Three out of four game developers anticipate working on Web3 game projects in the future as blockchain gaming becomes more widely accepted, according to a recent survey. Coda Labs, a blockchain entertainment company, conducted a survey to find out what game developers thought about Web3. The majority of respondents to the poll, according to the researchers’ findings, think that Web3 gaming is going to be adopted by their companies. The majority of participants—75%—plan to continue working on Web3 projects.
In addition, more than half of study respondents think Web3 will completely change the game business. Some people think that Web3 will affect user enrolment and retention. 40% feel that integrating Web3 will increase the number of new users, while 36% think that doing so will improve user retention in games.
The CEO and founder of Coda Labs, Sekip Can Gökalp, offered additional insight into the poll’s findings. Gökalp observed that although the potential of Web3 games is frequently disputed, the benefits to developers are typically clear. He said that because of advantages like increased funding, new revenue sources, and player retention, the bulk of developers have already “dipped their toes” into creating Web3 games.
“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.”
Web3 opens up new revenue streams for developers in addition to attracting and keeping new consumers. Non-Fungible Token (NFT) sales were cited by 47% of survey respondents as one of the key advantages of Web3, while 43% saw crypto tokens as a potential source of additional income.
Web3 may be here to stay, but not everyone believes it. The survey’s findings also indicate that 32% of respondents believe Web3 games are just a passing trend that won’t last for very long. Another recent survey revealed that gamers are more interested in earning Bitcoin while playing games, despite the fact that developers who took part in the survey believe that NFTs and crypto tokens are new sources of income.
According to another research, 2022 might be the biggest year yet for Web3 developers because over 36% of smart contracts have been deployed and verified on the blockchain this year, totaling 118,000, compared to an all-time high of 323,700. According to the data, the deployment of smart contracts increased by almost 143% on average during the third quarters of 2021 and 2022, reaching a value of 48,500.
The significant Web3 data comes at a time when Ethereum prices have dropped by around 66% since the year’s beginning and the total value of assets linked to decentralised finance (DeFi) protocols has decreased by about 70% in a year.