The play-to-earn narrative was one of the most hyped stories during the previous cryptocurrency market rally. This concept is based on the idea that gamers can earn real money from video games.
A survey of 2,300 game developers suggests that blockchain use in gaming may be less popular than previously imagined.
The results indicate that decentralization may differ from the segment’s needs to improve and expand.
Only 3% of game developers use blockchain technology in their games, suggesting mass acceptance still needs to be revised.
Moreover, only 6% of respondents stated they actively research potential use cases for blockchain and cryptocurrencies within gaming.
Even though some projects have seen success with tokenization models, these remain exceptions rather than signs of a larger trend.
2% of Game Creators Use Blockchain, Crypto, and NFTs
The Game Developers Conference (GDC) 2023 recently released the results of a survey of over two thousand leading game developers.
The survey focused on several topics, including business models, monetization schemes, technical opportunities, and preferable platforms for products.
Two survey sections examined game developers’ opinions surrounding blockchain adoption in the gaming industry.
The survey found that almost all participating developers were interested in exploring blockchain as a potential technology for their projects.
Distributed ledger technology provides improved security, transparency, and scalability over previous systems.
35% believed blockchain-based solutions would cut development costs, a crucial factor for investing in new technologies and platforms. Cryptocurrency enthusiasts might not be too pleased with the recent survey results.
75% of participants said they are not interested in using blockchain technologies such as cryptocurrency, NFTs, or Web3 in development.
Only 16% said they were somewhat interested, and only 7% expressed interest in experiments with these instruments. Furthermore, only 2% have already started using decentralized instruments in their products.
Compared to a year ago, the metrics for a positive attitude toward blockchain saw an alarming decrease of 15-20%.
Investors and experimenters should be concerned because the study suggests many remain skeptical about blockchain technology’s use cases and applications.
Promoting cryptocurrencies and related technologies across sectors may take time due to this. Over the past year, blockchain technology in video games has generated “bearish” responses.
Over half of the game developers surveyed said they opposed blockchain use a year ago and still do.
Of those respondents, five out of ten respondents became even more pessimistic about blockchain technology in the last twelve months.
One in four creators was still determining blockchain use in video games compared to a year earlier. Blockchain advocates say it can improve gaming platform asset security, transparency, and user control.
It also allows players to earn cryptocurrency by performing certain tasks, such as completing quests or selling virtual goods.
Devs’ Guilty Pleasure or “Solution Hunting for Problem”?
In a recent discussion, many polar opinions were expressed regarding blockchain technology’s viability and use cases.
Some engineers think the blockchain industry needs use cases to prove its value, but others disagree.
“Despite being publicly known for over a decade, it has no practical use-cases outside of cryptocurrencies—enabling funding fraud.”
Another developer disagreed and said blockchain technology might be used in healthcare and finance.
The debate surrounding the viability and utility of blockchain technology continues to rage among developers worldwide.
Ten years ago, the idea of blockchain and non-fungible tokens (NFTs) disrupting the gaming industry seemed like a distant dream.
Blockchain technology would alter gaming, but some doubted it would happen soon. As distributed ledgers have struggled, databases still rule the gaming business in 2023.
However, one unnamed game developer recently claimed that some of his colleagues are “exploring its use more quietly.”
He thinks blockchain technology might be meaningfully incorporated into gaming with proper development time and funding.
This statement has sparked renewed interest in blockchain’s potential in gaming after years of skepticism from critics.
Many expect Game Developers Conference 2023 (GDC2023) in San Francisco to accelerate cryptocurrency adoption in the game industry.
However, regulatory and ethical problems are likely the main roadblocks to crypto adoption and gaming. Developers who accept cryptocurrencies may be at risk due to their volatility.
Additionally, there may be concerns about data privacy and security when using digital wallets or other blockchain technology.
Government control of crypto markets to ensure compliance with anti-money laundering and taxation rules is still being determined.