The global Blockchain Gaming Market size is expected to reach USD 104.5 billion by 2028, increasing at a market growth rate of 68.2% CAGR during the forecast period
Video games that contain elements that use blockchain technology based on cryptography are known as “blockchain games” (also known as “NFT games” or “crypto games”). Players can buy, sell, or trade in-game items with other players when a video game uses blockchain technology, particularly cryptocurrencies and non-fungible tokens (NFTs).
New York, Jan. 26, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Global Blockchain Gaming Market Size, Share & Industry Trends Analysis Report By Platform, By Game Type, By Regional Outlook and Forecast, 2022 – 2028” report. –
As a commercialization method, the game publisher deducts a fee from each transaction.
Because of the technologies they include that allow players to earn bitcoin via gaming, a subset of these games are sometimes called “play-to-earn” games. Numerous AAA publishers are looking to use this technology in the future. However, blockchain technology has drawn criticism from gamers, game creators, and game companies for being redundant, unsustainable, and exploitative.
Cryptocurrencies and NFTs, which use blockchain technology, are potential revenue streams for video games. Many online games allow players to customize their characters using skins or other in-game items, which they can acquire and trade with other players for in-game cash. Some games feature the ability to exchange virtual goods for real-world money. Blockchain games often allow players to exchange in-game items for cryptocurrency, which can be converted into real money. Due to the traceability of the blockchain, this can avoid specific problems with gray markets.
COVID-19 impact assessment
Undoubtedly, the COVID-19 pandemic has had a significant effect on companies. Companies and organizations had to change how they operated to adapt to a web-based working environment. People were forced to remain indoors by the authorities, who also imposed strict rules for them to follow. Consequently, people spent more time on leisure activities throughout the epidemic. Operators, publishers and game developers can continue to operate thanks to work-from-home options, despite some productivity issues. The COVID-19 pandemic has had a good effect on the companies and organizations involved in the subscription-based gaming sector, resulting in excellent sales and revenue.
Market growth factors
Increase in Internet availability and smartphone use
Mobile game players worldwide have increased due to the availability of high-quality smartphones. Because more people have access to smartphones and the internet is more widespread, users’ expectations for mobile gaming are constantly increasing. In addition, users of mobile-based blockchain games have increased as a result of smartphone technological advances, including wider screens, more storage capacity, and high RAM integration. As a result, while casual gaming remains popular, hardcore gamers’ phone screen time has increased significantly.
The rise of modern technology in the gaming industry
Online gaming has advanced thanks to recent technological advancements to the point where there is hardly a difference between reality and fiction. The game’s excitement, originality and design awakened the player’s brains. Blockchain games are becoming more popular due to rapid technological advancements as they provide players with a unique experience and higher levels of enjoyment. As a result of technological advances such as virtual reality, artificial intelligence and augmented reality, games are becoming more engaging and exciting for players.
Market limiting factors
Insufficient knowledge of blockchain and NFT technologies
Lack of understanding of the blockchain, the technology that underpins blockchain gaming, is the biggest obstacle to public acceptance and adoption. Blockchain is one of the newest and most exciting technologies on the market right now. End customers still need help understanding the technical aspects of the blockchain idea. Although there are many providers of blockchain solutions in the market, and this technology offers many advantages, the adoption of blockchain solutions still needs to be improved.
Platform Outlook
Based on platform, the blockchain gaming sector is classified into ETH, BNB Chain, Polygon and other platforms. The blockchain gaming industry saw a significant acquisition of revenue shares by the BNB Chain sector in 2021. The web3 gaming industry, commonly known as GameFi, is rapidly adopting the Binance blockchain environment. BNB Chain has evolved into a decentralized, permissionless and community-driven blockchain ecosystem. The BNB Chain community has made technological advances in recent years to provide increasing decentralization.
Game type Outlook
Based on game type, the blockchain game sector is divided into role-playing games, open-world games, and collectible games according to the type of game. The blockchain gaming industry was led by role-playing games in 2021, with the highest revenue share. The sale of role-playing games and related services provided by companies, partnerships and sole proprietors that make these games is included in the role-playing genre sector. The organizations are also involved in designing, installing, manufacturing, distributing and supporting role-playing services.
Regional outlook
Based on geography, the blockchain gaming market is classified into North America, Europe, Asia Pacific, and LAMEA. With the highest revenue share in 2021, the Asia-Pacific region took the lead in the blockchain gaming market. As there is a significant population of gamers in the area, gaming is already a multi-billion dollar business in the Asia Pacific. As a result, blockchain game providers will have access to a large consumer base. Furthermore, the blockchain gaming sector also benefits from the government’s blockchain laws.
The market research report covers the analysis of key stakeholders in the market. Key companies profiled in the report include Sky Mavis Pte. Ltd., Splinterlands, Animoca Brands Corporation Ltd., Wemade Co., Ltd, Dacoco GmbH, Dapper Labs, Inc., Immutable Pty Ltd., Alwaysgeeky games, Mythical, Inc.
