Fear of scams and lack of information plagues Web3 gaming, survey reveals
Coda Labs surveyed 6,921 people from five countries to determine their perception of crypto, NFTs and Web3 gaming.
A study by blockchain entertainment project Coda Labs has shown that the lack of adequate information and fear of scams have been significant barriers to Web3 gaming adoption in the mainstream market.
Details of the survey
- In June 2022, CodaLabs surveyed 6,921 respondents consisting of traditional gamers, crypto gamers, and crypto non-gamers across five countries.
- Crypto non-gamers are cryptocurrency users who don’t necessarily play video games.
- The report revealed that Web3 gaming has still not been adopted into the mainstream gaming market despite the amount of money pumped into the industry.
- Respondents had to be either regular gamer who plays at least two video games monthly or someone who has completed a crypto activity (trade, buy/sell an NFT, etc.) within the previous 30 days.
Conclusions of the survey
- The most significant barriers to web3 gaming among traditional gamers and crypto-natives are a lack of information on web3 gaming and fear of scams. Some traditional gamers also do not have blockchain wallets.
- In addition, crypto-natives reported that Web3 games are “too expensive” to start.
- 41% of the traditional gamers who responded are generally unsure how crypto gaming works.
- Significantly, at least 33% of each of the three classes of respondents are worried that they might be defrauded in crypto gaming.
- Yet, crypto non-gamers look the most likely to be converted to crypto gamers.
- Altogether, it does appear that the success of Web3 gaming so far leans heavily on its crypto feature, with most respondents saying they play Web3 games to earn cryptocurrency.