Blockchain gaming adoption will be driven by gameplay improvements, according to a survey from the Blockchain Gaming Alliance.
Games are leading
According to the new report published by BGA, the market for blockchain games was experiencing tremendous growth in 2022. The report contains some interesting facts about the current state of the market and the future prospects.
It has been pointed out in the report that the blockchain gaming industry continues to face a challenge with regard to user adoption. Among the respondents to the survey, at least half (51%) believe that accessibility and onboarding of new players is the biggest challenge facing the gaming industry, while bad gameplay was cited by 37.2% of respondents as the second biggest issue affecting the industry, up from the fifth largest issue in 2021.
It is also common for market participants to not fully grasp the concepts behind blockchain-based gaming, which is the third most commonly cited challenge within the industry.
Moreover, the report goes on to clarify that one of the biggest shifts in terms of challenges facing the blockchain gaming industry from 2021 to 2022 was a result of regulatory uncertainty in the sector over the course of this period.
More than half of all respondents said regulatory uncertainty was their top concern in 2021, indicating that regulatory uncertainty was the most commonly cited challenge. There was a significant drop in the number of challenges relating to regulatory uncertainty this year.
It is noteworthy that 30% of respondents who were polled specifically about blockchain gaming in 2022 cited the crypto winter as the single most important negative event that would stymie the growth of the industry.
There was also a 27.7% increase in respondents to the survey who said that fear, uncertainty, and doubt (FUD) are the number one challenge that they face at the organizational level. There is a possibility that this is due to the repercussions of the Terra network and FTX which collapsed following the collapse of Three Arrows Capital (3AC).
BGA’s report covers many other topics that show a variety of stats regarding the status of the industry as well as where it is headed in the future. Some of the most important factors are careers, funding, and what players think about the industry in general. Despite the fact that one survey can’t cover the whole industry, it still gives a good picture of what is going on in the industry as a whole.