The global blockchain gaming market is estimated to witness remarkable growth over the next seven years, reaching a value of $300 billion. Experts and industry analysts expect this increase to be driven by the adoption of blockchain games by traditional players, as highlighted in a report by market and intelligence firm Grand View Research.
The report emphasizes the transition from traditional gaming to alternatives that offer Web3-like features such as asset ownership, transparency and gaming monetization. It predicts that the market value will reach $301.53 billion by 2030, with a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.
As gaming metaverses gain prominence, more players are expected to shift towards these options. The integration of decentralized finance (defi) elements has become an appealing aspect of the blockchain gaming industry. Players can monetize their gaming sessions and invest their earnings in defi protocols.
Nevertheless, the blockchain gaming market still has a long way to go compared to the traditional gaming market, which was valued at nearly $92 billion in 2022. Traditional AAA gaming companies have only recently begun to explore blockchain gaming, while others have a stronger inclination towards blockchain . elements have taken the lead.
Major game companies such as Square Enix and Ubisoft have shown interest in blockchain. Incorporating blockchain into its business program, Square Enix planned to release blockchain-related experiences, including the narrative-driven non-fungible token (NFT) experience called Symbiogenesis. Ubisoft has also added NFTs to some of its products, with mixed results.
Rumors suggest that Epic Titles, a popular PC game retailer, is set to launch around 20 blockchain titles in 2023. Some of these games have already received positive feedback during early testing, according to Steve Allison, an executive at Epic.
In Africa, the gaming industry has experienced significant growth, fueled by easy access to high-speed internet and internet-enabled devices. Nigerian game developers recently launched the running game Aki and Paw Paw, the first Nollywood adaptation in gaming.
Africa’s gaming sector has gained attention and established itself as an innovative player in the global gaming ecosystem. With the projected growth of the blockchain gaming market, Africa needs to capitalize on the potential contributions of blockchain elements to the industry.
Binance published an article titled “How Africa Can Lead the Blockchain Gaming Revolution” in 2022, highlighting that 38% of the world’s crypto-holding gamers (aged 21 to 38) are driving the growing interest in trading and using crypto in games. This age group includes many Africans who are passionate about technology, blockchain, innovation and gaming.
The report also reveals the huge potential for integrating cryptocurrency into the gaming sector. Around 80% of players with blockchain wallets are willing to buy game tokens using digital currencies. Africa, with an estimated 5.9 million players holding cryptocurrencies, could contribute significantly to the industry’s market value, especially considering the continent’s projected youth population growth by 2050.
By developing games with blockchain elements, Africa has the opportunity to expand its market presence in the gaming industry. The region’s adaptability and embrace of new trends will play a crucial role in shaping its future position in the global gaming landscape.
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