Delphi Digital, a cryptocurrency research institution, has released an annual report on Web3 games. Cryptocurrency researcher Stacy Muur summarized the report’s 20 highlights.
1. In 2023, the total market value of 183 gaming projects remained stable between $40 and $70 billion throughout the year, a decrease of 86% from the historical high of 2022. However, the gaming industry still has tremendous growth potential.
2. Interest from gaming giants in entering the Web3 market is growing.
3. With improved onboarding processes and more relaxed regulations, mobile gaming has become an increasingly attractive platform for Web3 developers.
4. The main markets for blockchain games are the Philippines, Nigeria, Pakistan, Singapore, Vietnam, South Korea, Hong Kong, China, and the United Arab Emirates.
5. The total number of blockchain networks focused on gaming is increasing year by year. The report shows that 76 new networks have emerged in 2023 alone, including general-purpose L1, L2, and application chains. Therefore, a key theme for 2024 will be the competition for player liquidity.
6. By 2023, the average on-chain transaction volume generated by blockchain games was 23 times that of DeFi protocols, making it an area of focus for many game-specific networks, subnetworks, and blockchains.
7. Only slightly over 5% of playable blockchain games have a daily player count exceeding 100 user wallets.
8. The costs of player incentives, game launches, and maintenance operations are constantly rising, making it economically challenging to sustain Web3 games.
9. The user acquisition costs for blockchain games can be very expensive. In fact, certain case studies indicate that customer acquisition costs for blockchain-based casual games are 77% higher compared to non-Web3 games.
10. To achieve profitability and scalability, numerous Web3 games will have to expand their commercial user base, increase whale spending, or both.
11. Currently, approximately 1.2 million unique active wallets participate in games daily, with daily game transactions ranging from 15 to 25 million.
12. Optimism and OP Stack have become the most popular choices for Full On-Chain Games (FOCG) developers. Starknet is another popular infrastructure for FOCG.
13. Telegram (TON) encrypted games are a new trend.
14. AI-driven “generative agents” will create entirely new player experiences.
15. According to Delphi’s perspective, noteworthy projects at the intersection of AI and crypto games include Parallel, Today-, AI ARENA, Geppetto AI, and AVALON.
16. The infrastructure for Web3 game development is rapidly expanding.
17. According to Delphi Digital, the two projects with the greatest potential are HYTOPIA and Ronin Network.
18. In the past two years, AAA-level games have undoubtedly been the focus of attention in the blockchain gaming industry.
19. At a high level, AAA games not only compete with each other but also compete with the broader Web2 shooter game market.
20. 2024 will be an exciting year for the Web3 gaming industry.
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