The GameFi industry is expected to reach $2.8 billion by 2028
The growth and adoption of the crypto GameFi business is expected to make the game-earning token (non-fungible)NFT) gaming industry to reach $2.8 billion by 2028, according to Absolute Reports, a company that provides market research services.
The report shows that while the cryptocurrency market is going through a “crypto winter”, WAX and Binance Smart Chain have stable community numbers with 2.94 million and 2.49 million customers respectively.
The rise in popularity of playable and monetizable non-fungible token (NFT) games on the Ethereum sidechain is a significant boost as blockchain games provide users with an easy, accessible and engaging way to An important factor in the growth of blockchain games.
The GameFi market is analyzed based on type, console and market region. The report also delves into a detailed analysis of market-leading companies, including Sky Mavis, Dapper Labs, Decentraland, Immutable and The Sandbox.
The report further revealed that blockchain games attracted 1.22 million active user wallets (UAWs) in March this year.
DappRadar’s research shows that blockchain games lead the way in decentralized applications, accounting for 52% of blockchain activity.
The data shows that VCs’ interest in investing in gamefi startups during the downturn has been increasing.
In early July, Blockchain gamefi Land of Conquest received investment from venture capital firm Huobi Ventures, which also signed on as a lead investor in the game.
Blockchain game “Cross the Ages” (CTA) has received a $12 million seed round from gaming crypto investment firm Animoca Brands, video game developer Ubisoft and Sebastian Borget, co-founder and COO of The Sandbox.
Play-to-earn (P2E), or GameFi, is the next big opportunity for Web3 and blockchain.
P2E is a popular business model that remains in the blockchain game world that integrates both Web3 and blockchain, which corresponds to the F2P (Free to Play) model common in the real world of the game industry.
The intense crypto bear market, which has driven a significant increase in the number of customers for blockchain-based games, is considered a springboard for further growth in the crypto ATM market.
Another study estimates the crypto-ATM market to grow at a compound annual growth rate (CAGR) of 20.4% over the forecast period, six years from 2022 to 2028.
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