Recent Strategies Implemented in Blockchain Gaming Market
Partnerships, collaborations and agreements:
Dec-2022: Wemade signed an agreement with Sandbox Network, a multi-channel network company. Through this partnership, the company aims to collaborate on blockchain-based business, and the collaboration will do further marketing operations of WEMIX3.0 as well as collaborate on marketing for Defi projects and NFTs.
Sep-2022: Sky Mavis partners with Google Cloud, a suite of cloud services. Through this partnership, the company aims to grow to validate its blockchain gaming network and offer it sustainably and securely.
Sep-2022: Immutable X partnered with Tatsumeeko, an Ethereum and Solana RPG built by the team behind Discord chatbot Tatsu. GG. Through the partnership, the company aims to improve Tatsumeeko’s gaming experience by committing to traceable ownership and transfer of in-game assets.
Aug-2022: Dapper Labs announced a partnership with Ticketmaster, an American ticketing and distribution company. This partnership will allow event organizers to issue non-fungible tokens (NFTs), before, in real-time and after live events.
Jun-2022: Mythical Game partnered with Kakao Games, a South Korean video game publisher and a subsidiary of Kakao. Through this collaboration, both companies aim to expand their operations in Asia. Additionally, this collaboration will see Mythical Games combine a proprietary blockchain ecosystem and Kakao’s affiliated Boranetwork-a Layer 2 in its operations.
Feb-2022: Splinterlands partnered with Warner Music Group, a leader in the music industry. Through this partnership, both companies will offer WMG artists opportunities to create and enhance unique play-to-earn, arcade-style blockchain games.
Feb-2022: Immutable X partners with Kongregate, an American online gaming portal and video game publisher. Under this partnership, the company aims to build blockchain-first, fun and innovative games.
Nov-2021: Sky Mavis partners with Community Gaming and Okcoin. Community Games, the global all-in-one revenue platform and tournament organizer, and Okcoin, a secure cryptocurrency exchange. Under this partnership, the company would create the Axie Infinity Fall Showcase, further Axie Infinity would compress its space as the game to earn and Community Gaming continues its expansion into both tournament developers and revenue platforms.
Acquisitions and mergers:
Sep-2022: Animoca Brands acquired WePlay Media, a digital development studio and producer of mobile content. Through this acquisition, both companies would integrate the Revv ecosystem of racing games with the latter’s products to provide play-and-earn opportunities and promote existing partnerships.
Jun-2022: Animoca Brands acquisition of TinyTap Limited, a user generated content (UGC) education technology company. Through this acquisition, the company offers a code-free platform that allows teachers to create and share communicative educational content and earn revenue shared by students when they use the content.
Feb-2022: Animoca Brands acquired Grease Monkey Games, a video game development studio. Under this acquisition, the company will expand its proprietary growth capabilities as well as add content to its growing gaming metaverse.
Jan-2022: Mythical Games completed the acquisition of Polystream, Building the 3D internet, and Powering a new era of instantly scalable, cloud-based, metaverse experiences. Through this acquisition, Mythical will enhance Polystream’s cloud-based infrastructure and its proprietary financial engine. In addition, the company aims to decentralize how game publishing works and completely bridge the gap between mainstream games and blockchain.
Product launches and extensions:
Oct-2022: AlwaysGeeky Games launched Season 0, which is Voxie Tactic’s first ever PVP Ranked Season with 2M VOXEL Tokens to win in exclusive rewards. This product consists of various latest and cool updates in the game, including a transition to Polygon, Renting, Earnings and The Arcanist’s Forge.
Oct-2022: Animoca Brands and its subsidiary TinyTap released non-fungible tokens (NFTs) linking a bundle of educational games and other interactive activities. The small press uses the Web3 strategy to improve the ability of educators globally to monetize their content and to provide parents with enhanced learning opportunities for their children.
Sep-2022: Sky Mavis launched Axie Infinity, to provide a more specific brand for Axis. The first minigame for Landowners, and new updates for the Land Alpha game. Axie Infinity enables players to uniquely represent and showcase the progress the company has made.
Sep-2022: Mythical Games released Blank Block Party, a multiplayer party game set in a goofy online world. With this launch, the company hopes to have great exposure for the game and an opportunity to be part of a mass market.
Scope of the study
Market segments covered in the report:
By platform
• ETH
• BNB chain
• Polygon
• Second
By game type
• Role playing
• Open world
• Collector’s item
By geography
• North America
o the United States
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o Great Britain
o France
o Russia
o Spain
o Italy
o The rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Australia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o The rest of LAMEA
Companies profiled
• Sky Mavis Pte. Ltd.
• Splinterlands
• Animoca Brands Corporation Ltd.
• Wemade Co., Ltd
• Dacoco GmbH
• Dapper Labs, Inc.
• Immutable Pty Ltd.
• Always geared games
• Mythical, Inc.
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