One of the sectors that is frequently involved with Web3 is the games sector. According to a CoinGecko survey, 29 out of 40, or 72.5% of the main video game companies by market value, have already ventured into web3.
However, the level of interaction was varied. While some companies invested directly in web3 game projects, others actually developed blockchain games. There were also gaming companies that hired staff focused on blockchain.
However, according to CoinGecko, only 7 of the 29 (24.1%) are in the middle of blockchain game development: Take-Two Interactive, Nexon, Bandai Namco, Konami Holdings, Krafton, Square Enix and Ubisoft.
Web3 Gaming Pioneers
Of the 7 blockchain games that are in development, Krafton’s Overdare should hit the market, in a full launch, between January and July 2024. The others, on the other hand, do not yet have a scheduled release date.
CoinGecko highlighted in its analysis that the adoption of blockchain technology by established video game companies has been relatively slow. Many companies allege, for example, issues with scalability, market acceptance, regulatory uncertainty and security breaches
See the table below for the main video game companies by market value with blockchain games that are in development:
The survey also showed that 22 of the 29 (75.9%) major video game companies that entered web3 chose a more measured and indirect approach.
“These companies have channeled their efforts into investments in blockchain gaming or infrastructure development, strategically mitigating potential risks,” CoinGecko said.
Microsoft, for example, chose to make strategic investments in WeMade, a company specializing in the forefront of blockchain-based game production. Therefore, this strategic move allows Microsoft to avoid the risk of adverse headlines if blockchain games encounter challenges.
Likewise, Tencent and Unity Software have focused their efforts on building the essential infrastructure for blockchain games. This includes the introduction of innovative tools and resources that empower blockchain developers to develop.
The survey in question analyzed the top 40 video game companies by market value that have ventured into blockchain games or web3 initiatives. CoinGecko obtained data from Companies Market Cap on September 19, 2023.