The global gaming market is poised for remarkable growth in the next seven years, with a projected market cap of $301.53 billion by 2030, according to a report by Grand View Research. The report, titled “Blockchain In Gaming Market Size,” highlights the shift from traditional gaming to blockchain-based alternatives as the driving force behind this growth.
Transition to blockchain gaming sparks market surge
Grand View Research predicts that the blockchain gaming market will experience substantial expansion, driven by the increasing adoption of blockchain technology in the gaming industry. This transition offers players the benefits of asset ownership, transparency, and monetization within the gaming ecosystem. As a result, the sector is expected to witness a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.
The rise of gaming metaverses, virtual worlds built on blockchain technology, is also expected to contribute to this growth. Gaming metaverses offer immersive and decentralized experiences, attracting players with a comprehensive range of activities and the ability to explore, interact, and socialize within the virtual world. The COVID-19 pandemic has further accelerated the demand for these types of experiences, prompting the integration of metaverse functionalities into blockchain gaming.
Decentralized finance and monetization opportunities
Another factor fueling the growth of the blockchain gaming market is the integration of decentralized finance (DeFi) elements. Grand View Research suggests that players will be able to monetize their gaming sessions by participating in DeFi protocols, thereby unlocking additional earning potential. This integration allows players to convert their in-game rewards into cryptocurrencies, which can be traded on decentralized exchanges or used for other in-game purchases.
While the blockchain gaming market is currently smaller compared to the traditional gaming market, valued at nearly $92 billion in 2022, the report anticipates continuous growth. Notably, traditional AAA game companies have only recently begun exploring blockchain gaming, with industry leaders like Square Enix and Ubisoft leading the way.
Square Enix has integrated blockchain technology into its business program and plans to launch various blockchain-related experiences, including Symbiogenesis, a story-driven non-fungible token (NFT) experience. Similarly, Ubisoft has introduced NFTs in some of its products, although the results have been mixed.
Furthermore, reports suggest that the Epic Games store, a popular PC game storefront, has around 20 blockchain games ready for launch in 2023, with some already available to early testers. Executives at Epic Games have expressed positive sentiments about the performance of these games, highlighting their potential success in the market.
The projected growth of the blockchain gaming market indicates a significant shift in the gaming landscape as players increasingly seek the benefits of asset ownership, transparency, and innovative monetization opportunities. With the integration of DeFi elements and the emergence of gaming metaverses, the future of blockchain gaming appears promising.
