Discover the rapidly growing blockchain gaming market, projected to reach a value of $301.53 billion by 2030, driven by the industry’s transition from traditional to blockchain-based gaming.
According to a survey published by markets and intelligence firm Grand View Research, the global blockchain gaming business will expand rapidly over the next seven years and is predicted to reach a market worth of $301.53 billion by 2030. According to the “Blockchain In Gaming Market Size” analysis, the switch from traditional to blockchain gaming will fuel this expansion.
Blockchain-based games to dominate the entertainment market
Some forecasts state that the blockchain gaming sector will expand dramatically during the next seven years. According to a survey published by Grand View Research, a market research company with offices in California, the worldwide blockchain gaming market would have a market worth of $301.53 billion by 2030.
The paper claims that the transition from conventional gaming to alternatives that permit asset ownership, transparency, and gaming monetization will encourage this expansion. These characteristics of blockchain gaming may also drive the industry to develop at a CAGR of 68.3% from 2023 to 2030.
There will allegedly be a wider range of activities to persuade users to convert to these substitutes as gaming metaverses proliferate. According to other claims, the Covid-19 pandemic increased demand for this kind of experience, which made it easier to integrate metaverse features into the blockchain gaming industry.
Decentralized finance (defi) aspects being included into games is another development that may contribute to this rise. According to Grand View Research, users will make money from their gaming time and invest it in defi protocols, enabling their monetization.
The analysis predicts that the blockchain gaming business will expand even though it is currently a small portion of the overall gaming sector, which was estimated to be worth over $92 billion in 2022. Square Enix and Ubisoft are leading the battle among traditional AAA game firms who have limited experience with blockchain gaming to date.
In 2021, Square Enix included blockchain in its business program. This year, the company plans to release a number of blockchain-related experiences. Symbiogenesis, a narrative-driven non-fungible token (NFT) experience, is one of them. NFTs were also added by Ubisoft to certain of its products, with varied results.
Finally according to recent rumors, the popular PC gaming retailer Epic titles has almost 20 blockchain titles set to launch in 2023, many of which are currently accessible to early testers. Additionally, according to Axios, Epic executive Steve Allison said that some of these games had “done pretty well.”