Major Players in the Video Game Industry Embrace Web3 Innovation

Crypto News- The Web3 gaming sector is currently experiencing active engagement from major players within the video game industry, as it continues to expand within the realm of cryptocurrencies. Reports indicate that a notable 72.5%, or 29 out of the top 40 video game companies ranked by market capitalization, have embarked on the journey of integrating Web3 components into their ecosystems to varying degrees.

Major Players in the Video Game Industry Embrace Web3 Innovation

These prominent gaming entities are displaying a keen interest in exploring this market, whether through direct investments in Web3 gaming ventures, the development of blockchain-based games, or the recruitment of blockchain-focused professionals.

Out of the 29 companies embracing Web3, only seven (24.1%) are actively involved in the development of blockchain games. This exclusive group comprises Take-Two Interactive Inc., Konami Holdings, Ubisoft, Square Enix, Krafton, Bandai Namco, and Nexon.

Krafton, previously known as Project Migaloo, is gearing up for the soft launch of Overdare in December 2023, with the full release anticipated between January and July 2024. Additionally, Zynga, a subsidiary of Take-Two Interactive Software Inc., and Bandai Namco, a major Japanese video game publisher, have successfully launched their exclusive NFTs, Sugartown and Ryuzo, respectively, within their gaming ecosystems in August and June 2023.

Ubisoft’s Champion Tactics, Grimoire Chronicles, and Square Enix’s Symbiogenesis have kicked off their allowlist campaigns on Twitter. Conversely, Nexon’s Maplestory Universe employs a unique marketing strategy, primarily sharing game updates via social media channels.

Konami Holdings’ Zicron project, initially introduced in March 2023, has recently made gradual advancements, including the opening of its Discord channel on September 13. A more comprehensive framework for the project was unveiled during the Tokyo Game Show on September 21, 2023.

Relative to other sectors that are exploring and embracing blockchain technology, the video game industry’s adoption has progressed at a somewhat slower pace. Challenges such as scalability, regulatory uncertainties, market acceptance hurdles, and security vulnerabilities have emerged as significant obstacles along the journey of Web3 development.