Blockchain Gaming Market Worth $65.7 Billion by 2027, Growing at a CAGR of 70.3%: Report by MarketsandMarkets™

Chicago, May 25, 2023 (GLOBE NEWSWIRE) — The global Blockchain gaming market size is projected to grow from USD 4.6 billion in 2022 to USD 65.7 billion by 2027 at a compound annual growth rate (CAGR) of 70.3% during the forecast period, according to a new report by MarketsandMarkets™. Market growth is driven by increased financing of blockchain games.

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Tables – 125
Figures – 33
Pages – 155

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Scope of the report

By game type, collectible games will grow at a higher CAGR during the forecast period

Since the 90s, long before the existence of NFT collectibles, trading cards and trading games have been popular. The growth of collectible games has been fueled by the introduction of blockchain technology into the gaming industry. Multiplayer games have a large player base in the blockchain and crypto gaming world. Developed by Dapper Labs, CryptoKitties is a well-known game in this market. In this game, players train, collect and trade digital animals/kittens in a virtual world. In these games, blockchain technologies help transform collectibles into digital assets, giving players complete ownership of those items. Players can trade or sell these items using cryptocurrencies. A large part of playing collectible games involves collecting and trading cards, which should lend itself well to the use of NFTs and blockchains. The worldwide lockdown has encouraged people to spend more time playing online games, resulting in increased demand for collectible games.

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By platform, Ethereum will account for the largest market size during the forecast period

Ethereum (ETH) helps improve the design and function of the original Bitcoin (BTC) blockchain. Its ability to execute smart contracts so that transactions can occur without a central authority has helped it establish itself as a distributed computing platform. A rich ecosystem of developer tools has been offered by Ethereum to decentralized application developers. Ethereum extends itself into the quality of user experience for the average user of ETH applications by offering wallets such as MetaMask, Argent and Rainbow. Large user base of Ethereum has encouraged developers to distribute their applications on the network. That is why ETH is considered the primary home for decentralized applications, such as DeFi and NFTs.

Key players:

Large global suppliers Blockchain gaming market includes Sky Mavis (Vietnam), Splinterlands (US), Animoca Brands (Hong Kong), Wemade (South Korea), Dacoco (Switzerland), Dapper Labs (Canada), Immutable (Australia), Uplandme (US), AlwaysGeeky Games ( Canada). ), Decentraland Foundation (China), Mythical Games (USA), Illuvium (Australia), Sorare (France), PopCap Games (USA), G.JIT Japan (Japan), Double Jump.Tokyo (Japan), Gala Games (USA ) ), Lucid Sight (USA), Rokosoft (Istanbul), Horizon Blockchain Games (Canada), Xaya (Malta), Planetarium (South Korea), Binamon (Argentina) and Codebit Labs (Australia).

Frequently Asked Questions (FAQ)

What is the definition of blockchain gaming?

Blockchain games are online games that are developed by integrating blockchain technology into them. A blockchain game uses blockchain technology, including cryptocurrencies and NFTs, to allow players to buy, sell, or trade in-game assets through gameplay. Blockchain gaming enables players to truly own their gaming assets in a secure and transparent manner.

What is the estimated market value of the global blockchain gaming market?

The global blockchain gaming market is estimated to grow from USD 4.6 billion in 2022 to USD 65.7 billion by 2027 at a compound annual growth rate (CAGR) of 70.3% during the forecast period.

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