What is Web3 Games?
Web3 Games (also known as play-to-earn, play-to-own, crypto, blockchain, or NFT games) are digital games that incorporate blockchain technology as an underlying component of the game's economy. Web3 games are distinguished by the presence of game assets owned (stored in custodial wallets) by players in the form of non-fungible tokens (NFTs) or fungible tokens. This innovation's functional implication is that player assets are tangibly owned, and liquid markets exist to allow assets to be sold or traded in the same way that physical goods are. The fact that players in play-to-earn web3 game economies own in-game assets contrasts sharply with traditional free-to-play (Freemium) game economies, which have largely existed within a closed ecosystem that prevents players from trading in-game items for real-world value. Web3 has transformed many industries, including gaming. Web3-based games, in contrast to traditional gaming platforms, allow players to interact with the games in novel and decentralized ways. People can earn money by playing with cryptocurrencies and NFTs. This democratizes all aspects of gaming and places primary power in the hands of the player rather than one central authority within a game.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Decentraland (China), Sky Mavis (Singapore), PIXOWL INC. (United States), Gala Inc (Japan), Wax Studios (United States), Dapper Labs Inc. (Canada), OpenSea (United States), Mythical Games Inc. (United States), G2A (Netherlands) and ITAM Games (South Korea) |
The study covers a detailed analysis segmented by key business segments i.e. by type (Action, Esports, Puzzle Games, Racing Games, Role Playing Games, Sports Games and Other) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Web3 Games market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Web3 Games market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Decentraland (China), Sky Mavis (Singapore), PIXOWL INC. (United States), Gala Inc (Japan), Wax Studios (United States), Dapper Labs Inc. (Canada), OpenSea (United States), Mythical Games Inc. (United States), G2A (Netherlands) and ITAM Games (South Korea).
Market Overview:
On 4th August 2022, Infinite Assets, Inc., a Web3 and Metaverse infrastructure company that empowers brands and makers to create, generate more revenue, and drive consumer engagement with virtual goods, announced the strategic acquisition of Super Bit Machine, an impartial gaming studio and Armajet developer premised by experienced professionals with experience running massive online games with top 10 grossing gameplay on iOS and Android, including Bingo Blitz by Buffalo Studios. With the addition of real-time multiplayer games concerning sustainable development, InfiniteWorld's ability to provide best-in-class Web3 and Metaverse experiences to brands and creators will be strengthened even further. This acquisition also represents the continued convergence of blockchain and gaming platforms, connecting traditional gamers' experiences delivered via mobile devices, PCs, and consoles with dynamic Web3 functionality.
The government of India introduced the Online Gaming (Regulation) Bill to protect youth and innocent people. The bill has been passed in Congress. The bill aims to protect the integrity of multiplayer gaming while also creating a regulatory framework for it. The Bill proposes the formation of an Online Gaming Commission, to be appointed by the Central Government. Gaming contractors will be required to obtain a license from the Review Committee.
The rising use of mobile applications and the demand for web3 games in the region have created a fiercely competitive environment among market players, resulting in a highly fragmented gaming market. The market's major participants, such as Sony Corporation, Microsoft, and Nintendo, are increasing competition by constantly innovating and introducing new game systems. The web3 games market research includes a thorough examination of the market's competitive environment as well as extensive information on suppliers. It also includes a business summary, product terms, production, sales capacity, revenue, pricing, and gross margin sales for the industry's leading players. The study also includes cutting-edge ideas from top industry participants to help them improve their product offerings.
Web3 Games Market Dynamics:
Attributes | Details |
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Growth Drivers | - Growing the Penetration of Internet
- Growing Gaming Industry across the World
- Data Ownership Shifting towards the Users
- Rise of the NFT Payment System and Digital Collectibles
- Increasing Demand in Large Companies That Offer Global Language Services
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Major Trends | - Integration of Advance Technology Such Ai and Block Chain in Gaming
- Real Life Web3 Games Experience in Digital by E sports
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Restraints | - High Cost in Game Development
- Rising Privacy and Security Issues Due To Web3 Games Is the Major Drawback for the Market
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Road Blocks / Challenges | - Compatibility Issues with Different Device
- Multiple Legal Regulations Based On Game Type
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Gaps & Opportunities | - High Growth of Web3 Games as a Social and Investment Opportunity Will Boost the Market
- Growing Popularity of Web3 Games
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Key highlights of the Global Web3 Games market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Web3 Games market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Web3 Games market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Web3 Games Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Web3 Games market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Web3 Games market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Regulatory Authorities, Strategic Business Planners, Web3 Games Manufacturer, Web3 Games Distributors and Suppliers, Research Organization, Government Bodies, End-Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.