Considering the increasing number of blockchain games, Grand View Research,a market, and intelligence firm has projected that the market cap for the gaming ecosystem will reach $301.53 billion by 2030. The firm believes that in the next seven years, the blockchain gaming market will have exploded with different genres of games. The market is expected to grow by a CAGR of 68.3% within the specified period. During the research, the company considered top gaming firms like Dapper Labs, Inc., Sky Mavis, Splinterlands, Animoca Brands Corporation Limited, Immutable, Uplandme, Inc., Illuvium, Mythical Inc., ROKO GAME STUDIOS and Autonomous Worlds Ltd.
Factors Contributing to Blockchain Gaming Growth
In seven years, the market’s growth will be primarily contributed by the switch from traditional to blockchain-based games. There will be a higher demand for ownership, game asset control, transparency, and revolutionary monetization opportunities. The integration of blockchain into games will provide gamers with these amazing game features.
The development of the gaming metaverse is expected to spike and entice non-gamers and traditional gamers into the blockchain gaming world. Gaming metaverses will help players explore, interact and participate in various engrossing activities in the immersive virtual space. Notably, the Nobel coronavirus pandemic fostered the adoption of blockchain gaming. During this period, people engaged in online gaming and virtual experiences paving the way for blockchain-based games.
Traditional Games in the Blockchain Gaming Industry
The blockchain gaming market is quite small compared to the gaming market which was valued at $92 billion in 2022. Meanwhile, traditional AAA game companies like Square Enix and Ubisoft have delved into the juicy world of blockchain gaming. In 2021, Square Enix announced plans to publish numerous blockchain-related game experiences. The game publisher released Symbiogenesis, a story-driven non-fungible token (NFT) experience. The renowned PC game store, Epic Games, plans to launch 20 blockchain games in 2023.
Apart from the blockchain gaming market, Grand View Research outlook reports highlighted areas like game types, gaming platforms, gaming devices, and regional gaming.
