Dec. 29, 2024 /PRNewswire/ -- In 1949, pioneering computer scientist Edmund Callis Berkeley envisioned a…

1 day ago

Hyatt and Grupo Piñero Finalize Strategic Joint Venture, Adding the Bahia Principe Hotels & Resorts Brand to Hyatt’s Existing All-Inclusive Portfolio

Deal boosts Hyatt’s all-inclusive platform with more rooms and expanded portfolio, boosts the growth of…

2 days ago