What do game devs think of Web3 gaming?

Most game developers believe Web3 has a considerable role to play in the future of gaming. That’s the headline from an international survey of game developers conducted by Coda Labs, a mobile games company building games powered by Web3 tech, with Raptor PR, a B2B communications agency for video games, Web3 gaming, and media brands.

The survey discovered that three-quarters of respondents expect Web3 to play a significant part in their future strategies, while more than half (56%) believe it will revolutionize the game industry. However, a sizable minority disagree.

Nearly one-third (32%) said Web3 games are a fad and will be around only a short time, and 31% labeled them scams. This information builds upon the findings of the Coda Labs Global Web3 Gamer Study, the biggest-ever Web3 survey canvassing the opinions of nearly 7,000 gamers, across all platforms, from every continent.

Other key findings of the report have been stated as follows:

• Developers expect the main benefit they derive from Web3 to be new revenue streams via the sale of NFTs (47%) or tokens (43%). 40% anticipate improved user acquisition, with 36% expecting improvements in user retention.
• When asked about their company’s future Web3 development strategy, 75% expect Web3 games to feature.
• 62% have experience working on Web3 games, but less than a quarter (23%) have already launched one.
• More than half (57%) say they are currently hiring for Web3 roles, indicating it’s a growth industry.
• More than a quarter (27%) of participants cited player adoption as the main obstacle for Web3 games to overcome. In line with this, 21% were conscious of the often complex user experience of Web3 games.

Şekip Can Gökalp, CEO and Founder of Coda Labs, commented:

“The potential benefits of Web3 games for players are well-debated, but the upsides for developers and studios tend to fall by the wayside. This survey shows that a majority of developers have already dipped their toes into Web3 game development, driven by benefits such as additional funding, new revenue streams, and player retention.”

“As with our consumer study earlier this year, it’s also clear that there are plenty who don’t perceive benefits for them. As someone who has published mobile games totaling more than 100 million downloads, I do believe that the current model of paid user acquisition and platform fees is out of date, and Web3 represents an opportunity for developers to replace it with a more equitable one.”

Rana Rahman, Founder and CEO at Raptor PR, added:

“Despite polarised opinions about Web3 gaming in both consumer gaming and games industry circles, there’s an undeniable momentum behind it – as this data shows. This momentum isn’t just purely driven by commercial gain, such as a drive to be the next F2P, but to improve aspects of gaming and the business of the games industry.”

“As well as better revenue share for creators and devs, obvious player-first concepts such as gameplay progression and basic interoperability spring to mind. Based on my discussions with industry leaders from indies to AAAs, there’s a ton of activity happening to deliver games with smart use of Web3. It’s not a question of ‘if’ Web3 gaming will take off, rather, ‘when.’”

Despite an ongoing ‘crypto winter’ and a series of crises among Web3 companies, investment in blockchain gaming has remained relatively strong. In 2022, at least $7.8 billion has been invested into Web3 games and gaming projects, while Animoca Brands has recently announced a new $2 billion fund dedicated to metaverse startups.