Game7’s 2024 State of Web3 Gaming Report Highlights Industry Shifts: Telegram, Immutable, and Indie Developers Lead the Way
Staff Writer • 2024-11-14
ROAD TOWN, British Virgin Islands – Game7, a community dedicated to advancing blockchain adoption in gaming, has unveiled its 2024 State of Web3 Gaming Report in collaboration with Naavik. The report provides a data-driven look into the evolving Web3 gaming sector, analyzing over 2,500 blockchain games, 1,500 funding rounds, and 100 blockchain ecosystems. Key Trends Reshaping Web3 Gaming • Telegram as a Development Hub: Telegram captured 21% of new Web3 game launches in 2024, emerging as a critical platform for developers seeking alternative ways to engage users amid restrictive app store policies. • Immutable and Arbitrum Dominate Ecosystems: Immutable led blockchain gaming with 181 announced titles (71% YoY growth), while Arbitrum saw 68% growth with 119 titles, largely powered by its Orbit Framework. • APAC Growth Outpaces the US: APAC teams accounted for 39% of new Web3 games, while the US contributed 36%. However, US-based developers still represent 27% of all Web3 games, with South Korea and Singapore making significant contributions. • Playability Gap Persists: Despite infrastructure advances, only 45% of Web3 games are playable, and just 34% have integrated blockchain features. • Indie Developers Lead the Charge: Over 90% of launches in 2024 came from indie teams, with RPGs, casual, action, and strategy games dominating new announcements. Infrastructure Outpaces Content Development The report reveals a growing trend of prioritizing blockchain infrastructure over game content, with 104 new gaming chains announced by Q3 2024, compared to 252 new games—a 36% decrease from 2023. However, fewer teams are exiting Web3 development, signaling a stabilization in the sector. Funding Trends and Market Dynamics Funding for Web3 gaming grew 17% YoY in 2024, fueled by smaller, strategic rounds focused on near-term token launches. Gaming token launches surged 200% YoY, though they remain below 2021 levels. Epic Games Store added 81 new Web3 titles, while restrictive policies from Steam and app stores have pushed developers toward alternative platforms. Console gaming is showing early signs of blockchain integration, but major players like Sony and Microsoft remain hesitant. Game7 and Naavik: Driving Industry Transparency Game7's report emphasizes objective analysis, highlighting both opportunities and challenges in Web3 gaming. “Maintaining accurate data in Web3 gaming requires deep technical and industry knowledge,” said George Isichos, Core Contributor at Game7. “This report is a public good to advance the ecosystem.” Naavik Co-Founder Aaron Bush added, “Understanding Web3 gaming dynamics is crucial for future leaders. Game7’s research sets the standard for high-quality analysis.” About Game7 and Naavik Game7 is a Web3 gaming ecosystem supporting blockchain-enabled economies, while Naavik is a leading research firm offering insights and advisory services to the gaming industry. Together, they aim to shape the future of Web3 gaming through transparency, innovation, and collaboration.
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