Coda Labs, a mobile games company building fun games powered by web3 tech, with Raptor PR, a b2b communications agency for video games, web3 gaming, and media brands, unveil findings from survey of over 150 developers.
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 that it will revolutionise the gaming industry. However, a sizable minority disagree. Almost one third (32%) said that web3 games are a fad and won’t be around for long, and 31% labelled them a scam.
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.
The international survey of games industry professionals comprises responses from 154 participants, with most based in the USA, UK, and Turkey. Three-quarters of those taking part work directly on programming and development, with just over one quarter being company founders or senior management. The study was conducted by Walr.
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 totalling more than 100 million downloads, I do believe that the current model of paid user acquisition and platform fees is out of date, and web3 represents an opportunity for developers to replace it with a more equitable one.Sekip Can Gökalp, CEO and Founder of Coda Labs
- Web3 games may be a revolution…More than half (56%) believe that Web3 technology will revolutionise the gaming industry, with 60% agreeing that it will be around for a long time
- …But not everybody’s convinced — Nearly one-third (32%) believe that web3 games are a fad and won’t be around very long. 31% would go so far as to say that web3 games are a scam
- New revenue streams and new users — 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
- Three-quarters expect to work in web3 in the future — When asked about their company’s future web3 development strategy, 75% expect web3 games to feature
- Web3 work is underway, but launches are few — 62% have experience of working on web3 games, but less than a quarter (23%) have already launched one
- Companies are hiring for web3 right now — More than half (57%) say that they are currently hiring for web3 roles, indicating it’s a growth sector
- Player adoption may be a problem — More than a quarter (27%) of participants cited player adoption as the main obstacle for web3 games to overcome. Tying in with this, 21% were conscious of the often complex user experience of web3 games
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’.Rana Rahman, Founder and CEO at Raptor PR
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.
About Coda Labs
Coda Labs is a team of creative and technology experts who focus on building fun mobile gaming experiences, powered by blockchain technology. Our aim is to fuel web3 adoption to bring millions of players on-chain while creating new economic opportunities for game developers and game players.
Coda Labs recently shifted to be fully dedicated to web3 and rebranded from Coda Platform, a mobile games publishing platform founded in 2019. Infinite Arcade, Coda Labs’ first web3 project, launched in March 2022 and several other projects are in the works. Coda Labs is backed by world-class investors including Lvp, investors in Unity and Supercell.
Side note: Coda rebrands as Coda Labs and goes all-in on Web3.
About Raptor PR
Based in London, Raptor PR is a fast growing global communications agency for video games, web3 gaming, and media brands. Founded by Rana Rahman following a 20-year global career in communications, Raptor PR brings together bespoke teams for each client from a unique network of senior comms and content specialists to deliver tangible results that contribute directly to business objectives and brand engagement.
Raptor PR is a proud member of UKIE, the UK trade body for the interactive entertainment sector, and the Blockchain Game Alliance, an organisation spreading awareness and adoption of blockchain in the games industry.