Blockchain Gaming Market Predicted to Grow by 68% CAGR by 2028
The worldwide market for blockchain gaming is anticipated to grow to $104.5 billion by 2028, a compound annual growth rate of 68.2%, according to a study. “Blockchain games” are games that employ blockchain technology and cryptography to enable players to purchase, sell, or trade in-game goods with one another, typically using cryptocurrencies and non-fungible tokens (NFTs). A charge is deducted by the game’s publisher from each transaction. Some of these games are dubbed “play-to-earn” games due to the fact that players can earn Bitcoin via gaming. This sector has attracted criticism for being superfluous, unsustainable, and exploitative.
Market Growth Factor: Increase in Internet Accessibility and Smartphone Use
Blockchain and NFT technologies may be a source of revenue for the gaming industry, providing players with unique experiences and greater enjoyment. Despite its benefits, lack of understanding of the blockchain and the novelty of the technology remain the main obstacles to its acceptance and adoption by the general public.
The Asia-Pacific region leads the market, which is classified based on geography, game type, and platform. Role-playing games had the greatest revenue share in 2021, while the BNB Chain sector had the largest revenue share acquisition. GameFi, also known as Web3, is rapidly adopting the Binance blockchain environment. Key companies profiled in the report include Sky Mavis, Splinterlands, Animoca Brands, and Mythical.
Partnerships, collaborations, and agreements have been employed in the blockchain gaming market. For instance, Sky Mavis partnered with Google Cloud to improve its blockchain gaming network securely and sustainably. Moreover, Wemade signed an agreement with Sandbox network to cooperate on blockchain-based business and work on marketing for Defi projects and NFTs.
Source: ResearchAndMarkets.com
