The blockchain gaming industry is undergoing a major transformation, as the once-popular play-to-earn (P2E) model is losing its appeal and emphasis is now on enhancing gameplay experience. A recent survey conducted by the Blockchain Game Alliance (BGA) revealed this shift in focus among professionals in the blockchain gaming sector. The survey, which had 347 participants representing 252 different projects or companies, found that most respondents were young adult males holding middle and top management positions in blockchain gaming companies.
One of the key findings of the survey was a noticeable change in how blockchain gaming executives perceive P2E as a driver for blockchain gaming adoption. In 2021, 67.9% of respondents believed P2Es would be the primary growth driver for blockchain gaming, but in the latest survey, this number plummeted to just 22.5%. Instead, the report indicated that gameplay improvements are expected to be the industry’s top priority in 2023, with 35.7% of respondents highlighting its significance.
According to Pedro Heddera, head of research and analytics at Dapp insights company Dappradar, the decline of P2E can be attributed to falling crypto prices and the emergence of free-to-earn games, setting the stage for a new generation of web3 games. Co-founder of web3 consulting company Blockminds, Rowan Zwiers, noted that the industry is moving towards a more sustainable and advanced phase of blockchain gaming dynamics, away from the unsustainable P2E models of the past.
Chief Investment Officer of Hartmann Metaverse Ventures Felix Hartmann pointed out that venture capitalists are now focusing on supporting game studios that integrate web3 and AI technologies into high-fidelity games, rather than funding traditional P2Es. Despite the decline of P2E popularity, co-founder of Mirai Labs Corey Wilton acknowledged that there will always be enthusiasts of the original model, but emphasized the profitability of catering to the casual everyday gamer.
The report also highlighted some challenges faced by the blockchain gaming industry, such as poor gameplay and a lack of understanding of blockchain gaming concepts. However, despite these challenges, the industry continues to grow significantly, with on-chain game transactions reaching 7.4 billion, showing a 37% increase from 2021 and a staggering 3,260% growth since 2020. President of the Blockchain Games Alliance Sebastien Borget noted that the industry’s resilience in the face of a prolonged crypto winter demonstrates a focus on prioritizing players and leveraging the benefits of blockchain technology for the gaming industry.
In conclusion, the blockchain gaming industry is evolving rapidly, with a shift towards prioritizing gameplay experience over the once-popular play-to-earn model. This shift reflects a maturation of the industry and a move towards more sustainable and advanced blockchain gaming dynamics. Despite the challenges, the industry continues to grow significantly, with a focus on player-centric approaches and leveraging blockchain technology for the benefit of gamers. As we head into 2023, it will be interesting to see how these trends continue to shape the future of blockchain gaming.
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