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The Web3 gaming realm is witnessing participation from various significant video gaming industries and is constantly growing throughout the crypto space. According to reports, 72.5%, i.e., 29 of the 40 top video game manufacturing companies by market cap, have drifted towards embracing Web3 development into their ecosystem to various extents. Most of the top video gaming companies have set their sights on capitalizing on the market, whether directly investing in web3 gaming projects, blockchain game development, or hiring for blockchain development-related positions.
In addition to this, out of the 29, only seven (24.1%) of the video game manufacturing companies are developing blockchain games. These companies are Take-two Interactive Inc., Konami Holdings, Ubisoft, Square Enix, Krafton, Bandai Namco, and Nexon.
Web3 gaming spearheads and their developments
Krafton’s Overdare, previously known as Project Migaloo, is the only project that is all set to soft launch in the month of December 2023. However, the game will be fully released sometime between January and July 2024. Apart from this, Zynga, a wholly-owned subsidiary of Take-two Interactive Software Inc., and Bandai Namco, a Japanese multinational video game publisher, successfully launched their exclusive NFTs Sugartown and Ryuzo, respectively, on their gaming ecosystem in August and June 2023.
Ubisoft’s Champion Tactics, Grimoire Chronicles, and Square Enix’s Symbiogenesis have already initiated their allowlist campaigns on Twitter. In contrast to this, Nexon’s Maplestory Universe has a different devoted market plan where updates regarding their game are shared on social media.
Konami Holding’s project Zicron, first announced in March 2023, recently made small advancements as the organization opened its Discord on September 13. Later, it revealed a more comprehensive framework during the September 21, 2023 Tokyo Game Show.
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How Web3 Gaming Industry Is Performing?
The adoption of blockchain technology by video gaming companies has been comparatively slow as compared to other domains developing and adopting blockchain technology. Issues such as scalability, market acceptance, regulatory uncertainty, and security breaches have manifested themselves as some of the deepest potholes on the road of Web3 development.
The top 10 video game companies that vaunted a combined market capitalization of $3,219.6 billion overshadowed the market cap of the top 10 gaming tokens valued at 4.8 billion. Web3 initiatives taken by some of the top video gaming companies include Microsoft, Tencent, Sony, Net Ease, Nintendo, Electronic Arts, Unity Software, Capcom, etc.
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