Blockchain
The global blockchain gaming market will grow significantly over the next seven years and is expected to reach a market cap of $301.53 billion by 2030, according to a report from market and intelligence firm Grand View Research. The “Blockchain In Gaming Market Size” report found that this growth will be driven by the transition from traditional to blockchain gaming.
Entertainment market is shifting to Blockchain based games
According to some predictions, the blockchain gaming market will grow significantly over the next seven years. A report from Grand View Research, a California-based market research firm, predicts that the global blockchain gaming market will reach a market cap of $301.53 billion by 2030.
According to the report, this growth will be driven by the shift from traditional gaming to alternatives that enable asset ownership, transparency and monetization from gaming. These characteristics of blockchain gaming could also see the industry boom at a compound annual growth rate (CAGR) of 68.3% between 2023 and 2030.
The emergence of gaming metaverses will also presumably include a more extensive set of actions to entice players to switch to these alternatives. The Covid-19 epidemic is said to have further increased demand for these types of experiences, facilitating the introduction of metaverse features in the blockchain gaming sector.
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Another development said to drive this growth could be the inclusion of decentralized finance (defi) elements in games. Grand View Research says players will monetize their gaming sessions and put that revenue into defi protocols, which will allow them to earn money.
While the blockchain gaming market is still small compared to the gaming market, which was worth nearly $92 billion in 2022, the report expects it to continue to grow. Traditional AAA game companies have had limited experience with blockchain gaming so far, with Square Enix and Ubisoft leading the way.
Square Enix introduced blockchain as part of its corporate program in 2021 and plans to launch several blockchain-related experiences this year. One is Symbiogenesis, a story-driven non-fungible token (NFT) experience. Ubisoft also introduced NFTs in some of its products, with mixed results.
Recent reports indicate that the Epic Games store, a popular PC games retailer, has prepared nearly 20 blockchain games to launch in 2023, many of which are already available for early testers. Epic exec Steve Allison also stated that some of these games have “done quite well,” according to Axios.