Game studios await blockchain regulation

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Updated March 28, 2023 | Published March 28, 2023

2 mins read

Big gaming studios are waiting for the right set of regulatory conditions and consumer demand to adopt blockchain and web3.

BNB Chain gaming growth lead Walter Lee has argued that mainstream game studios are biding their time on blockchain.

He said the producers of triple-A games, such as Minecraft and Grand Theft Auto (GTA), are waiting for regulation to become more clear-cut before they enter the space.

While some companies have declared their NFT aversion in public, including Rockstar – the studio behind GTA, they are not really opposing blockchain technology as such.

Lee believes that studios are waiting to see player safety measures put in place before they adopt the technology.

“There is still a lack of education and regulation around web3, therefore, some users and companies are still skeptical about the benefits and scams that it can often be associated with”, Lee explained.

Companies will know when the time is right judging from consumer demand with many gamers looking to explore more blockchain technology in their favorite games.

While NFTs have so far been faced with strict opposition from the community, attitudes towards web3 and blockchain gaming are going to change, Lee predicts.

Ubisoft Entertainment recently had to fold an attempt to integrate NFTs into some of its games, criticized heavily by players who refused to buy them and saw them as cheap cash grabs.

Of course, attitudes are changing. Video gamers aren’t fans of cryptocurrencies, for example, but they can see the value of an NFT used in a video game – if done right as the Ubisoft fiasco demonstrated.

But for triple-A studios to dip a toe, they would first need to see a real market for web3 games that is backed by regulation as well.

Embracing innovation just for the sake of it though, may not be an option. Web3 sounds like a buzz term, but there are proven verticals that have withstood the test of time.

Mobile gaming, for example, is breaching the $100bn-threshold, and is still growing, which means that studios are mostly focused there.

Recently, Activision Blizzard and Riot Games have announced a series of mobile gaming projects, and so have many others, including Respawn Entertainment, Infinity Wards, and others.

Triple-A studios will cave in to demand for web3, but for this to happen, consumers will have to be the driving force.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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