Blockchain Gaming Will Reach $818 Billion Value By 2032: Reports
The blockchain gaming industry was valued at $4.9 billion in 2022 and is expected to reach $818.5 billion by the end of 2032 with a compound annual growth rate of over 66% from 2023 to 2032. The blockchain gaming industry is growing amid rising popularity of crypto and blockchain technology .
The blockchain gaming industry uses blockchain technology to develop decentralized and secure gaming experiences. The demand for blockchain and decentralized gaming is increasing due to the mass adoption of smartphones and evolving technologies. Blockchain games enable users to fully control their in-game assets.
The basis of blockchain technology is that data is held in a database or ledger that is shared over a computer network. Blockchains are secure because they ensure the consistency of information after it is added. The database is also accessible from any computer connected to it, prohibiting any centralized data control.
According to Dapprader reports, Alien Worlds and Splinterlands are among the top games in the first quarter of 2023. The report also notes that blockchain and gaming industry funding has increased by over 12.59%. In particular, the Web2 gaming industry is pushing hard to adopt blockchain technology due to their extra advanced security features.
In the first quarter of 2023, the decentralized gaming industry has shown a positive growth sign compared to the fourth quarter of 2023 with the market dominance of blockchain games increasing from 42.87% to 45.60%.
Over dozens of blockchain game companies have raised funds in the first quarter of 2023. The latest funding round was conducted by Mythical Games of $20 million, led by Scytale Digital, a blockchain investor.
TinyTap, one of the subsidiaries of the Animoca brands, recently completed its funding round, securing $8.5 million from Sequoia Capital, Kingsway Capital, Shima Capital, Liberty City Ventures and one other investor. The subsidiary of Animoca Brand has organized nine rounds of funding and has secured $17.6 million, with the latest funding completed on April 25, 2023.
SuperDuperSecret Co, the gaming company, has raised $1 million in the Pre-seed round; LD Capital, Big Brain Holdings, Solana Ventures, Round13 Capital, Merit Circle, Overwolf and several others supported the funding round.
Disclaimer
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
