- CoinGecko data reveals 72.5% of top game companies venture into blockchain gaming.
- Seven reputed companies are actively developing blockchain games.
- Blockchain gaming experiences slow adoption from financial clout and regulatory concerns.
CoinGecko releases a comprehensive study detailing how many video game companies have stepped into the world of Web3. The information comes from data collected till September 19, 2023.
The study finds a remarkable 72.5% of the top 40 video game companies by market cap have embraced web3, marking a significant shift towards blockchain gaming and related ventures. However, only 24.1% of these companies are actively developing blockchain games.
Methodology: Data was obtained from Companies Market Cap as of Sep 19, 2023. Video game companies that have entered web3 are based on— CoinGecko (@coingecko) September 28, 2023
• whether it launched or plans to launch a blockchain product
• invested in another web3 company, or
• has open positions for blockchain roles
Notable industry giants such as Take-Two Interactive, Nexon, Bandai Namco, Konami Holdings, Krafton, Square Enix, and Ubisoft are among those pioneering the blockchain gaming space.
Out of these seven companies, Krafton’s ‘Overdare’ stands out, set to soft launch in December 2023 and fully release between January and July 2024. Meanwhile, Zynga’s ‘Sugartown’ and Bandai Namco’s ‘Ryuzo’ have already launched NFTs exclusive to their gaming ecosystems.
Similarly, Square Enix’s ‘Symbiogenesis’ and Ubisoft’s ‘Champion Tactics: Grimoire Chronicles’ have begun their Twitter campaigns. Lastly, Konami Holdings’ ‘Project Zircon’ is gearing up for a comprehensive reveal during the Tokyo Game Show.
The adoption of blockchain technology by traditional video game companies has been slow due to scalability concerns, regulatory ambiguity, market acceptance, and past security breaches.
CoinGecko Data Reveals
As of September 19, 2023, the combined market capitalization of the top 10 video game companies was a staggering $3,219.6 billion, overshadowing the total market cap of the top 10 gaming tokens at $4.8 billion. This highlights the financial clout of established gaming giants in the blockchain gaming industry.
Among the 29 companies that have entered web3, 75.9% have chosen indirect approaches, focusing on investments or infrastructure development in the blockchain gaming sector. For instance, Microsoft has strategically invested in WeMade, while Tencent and Unity Software concentrate on building essential blockchain gaming infrastructure.
Blockchain gaming is in its early stages and faces the challenge of finding a “killer” product for mass adoption. Tangible rewards for players, market expansion beyond blockchain enthusiasts, and navigating evolving regulations will shape the future of this burgeoning industry.
This analysis delves into the strategies and initiatives of top video game companies in embracing web3 and blockchain gaming, providing insights into their market approaches and the challenges they face.