Blockchain in Gaming Market Projected to Reach $818.5 Billion by 2032

In a recent revelation by Allied Market Research, titled “Blockchain in Gaming Market by Game Type (Role Playing Games, Open World Games, and Collectible Games), by Platform (ETH, BNB Chain, Polygon, and Others), by Device Type (Android, Web, and iOS), by Industry Vertical (IT and ITES, Healthcare, Utilities, BFSI, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”, the blockchain in gaming sphere is projected to amass a staggering $818.5 billion by the year 2032. This burgeoning sector, which valued at $4.9 billion in 2022, is anticipated to surge at a remarkable compound annual growth rate (CAGR) of 66.5% between 2023 and 2032.

The dynamics propelling this market include the burgeoning intrigue in blockchain-fueled gaming, the rapid evolution of smartphone technologies, and a heightened demand for decentralized gaming experiences and assets. These elements are forecasted to substantially augment the sector’s growth trajectory. Concurrently, the surging interest in virtual assets is foreseen to catalyze ample growth opportunities within this timeframe. Nevertheless, hurdles such as the scarcity of technical acumen and regulatory ambiguities might constrain the market’s expansion.

In the subdivision of game types, the role-playing games category emerged as the preeminent contributor in 2022, capturing about half of the global market revenue, and it is poised to maintain its dominance. This trend is largely attributed to blockchain’s capability to empower developers in crafting cross-platform games compatible with diverse devices and platforms. Conversely, the collectible games segment is expected to demonstrate an impressive CAGR of 72.2% during the forecast period, driven by the escalating demand for immersive game worlds that offer lifelike environments, enriched with realistic graphics, dynamic non-player characters (NPCs), and interactive settings.

In the platform division, the ETH segment clinched the major share of the revenue in 2022, holding nearly half of the market. This dominance is largely due to Ethereum’s robust, transparent system for the creation and trading of blockchain-based gaming assets, including tokens, Non-Fungible Tokens (NFTs), and virtual currencies. On the other hand, the Polygon segment is predicted to exhibit a significant CAGR of 74.7% through 2032, owing to the rapid escalation in the number of decentralized gaming platforms being developed on its network.

Regarding device types, the web segment led the market in 2022, generating over two-fifths of the global revenue. This growth is primarily attributed to the seamless, user-friendly gaming experience that web platforms offer, allowing players to transition effortlessly from web browsers to web-based games without the need for downloads or installations. Meanwhile, the Android segment is anticipated to witness a remarkable CAGR of 70.4% during the forecast period, driven by the widespread adoption of Android devices and the ease of deploying gaming platforms on these devices.

Geographically, the Asia-Pacific region held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global market. This region is projected to experience a notable CAGR of 70.3% from 2023 to 2032, continuing its dominance throughout the forecast period. This growth is primarily fueled by the increasing utilization of NFTs for trading in-game assets such as avatars, weapons, and skins.

The market has witnessed several key developments:

• In November 2023: Immutable, an Australian Web3 game studio, collaborated with global gaming titan Ubisoft to develop a new game, leveraging blockchain technology.
• In October 2023: Immutable joined forces with Amazon Web Services (AWS) to enhance blockchain gaming infrastructure for developers.
• In October 2023: Wemade, a South Korean gaming heavyweight, partnered with Polish gaming firm Katnappe sp. z o.o., integrating Katnappe’s blockchain game Hoomeez into WEMIX PLAY, Wemade’s blockchain gaming platform.
• In June 2023: Oasys, a blockchain game development platform, allied with MIXI Corporation to innovate in the blockchain gaming domain.
• In April 2023: Wemade extended its collaboration with Nine66, a Savvy Games Group company, to bolster the gaming industry in Saudi Arabia.
• In January 2023: Gala Games acquired Ember Entertainment, known for developing Gala’s Web3 title, The Walking Dead Empires, to explore diverse gaming genres and strategies in the space.