72.5% of the Top Video Game Companies Have Ventured Into Web3

According to CoinGecko, a leading cryptocurrency aggregation platform, 72.5% of the top video game companies by market cap have ventured into Web3. Some of the top companies listed in this category include Microsoft, Tencent, Sony, NetEast, and Nintendo.

In a recent report, Coingecko noted that these top digital companies have adopted Web3 technologies to varying extents. According to the report, while some listed companies are investing directly in Web3 gaming projects and blockchain game development, others are hiring staff for blockchain-related positions.

The 72.5% of the top companies identified by CoinGecko account for 29 out of 40 video game producers in the category. However, the crypto aggregator noted that only seven companies, or 24.1% of the 29, are developing blockchain games. CoinGecko’s list of top video game companies developing blockchain games includes Take-Two Interactive, Nexon, Bandai Namco, Konami Holdings, Krafton, Square Enix, and Ubisoft.

Although these companies have started developing blockchain games, CoinGecko noted Krafton as the trailblazer. According to CoinGeko’s report, Krafton is set to soft launch its blockchain game in December 2023, ahead of a full release between January and July 2024.

Other notable mentions by CoinGecko in the Web3 adoption by top gaming companies include Zynga’s Sugartown and Bandai Namco’s Ryuzo, which have already launched NFTs exclusive to their gaming ecosystems. Ryuzo launched its NFT last June, and two months later, in August, Sugartown followed suit.

Despite the progress made in the video game companies’ adoption of blockchain and Web3 technologies, CoinGecko considers the process relatively slow. The crypto aggregator identified scalability, market acceptance, regulatory uncertainty, and potential security breaches as the factors responsible for the slow adoption.

According to CoinGecko’s data, as of September 19, 2023, the top 10 video game companies boasted a combined market capitalization of $3,219.6 billion. That reveals the potential market for the industry, considering that the current size of the established gaming giants in the blockchain industry is only $4.8 billion.