Web3 Gaming Gains 15.7% in November 2024, Challenges Remain

Web3 gaming, powered by blockchain technology, introduces a new paradigm in the gaming industry by offering true asset ownership through fungible and non-fungible tokens. Unlike traditional gaming, where players' investments in items and characters are locked within the game's ecosystem, Web3 allows players to sell or trade their in-game assets across different platforms. This creates a player-driven economy that mirrors real-world markets, providing players with tangible value for their in-game efforts.

Blockchain technology enhances transparency and security in Web3 gaming. Each in-game transaction is verified and reliably stored on the blockchain, reducing the risk of fraud and building trust between developers and players. Web3 games are hosted on a decentralized node network, making them resistant to hacking and shutdowns. This decentralization also allows users to access Web3 games from anywhere in the world with an internet connection.

An example of the fusion of traditional and modern gaming is NFL Rivals, a mobile-friendly Web3 game officially licensed by the National Football League and the NFL Players Association. The game combines NFT trading with fantasy football, enabling players to create and manage virtual teams, trade individual game characters as NFTs, and compete against other teams. The unique NFTs in the game come with different strengths and rarity levels and can be bought, sold, and traded on Mythical Marketplace, the trading platform of the game’s creator, Mythical Games. The game's beta phase saw over 150,000 sign-ups, and this number increased further after the official launch.

Despite the rapid progress of Web3 gaming, traditional Web2 games still dominate the global gaming market. In February 2025, Roblox reported 85 million daily active users, with its monthly player base including 50% of US children under 16. Other major titles like Call of Duty, Minecraft, and Fortnite each have tens of millions of active players. Web3 games, while growing, represent a small fraction of the global gaming market. For instance, the Web3 industry reached 5.5 million daily active users in November 2024, up 15.7% from October. However, this growth is not consistent across platforms, with some games like Hamster Kombat showing a significant discrepancy between claimed and actual user engagement.

The concepts of Web3, NFTs, and blockchain have not resonated with many traditional Web2 users, leading some developers or publishers to remove Web3-related content from their platforms. This resistance highlights the challenges Web3 gaming faces in gaining widespread acceptance. However, the underlying mechanisms of Web3 gaming, such as the ability to profit from in-game assets and participate in governance decisions, offer a compelling alternative to traditional gaming models. Organizations like the DAO supporting Mythical Games are invested in the platform's growth, and as the platform grows, the value of its native token (MYTH) increases, providing players with a financial incentive to engage.

In emerging markets, blockchain-based games can offer a feasible alternative to conventional forms of employment. Players can enjoy the games while capitalizing on project growth, providing a reliable incentive to engage. While Web3 gaming is still in its infancy, the lucrative mechanisms underpinning it promise to enhance and sustain players' motivation to a greater extent than traditional gaming models. The future of Web3 gaming looks promising, with the potential to revolutionize the gaming industry by offering players true ownership and value for their in-game efforts.