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- 1 Gaming giants like Activision Blizzard and Roblox are not involved in any of the Web3 initiatives.
- 2 Over 21K companies are operational in the Web3 sector.
CoinGecko, a data crypto data aggregator, reveals in his study published last month that a large chunk of video gaming companies have ventured into Web3. Web3 is a notion where users will have true ownership of their assets on the internet. As of now, only a few platforms allow users to monetize their content and it is laden with certain conditions as well.
Few Major Companies Making Blockchain Games
Over 70 percent of video game companies CoinGecko studied are active in the still infant Web3. However, only a handful including Bandai Namco, Take-Two Interactive, Ubisoft, and more are developing blockchain-based games. Gaming giants like Call of Duty makers Activision Blizzard and metaverse game Roblox aren’t involved in any of the Web3 initiatives.
Top 10 Largest Video Game Companies with Web3 Initiatives 🕹️
— CoinGecko (@coingecko) October 9, 2023
1. Microsoft
2. Tencent
3. Sony
4. NetEast
5. Nintendo
6. Electronic Arts
7. Take-Two Interactive
8. Sea (Garena)
9. Nexon
10. Bandai Namco
Metaverse is regarded as an integral element in the Web3 landscape. Non-fungible tokens (NFTs) will enable monetization in the metaverse. Roblox offers creators above a certain age to convert its in-game currency, Robux (RBX), to in-real life currency (fiat money) through its Developer Exchange Program.
Microsoft, the Windows maker, is the biggest company by market capitalization in the list. The company is surrounded by regulators trying to halt its Activision Blizzard acquisition. The regulators believe the deal would send the gaming sector monopoly to Microsoft.
The company speculated about the development of Metaverse during the announcement of the deal. According to Microsoft’s official blog post, the “Acquisition will accelerate the growth in Microsoft’s gaming business across mobile, PC, console and cloud and will provide building blocks for the metaverse.”
However, gamers have despised the integration of blockchain in gaming. Companies like Ubisoft and Sega faced backlash from the community upon the integration of NFTs in games. PCMag, an American computer magazine, reported in January 2022 about the tedious strides made in order to generate revenue from the NFTs. On top of that, the environmental impact concerned them as well.
More Than a Financial Movement
In their “State of Crypto 2023” report, Andreessen Horowitz (a16z), a venture capital company, called Web3 “more than a financial movement.” He also added that “it is an evolution of the internet” as the people educated about the notion are calling it. Web3 users may earn a greater share of revenue from platforms in contrast to Web2.
According to Crunchbase Web3 Tracker, a data aggregation initiative by Crunchbase, investors have poured $87 Billion into Web3 with over 21K companies existing in the space. Blockchain.com and OpenSea are listed among its top-valued Web3 startups.
Data shows the current Web3 market capitalization accounts for $27.5 Billion. Speculation sees this number harnessing a three-fold growth by the end of this decade. Play-to-earn (P2E) gaming is among the major accelerators of Web3 technology. However, only after the acceptance of blockchain technology by the gaming community can it be deemed to supposedly fit in.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
