Is Web 3.0 gaming dying?

Is Web 3.0 gaming dying?

Play To Earn Games | 08 May 2024 12:35 UTC

There is a strong perception in the gaming and entertainment industries that Web 3.0 gaming is dying. However, the most recent survey by Zebedee says otherwise. Moreover, another market report suggests blockchain gaming will see a massive increase in its core market growth data by 2027. Despite the hue and cry, dominating negative perceptions, the crypto winter turning into an ice age, or the Web 3.0 gaming crash, the gamers at the root have shown promise and faith in the Web 3.0 gaming industry. That’s what Zebedee, a fintech and next-generation economic solution provider, thinks. The survey results were surprising, to say the least. It involved a sample population of more than 1000 American gamers with set criteria for gaming hours. Let’s see how the survey has quashed the notion that Web 3.0 is dying.

Zebedee Survey, Web 3.0 Gaming Status

It is without question that the bull run is long gone for crypto as well as NFT gaming. The last bull run was back in 2021, and this year we saw how the blockchain gaming industry performed. Check out our 2022 analysis of the blockchain gaming industry here. Both the cryptocurrency industry and the Web 3.0 gaming space are hurt by the fact that big names are failing and falling in both. Nonetheless, we see an overwhelming negative sentiment from many gamers and game developers.

The events that happened this year sure did halt several P2E projects and slow others. However, we see several new Web 3.0 gaming projects launching this year. Moreover, the industry also records a healthy flow of investments of more than $3 billion. A recent Zebedee survey found that the downside projections and ideas about play-to-earn games are overblown. According to the survey, most gamers are interested in getting cryptocurrency for playing these "play-to-earn" games. 

Survey Findings

The survey was conducted in September 2022. The survey had over 1,000 respondents who spent at least one hour per week playing video games. It also showed how gamers feel about the use of cryptocurrencies, blockchain technology, and non-fungible tokens (NFTs) in games. The survey also asked gamers how they felt about the new Web 3.0 gaming space.

Despite all the negativity surrounding Web 3.0 gaming, the survey shows that the majority of US gamers are either supportive or neutral of Web 3.0 technology's integration in games. a technology that helps make in-game assets tradeable and transferable to others. Moreover, 67% of gamers are eager to play a free-to-play game that offers cryptocurrencies as a reward. And not just any cryptocurrency—the survey shows that people prefer well-known ones like Bitcoin, Ethereum, and Dogecoin. This is where the blockchain industry got it wrong this year by focusing a lot on NFTs and neglecting cryptocurrencies.

As for in-game items as assets, nearly half of the respondents (45%) are of the opinion that buying and selling in-game items, characters, avatars, etc. would be beneficial. On the contrary, 23% of respondents said that this practice would negatively impact games, and 32% had no opinion.

The survey also highlights the growth potential for P2E games; 64% of US gamers have never played a P2E game offering financial rewards. And 38% of gamers had no knowledge about NFTs, cryptocurrencies, or blockchain technology. Furthermore, only 10% of gamers have negative feelings about Web 3.0 integration in games. Besides, 19% feel that it is driven by business interests. The survey also shows that the more a gamer is logging in active hours, the more likely they know about Web 3.0. So, there is room for educating gamers and bringing them into the Web 3.0 gaming space.

Most gamers actually have positive-to-neutral opinion on crypto rewards in video games!

Ben Cousens, the chief strategy officer of Zebedee, comments on the results of the survey by saying, “What struck us most from the survey findings was that there's clearly a misperception about gamers and their resistance to crypto integration, as most gamers actually have a positive-to-neutral opinion on crypto rewards in games.”

Ben says, "The results suggest that gamers are more open to these technologies being used in games as a whole. This gives the industry a chance to teach, engage, and bring in new gamers to the Play-and-Earn ecosystem."

Check out our game news on The Beacon, where we discuss its new game features, updates, and preview. Our video "Top 5 List of Play-To-Earn Games Upcoming in 2023" on Youtube is also worthwhile watching.

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