With 2023 coming to a close, we see how the blockchain gaming, and Gamefi, industry has performed throughout the year and look forward to 2024. Today’s video gaming news is the first in a year-end series where we will see how the blockchain gaming industry saw ups and downs in several of its domains. Today, we will start with the blockchain gaming industry and its plan to go mainstream and become a household thing. Did this really happen? If not, where does the blockchain gaming industry stand? We'll also look at how gamers around the world have taken to the idea and see if there are signs of widespread use by 2024. So, let’s start, shall we?
Gamefi and Blockchain Games: A New Phenomenon
Gamefi, the blockchain gaming industry, or Web 3.0 gaming, is an industry where players can earn digital assets and cryptocurrencies with real-world value attached to them. Gamefi is a fairly new idea in the entertainment business. Its goal is to replace or at least compete with traditional games. To be fair, there isn’t any comparison, as the traditional gaming industry is astronomical in magnitude and the blockchain gaming industry is only four years old, making it a toddler. So, there’s a long way to go for Gamefi in terms of mass adoption and blockchain games going mainstream.
According to a recent report, the Q3 2022 of blockchain games:
- Despite macroeconomic factors, the gamefi industry shows promise and the potential to recover. The global macroeconomic challenges have had a significant impact on the Gamefi domain.
- The trading volume and activity in blockchain games are still small when compared to the traditional gaming industry.
- Blockchain activity on other platforms outside Ethereum has considerably increased.
Ethereum Merge, Cryptocurrency Recovery
We also saw Ethereum Merge become successful in many ways. It also played a part in taking ETH out of declining equity markets. Moreover, ETH and Bitcoin both recovered, which is a positive sign for blockchain games. As blockchain activity increased, other blockchain platforms seized a sizable market share. These platforms include Immutable X, Polygon, and Flow. Also, AAA-level games with good developers are coming out soon in the Web 3.0 gaming space. So, we expect to see fun and engaging Web 3.0 games in 2023.
So, how did mass adoption go for blockchain gaming in 2023-2024?
First and foremost, we have distinct active wallets, which are a critical component in assessing the mass adoption of blockchain games. As shared by WEForum, the unique active wallet count surpassed the one million mark in Q2 and Q3 of 2022. It is not clear if these wallets have unique users behind them because a user may have multiple wallets. Moreover, UAWs also do not denote the number of active users a game has. However, one thing is for sure: blockchain games have found themselves a steady community and a solid foundation to depend upon. It also shows that NFT and blockchain games will continue to develop in the coming years.
How did NFTs perform in 2023-2024?
The year 2023 didn’t bode well for NFTs, as the bearish trend continued throughout the year. The transaction volumes saw a massive drawdown, resulting in the speculation phenomenon fading away. However, the sale of NFTs on blockchain platforms other than Ethereum has seen a steady and considerable rise. The gradual increase of NFT sales on other blockchain platforms is evident since the start of 2023 and has continued quarter to quarter all year. However, the overall trend shows that NFT speculation is nearing its bottom. Happy days for 2024!
Status of new blockchain games in 2024
A report by DappRadar suggests that a total of almost 2,000 games are using blockchain technology. So, it is still fairly early for blockchain games. When we compare the total number of other games on the App Store and Google Play, we know that blockchain games have a long way to go. Moreover, the development phase behind a single game takes years and depends on infrastructure, development tools, distribution channels, and more. As a result, expecting all-out growth in blockchain games and rapid mass adoption will take some time. However, you will see fun and engaging games making their way to the Web 3.0 gaming space starting next year. So, there’s only one way forward from here for blockchain games.
Check Out More on Play To Earn Games 2024
Stay tuned with us for more gaming news, updates, and reviews on blockchain games. And do check out our weekly news edition on Web 3.0 games, if you haven't already. If you want to watch our videos, then check out our YouTube channel. If you like P2E games, then here is our game list.
Blockchain gaming industry 2024
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