10 interesting stats about Web3 gaming

The world is fast-moving towards digital assets and the metaverse, where blockchain technology is playing a pivotal role in changing the way we engage in gaming and entertainment. Here are some key developments in this emerging field:

#1 - Web3 gaming accounts for 49% of all blockchain activity

Gaming leads growth within the blockchain space followed by DeFi (Decentralised Finance) and NFTs. As per the Dapp Industry Report 2022, Web3 games have reportedly accounted for almost half of overalll blockchain activity with on average 1.15 million daily unique active wallets, and 7.4 billion in transactions count.

#2 - 47% of PC and Console gamers are interested in interacting with the metaverse

Today’s PC and console players use social media platforms to discover new games, and are interested in competitive gameplay with diverse characters. They are eager to play new-games and look forward to in-game exclusives. With regards to new gaming trends, the Google’s 2022 PC & Console Insights Report revealed that almost half of the PC and console gamers are interested in interacting with the metaverse.

#3 - Bots accounted for 40% of the player base

Crypto gaming is still maturing with a lot of problem solving to be done. The high prevalence of bots in web3 games is one such challenge. According to a recent study conducted by Jigger, 40% of the player base of Web3 games were bots, with evidence of 20,000 bots across over 60 Web3 games. Whilst the average game on the researched list had a 40%, some titles also recorded 80% of their player base being bots.

#4 - Decentralization should boost gaming spends even higher

A report by The Gamer suggests that each gamer spend approximately $76 per month on gaming which amounts to $58,000 throughout their lifetime. This means that gamers are willing to spend. The changing paradigm of incorporating a decentralized aspect to the process is expected to increase this amount as it empowers players by giving them control rather than limiting it to a single central authority.

#5 - Cybersecurity - one of the biggest challenge to mainstream adoption

Web3 gamers have been at a higher risk of scams, data manipulation and identity cloning. In March last year, there was a $625 million exploit of Axie Infinity’s Ronin network. According to data from blockchain security company Peckshield, about $760 million in crypto was stolen by hackers in October alone. The conversation around security in the metaverse grew more urgent eversince and games need to ensure they protect their networks and players from such scams.

With more than 3M registered users, one of the largest web3 games right now, The Sandbox onboarded security firm OpenZeppelin to protect its platform from attacks. The blockchain security firm will monitor vulnerabilities, alert for potential threats and audit smart contracts within the popular metaverse game.

#6 - Global blockchain gaming markets to grow to $65.7 billion by 2027

According to a report by consulting firm MarketsandMarkets, the global blockchain gaming market will grow from $4.6 billion in 2022 to $65.7 billion by 2027. There are approximately 3 billion gamers worldwide. Out of this, the Asia Pacific region has sown the most penetration accounting for almost half of it. Due to the existing interest in gaming in the region, Southeast Asia is quickly developing as a blockchain gaming hub for the community.

#7 - India is leading globally in NFT- based P2E games at 34%

With 420 million dynamic gamers aged between 15-35, the Indian gaming industry has seen massive growth and teen involvement in recent years. Tis India's mobile gaming sector shows that more than 300 million Indians play mobile games. A recent study also projects that the esports industry will grow to $4 billion by March 2027 contributed by the rapidly growing young population, widespread smartphone use, and expanding economic spends.

This study by Finder which sought to determine the NFT gaming habits of internet users in 26 countries showed that India has gained the top position in terms of adoption of NFT gaming, with 34% having played P2E games, and 11% willing to play them in future. This can also be why Web3 gaming firms in India raised $620.5 million in 2022 a nearly sixfold jump from the previous last year.

#8 - Most financial executives believe fiat will be replaced

This is a growing though that is supported by reports and research by organizations such as Deloitte, which found that 76% of financial executives believe that digital assets will become a strong alternative or replacement for fiat currencies. And one of the best ways to bring about more crypto education is through web3 games. One of the biggest P2E games based out of India - One World Nation seems to be ushering these new users in by gamifying the Crypto Markets.

#9 - Gaming accounted for 62% of total Web3 startup funding in 2022

As per the Metaverse Fundraining Report 2022, Web3 startups raised $7.1B in funding during 2022. This is despite the bear market. Gaming accounted for 62% and collected the largest amount at $4.49 billion, followed by Metaverse and Social Networks.

#10 - Global crypto owners increased by 39% in 2022 to 425 million

As per the Crypto Market Sizing Report 2022, global crypto owners increased by 39% in 2022 to 425 million, rising from 306 million in January to 425 million in December. Gaming has played a big role in bringing in Web2 users into Web3. This has not gone unnoticed by large Web2 gaming companies including Ubisoft, Square Enix, Animoca Brands and Atari.

The gaming industry is undergoing a massive transformation and 2023 is going to be build year for Web3 gaming. While there are challenges, the potential rewards are enormous, with investment in Web3 gaming expected to keep growing in the coming years. It is clear that blockchain-based gaming is here to stay, and it is a trend that everyone should keep an eye on.

Author Bio

Dinesh Goel is the founder of One World Nation (OWN). Second time entrepreneur who successfully sold his first tech recruitment startup to OLX. Dinesh is now building OWN - India's biggest P2E game on the crypto markets.