Blockchain Gaming Market To Increase To Reach $301.53 Billion By 2023 – Cryptopolitan
The global gaming market is poised for remarkable growth over the next seven years, with a projected market value of $301.53 billion by 2030, according to a report by Grand View Research. The report, titled “Blockchain In Gaming Market Size,” highlights the shift from traditional gaming to blockchain-based alternatives as the driving force behind this growth.
The move to blockchain gaming sparks market surge
Grand View Research predicts that the blockchain gaming market will experience significant expansion, driven by the growing use of blockchain technology in the gaming industry. This transition gives players the benefits of ownership, transparency and monetization within the gaming ecosystem. As a result, the sector is expected to witness a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.
The rise of gaming metaverses, virtual worlds built on blockchain technology, is also expected to contribute to this growth. Gaming metaverses offer immersive and decentralized experiences, attracting players with a wide variety of activities and the ability to explore, interact and socialize in the virtual world. The COVID-19 pandemic has further accelerated the demand for these types of experiences, leading to the integration of metaverse features into blockchain games.
Decentralized opportunities for finance and income generation
Another factor driving the growth of the blockchain gaming market is the integration of decentralized finance elements (DeFi). Grand View Research suggests that players will be able to monetize their gaming sessions by participating in DeFi protocols, thereby unlocking additional revenue potential. This integration allows players to convert their in-game rewards into cryptocurrencies, which can be traded on decentralized exchanges or used for other in-game purchases.
While the blockchain gaming market is currently smaller compared to the traditional gaming market, valued at nearly $92 billion by 2022, the report expects continuous growth. In particular, traditional AAA gaming companies have only recently begun to explore blockchain gaming, with industry leaders such as Square Enix and Ubisoft leading the way.
Square Enix has integrated blockchain technology into its business program and plans to launch various blockchain-related experiences, including Symbiogenesis, a story-driven non-fungible token (NFT) experience. Similarly, Ubisoft has introduced NFTs into some of its products, although the results have been mixed.
Furthermore, reports suggest that the Epic Games store, a popular PC gaming store, has around 20 blockchain games ready for launch in 2023, with some already available to early testers. Executives at Epic Games have expressed positive feelings about the performance of these games, highlighting their potential success in the market.
The projected growth of the blockchain gaming market indicates a significant shift in the gaming landscape as players increasingly seek the benefits of asset ownership, transparency and innovative monetization opportunities. With the integration of DeFi elements and the emergence of gaming metaverses, the future of blockchain gaming looks promising.