Top Gaming Companies Enter Web3, Data Reveals $3.2B Market Cap

• CoinGecko information reveals 72.5% of high recreation firms enterprise into blockchain gaming.
• Seven reputed firms are actively creating blockchain video games.
• Blockchain gaming experiences sluggish adoption from monetary clout and regulatory considerations.

CoinGecko releases a complete examine detailing what number of online game firms have stepped into the world of Web3. The knowledge comes from information collected until September 19, 2023.

The examine finds a outstanding 72.5% of the highest 40 online game firms by market cap have embraced web3, marking a major shift in direction of blockchain gaming and associated ventures. Nevertheless, solely 24.1% of those firms are actively creating blockchain video games.

Notable trade giants reminiscent of Take-Two Interactive, Nexon, Bandai Namco, Konami Holdings, Krafton, Sq. Enix, and Ubisoft are amongst these pioneering the blockchain gaming area.

Out of those seven firms, Krafton’s ‘Overdare’ stands out, set to smooth launch in December 2023 and absolutely launch between January and July 2024. In the meantime, Zynga’s ‘Sugartown’ and Bandai Namco’s ‘Ryuzo’ have already launched NFTs unique to their gaming ecosystems.

Equally, Sq. Enix’s ‘Symbiogenesis’ and Ubisoft’s ‘Champion Ways: Grimoire Chronicles’ have begun their Twitter campaigns. Lastly, Konami Holdings’ ‘Undertaking Zircon’ is gearing up for a complete reveal through the Tokyo Sport Present.

The adoption of blockchain expertise by conventional online game firms has been sluggish as a result of scalability considerations, regulatory ambiguity, market acceptance, and previous safety breaches.

CoinGecko Knowledge Reveals

As of September 19, 2023, the mixed market capitalization of the highest 10 online game firms was a staggering $3,219.6 billion, overshadowing the full market cap of the highest 10 gaming tokens at $4.8 billion. This highlights the monetary clout of established gaming giants within the blockchain gaming trade.

Among the many 29 firms which have entered web3, 75.9% have chosen oblique approaches, specializing in investments or infrastructure growth within the blockchain gaming sector. As an example, Microsoft has strategically invested in WeMade, whereas Tencent and Unity Software program think about constructing important blockchain gaming infrastructure.

Blockchain gaming is in its early levels and faces the problem of discovering a “killer” product for mass adoption. Tangible rewards for gamers, market growth past blockchain fans, and navigating evolving rules will form the way forward for this burgeoning trade.

This evaluation delves into the methods and initiatives of high online game firms in embracing web3 and blockchain gaming, offering insights into their market approaches and the challenges they face.