Discover the projected $301.53 billion blockchain gaming market by 2030, driven by the shift from traditional to blockchain gaming.
Global blockchain gaming revenue is predicted to reach $301.53 billion by 2030, a huge increase over the next seven years, according to a report released by markets and intelligence firm Grand View Research. According to the “Blockchain In Gaming Market Size” analysis, the switch from traditional to blockchain gaming will fuel this expansion.
Market for Entertainment to Transition to Blockchain-Based Games
Some estimates indicate that throughout the next seven years, the blockchain gaming sector will expand dramatically. According to a survey released by Grand View Research, a markets research firm based in California, the global market size for blockchain gaming is expected to reach $301.53 billion by 2030.
The paper claims that the move away from traditional gaming and toward alternatives that support asset ownership, transparency, and gaming monetization will spur this expansion. These characteristics of blockchain gaming may also contribute to the industry’s projected 68.3% compound annual growth rate (CAGR) between 2023 and 2030.
There are also rumors that the emergence of gaming metaverses will bring with it a wider range of incentives for players to move to these substitutes. According to some reports, the Covid-19 pandemic has led to an increase in demand for experiences of this nature, which has made it easier for blockchain gaming companies to include metaverse features.
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It is also suggested that the addition of decentralized financial (defi) components to games will spur this expansion. According to Grand View Research, gamers will turn a profit from their gaming sessions and deposit these gains into defi protocols, enabling them to be monetized.
The analysis projects that the blockchain gaming business will continue to develop, despite its relatively small size in comparison to the gaming industry, which was estimated to be worth close to $92 billion in 2022. With Square Enix and Ubisoft leading the way, traditional AAA game companies have had little experience with blockchain gaming thus far.
In 2021, Square Enix incorporated blockchain technology into its business plans. This year, the company has various blockchain-related experiences planned. One of these is the narrative-driven non-fungible token (NFT) experience called Symbiogenesis. NFTs were also included by Ubisoft to a few of its products, with varying degrees of success.
According to recent estimates, around 20 blockchain games—many of which are currently accessible to early testers—are set for launch in 2023 on the well-known PC gaming marketplace, Epic Games. Additionally, according to Axios, Epic executive Steve Allison said that a few of these titles have “done pretty well.”
