What’s the news: Game 7, a Decentralized Autonomous Organization (DAO), in partnership with Naavik, recently released the 2024 State of Web3 Gaming Report which highlighted Telegram’s emergence as a key platform for new web3 game launches and revealed a 17% rise in funding for the industry.

What’s the significance: The report shows that as web3 gaming expands, players and investors will have more choices with easy-access platforms like Telegram, a wider variety of indie games, and rewards for players.

The Big Picture: Web3 gaming is maturing as blockchain becomes more integrated, with small developers innovating while major platforms face regulatory challenges.

Key Details: 

• Game7 and Naavik publish the 2024 State of Web3 Gaming Report, analyzing over 2,500 blockchain games, 1,500 funding rounds, and 100 ecosystems across six years.

Report Highlights:

Platform Usage

• Telegram now hosts 21% of new web3 games, with publishers leveraging it for user acquisition.

Ecosystem & Regional Growth

• Ecosystem: Immutable and Arbitrum grew significantly, with Immutable gaining 181 titles (+71%) and Arbitrum reaching 119 titles (+68%).
• Regional Development: APAC leads with 39% of new web3 games, followed by the U.S. at 36%, with U.S. developers accounting for 27% of all web3 games.

Industry Trends

• New blockchain gaming chains are being launched more often than new game content
• Only 45% of Web3 games are currently playable, and just 34% have active blockchain integrations, signaling integration challenges.

Distribution Shifts

• Epic Games Store added 81 web3 games, while console platforms like Sony and Microsoft remain hesitant on blockchain integration.

Development & Funding Trends

• Indie teams dominate, with over 90% of launches, primarily in RPGs, casual, action, and strategy genres.
• Funding: Web3 gaming funding increased by 17% year-over-year, with emphasis on smaller funding rounds and token launches.

Between the lines: Telegram is becoming popular for game distribution as restrictive app store policies limit other options.

What’s next: Game7’s Developer Program aims to support player-centric projects, focusing on long-term industry growth by funding and empowering indie developers, potentially leading to the next ‘Axie moment’ in web3 gaming.

The bottom line: The focus on infrastructure over game content indicates that while blockchain gaming is evolving, developers still face significant challenges in creating and integrating functional games.

Full report: Get a copy of the full the Game7’s 2024 State of Web3 Gaming Report here.

Worth reading: In 2022, Game7 partnered with MetaMask to create HyperPlay, a web3-native game launcher, allowing players to seamlessly integrate their wallet, NFTs, and tokens into any game, enabling permissionless interoperability across Web3 gaming.

This article is published on BitPinas: Telegram Captures 21% Of New Web3 Games

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