Crypto powers the gaming industry whose value could reach $350 billion by 2027
Crypto is one of the backbones of the world’s gambling industry, which is growing and attracting more gambling addicts.
The value of the gaming sector could reach $350 billion by 2027 – thanks to cryptocurrency. The crypto world may be surprised by some of the surprising revelations from Triple A’s latest cryptocurrency ownership data.
According to Triple A’s data, 48.6% of digital currency owners want to use their coins for online gambling or gaming in the future.
This is significantly greater than the 25.1% of bitcoin owners who did so last year. It should be noted that online gaming and gambling have experienced growth in recent years, and by 2027 it is estimated that the gaming sector will be worth $340 billion.
This has come at a time when the ongoing debate surrounding cryptocurrency gambling, which has been a major presence on Twitch streams for more than a year, is growing.
Cryptogaming – more than just a buzzword
Whether you like it or not, “blockchain” is now one of the most popular words or niches in the gaming industry.
Whatever feels most natural works, be it blockchain games, crypto games or NFT games. Gamers themselves have long resisted the idea, despite the Web3 community’s belief that gaming could be the key factor in bringing the mainstream onto the platform.
Blockchain games are not given the most recognition in the larger gaming community. Why? Well, for the majority of players, the problem has nothing to do with environmental issues or the looming danger of dishonest actors shaking in their boots at the mere use of the term “blockchain.”
The problem may be that there are currently no blockchain games that are actually capable of dominating the mainstream gaming market.
More than a third of all people in the world are gamers. Microsoft Xbox, G2A and Twitch are among the leading gaming companies that have invaded the digital currency industry.
Cryptocurrency revolutionary GameFi
Cryptocurrency has dramatically revolutionized the gaming industry, whether in terms of payment methods or GameFi. Given the growing acceptance of cryptocurrencies among players and organizers, a detailed examination of the sector shows that gaming companies will experience significant market expansion in the coming years.
According to Triple A’s data, the price of Bitcoin increased by up to 540,000% between 2012 and 2021. In addition, 47% of the entire market value of cryptocurrencies in 2021 was made up of bitcoin.
Apart from this, the cryptocurrency market is expected to expand at a CAGR of 56.4% from 2019 to 2025.
The US, India, Pakistan, Nigeria and Vietnam are the top five nations based on the number of cryptocurrency owners, according to the data. With 46,020,521 crypto owners, the United States tops the list.
Image: The Collegian - Fresno State
Along with the gaming business, other well-known industries that take Bitcoin include remittance, luxury products and e-commerce. Remittance via cryptocurrency is reportedly 388 times faster and 127 times cheaper than remittance using conventional methods.
So why don’t blockchain game creators just make triple-A games if all they have to do to appeal to conventional gaming audiences is to do so? There will certainly be no problem with the financing.
Projects in Web3—more specifically, the NFT space—regularly raise millions of dollars in investment, with some businesses even reaching the eight-figure range.
The truth is that making a good game requires a lot more than just money. You must have the creativity, talent and ability necessary to create a quality game.
But most importantly, you must relentlessly commit to making a great game.
Crypto total market cap at $951 trillion on the daily chart | Source: TradingView.com Featured image from Nitter, chart from TradingView.com
