Metaverse and blockchain boost North American digital gaming markets
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New research shows that the North American digital gaming market is poised for growth as new trends, including metaverse and blockchain technology, reshape the industry.
The digital gaming market is expected to experience an increase in the coming years, with North America leading the way in revenue generation, closely followed by Asia Pacific.
According to a new report on the North American digital gaming market for 2023, the industry is undergoing a remarkable boom, fueled by the emergence of the metaverse and the integration of blockchain technology, the building blocks of bitcoin (BTC) and other cryptocurrencies, into gaming.
The report highlights how the gaming landscape is being reshaped by technological advancements and new trends, including advanced gaming technologies, in-game socializing, cloud gaming and gaming in the metaverse.
Beyond the traditional concept of playing games, these trends have transformed the gaming market into a comprehensive ecosystem that includes viewing, participating in virtual events and content creation.
For example, well-known brands such as Minecraft and Fortnite have begun to incorporate metaverse elements, allowing players to explore virtual worlds for in-game socialization.
Globally, the use of games in the metaverse is on the rise. A survey from February 2022 shows that over half of Gen Z gamers in the US intend to make money in the metaverse.
This shift in consumer expectations has led to a growing demand for virtual stores within the metaverse, where players can browse and purchase products.
Another notable trend is the momentum gained by blockchain gaming, which enables the use of non-fungible tokens (NFT) and distributed ledger technology (DLT) for the sale of in-game characters and the trading of virtual goods.
Active players count increasing
While the number of players has steadily increased, the United States has experienced a decline in consumer spending on video game products.
The global gaming industry is gradually growing, driven by consumer expectations, technological advances and new models of revenue generation. The pandemic-induced digital and online gaming wave spawned newer trends, such as gaming in the metaverse.
Game companies have introduced new business models, including subscriptions, in-game purchases, multiplayer games and virtual goods.
North America, a leader in gaming revenue second only to Asia-Pacific, experienced billions of dollars in revenue in 2022. However, the report reveals reduced consumer spending on video game products in the United States.
The peak in consumer spending experienced in 2021 during the pandemic declined in 2022 due to various factors, including the rising costs of everyday products globally, which led consumers to move away from purchasing video game products.
In particular, gaming companies such as Sony and Microsoft observed a decline in game console sales, indicating reduced spending on video game products. The limited availability of new technologically advanced console hardware and a slow release of new game titles further contributed to the decline in consumer spending.
In another recent development, Nanjing City in China has taken a significant step towards establishing itself as a hub for metaverse technology. The city introduced the China Blockchain Technology and Application Innovation Platform to promote innovation and development in the metaverse space.
The platform seeks to leverage blockchain technology to drive the growth of the metaverse in China. By creating an environment that encourages collaboration and experimentation, Nanjing City aims to attract local and international companies to help develop metaverse applications and technologies.
The Metaverse could potentially revolutionize various industries, including gaming, entertainment, e-commerce and social networking.
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