Surprisingly Unconvinced Blockchain and NFTs

Key Points:

• Even though the play-to-earn story was one of the most overstated during the last cryptocurrency market rise, it is still not obvious whether decentralization is what the gaming industry actually needs.
• 75% of participants responded “not interested,” 16% said they were “somewhat” interested, and only 7% said they were “interested” in conducting experiments employing blockchain technologies in the creation of cryptocurrencies, NFTs, or Web3 as a concept.
• Less vociferous opponents of blockchain predicted that the industry would find applications for it and NFTs in about 10 years, but that by 2023 databases will be just as helpful as distributed ledgers in the gaming industry.

Even though the play-to-earn story blockchain was one of the most overstated during the last cryptocurrency market rise, it is still not obvious whether decentralization is what the gaming industry actually needs. According to a poll of 2,300 game developers, blockchain utilization in gaming as of right now shouldn’t be overstated.

Over 2,000 top game developers were polled by the Game Developers Conference 2023 (GDC) team on their preferred platforms, business models, and monetization strategies. Developers’ perspectives on the likelihood of adoption in gaming were examined in two areas of the study.

The survey’s findings can be unfavorable for those who are interested in cryptocurrencies. 75% of participants responded “not interested,” 16% said they were “somewhat” interested, and only 7% said they were “interested” in conducting experiments employing blockchain technologies in the creation of cryptocurrencies, NFTs, or Web3 as a concept.

Only 2% of companies now make use of decentralized instruments. In one year, metrics of favorable opinion toward blockchain experienced a 15-20% decline.

“What is your opinion on the use of blockchain technology in video games now compared to a year ago?”

The answers to this question look even more “bearish”: more than half of developers claimed that they were opposed to blockchain a year ago and are opposed now as well; 5% of developers became more pessimistic about blockchain in the last 12 months, while one developer out of four is unclear about their opinion.

“Solution seeking problem” or programmers’ forbidden love?

In a discussion, a number of polar opinions were expressed. Some developers said that the blockchain sphere itself is seeking viable use cases to explain its usefulness:

Blockchain is a textbook example of a solution looking for a problem. Despite being well known for over a decade, it has no practical use-cases—outside of cryptocurrency, which itself has a single use-case of enabling finance fraud

Less vociferous opponents of blockchain predicted that the industry would find applications for it and NFTs in about 10 years, but that by 2023 databases will be just as helpful as distributed ledgers in the gaming industry. Some of his coworkers, according to one engineer, are “exploring its (blockchain — V.S.) use more quietly,” he stated.

The well-known volatility of digital assets, together with regulatory and ethical issues, are likely the biggest barriers to crypto adoption and gaming. Between March 20 through March 24, 2023, San Francisco (CA) will host the Game Developers Conference.

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