Sector to reach $104.5 billion by 2028 at a CAGR of 68.2%

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Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) — “Global Blockchain Gaming Market Size, Share & Industry Trends Analysis Report By Platform (ETH, BNB Chain, Polygon and Others), By Game Type (Role Playing, Open World and Others) Collection), by Regional Outlook and Forecast, 2022 – 2028” report has been added ResearchAndMarkets.com’s Offering.

The global Blockchain Gaming Market size is expected to reach $104.5 billion by 2028, increasing at a market growth rate of 68.2% CAGR during the forecast period.

Video games that contain elements that use blockchain technology based on cryptography are known as “blockchain games” (also known as “NFT games” or “crypto games”). Players can buy, sell, or trade in-game items with other players when a video game uses blockchain technology, particularly cryptocurrencies and non-fungible tokens (NFTs). As a commercialization method, the game publisher deducts a fee from each transaction.

Because of the technologies they include that allow players to earn Bitcoin via gaming, a subset of these games are sometimes called ‘play-to-earn’ games. Numerous AAA publishers are looking to use this technology in the future. However, blockchain technology has drawn criticism from gamers, game creators, and game companies for being redundant, unsustainable, and exploitative.

Cryptocurrencies and NFTs, which use blockchain technology, are potential revenue streams for video games. Many online games allow players to customize their characters using skins or other in-game items, which they can acquire and trade with other players for in-game cash. Some games feature the ability to exchange virtual goods for real-world money. Blockchain games often allow players to exchange in-game items for cryptocurrency, which can be converted into real money. Due to the traceability of the blockchain, this can avoid specific problems with gray markets.

Market growth factors
Increase in Internet availability and smartphone use

Mobile game players worldwide have increased due to the availability of high-quality smartphones. Because more people have access to smartphones and the internet is more widespread, users’ expectations for mobile gaming are constantly increasing. In addition, users of mobile-based blockchain games have increased as a result of smartphone technological advances, including wider screens, more storage capacity, and high RAM integration. As a result, while casual gaming remains popular, hardcore gamers’ phone screen time has increased significantly.

The rise of modern technology in the gaming industry

Online gaming has advanced thanks to recent technological advancements to the point where there is hardly a difference between reality and fiction. The game’s excitement, originality and design awakened the player’s brains. Blockchain games are becoming more popular due to rapid technological advancements as they provide players with a unique experience and higher levels of enjoyment. As a result of technological advances such as virtual reality, artificial intelligence and augmented reality, games are becoming more engaging and exciting for players.

Market limiting factors
Insufficient knowledge of blockchain and NFT technologies

Lack of understanding of the blockchain, the technology that underpins blockchain gaming, is the biggest obstacle to public acceptance and adoption. Blockchain is one of the newest and most exciting technologies on the market right now. End customers still need help understanding the technical aspects of the blockchain idea. Although there are many providers of blockchain solutions in the market, and this technology offers many advantages, the adoption of blockchain solutions still needs to be improved.

Platform Outlook

Based on platform, the blockchain gaming sector is classified into ETH, BNB Chain, Polygon and other platforms. The blockchain gaming industry saw a significant acquisition of revenue shares by the BNB Chain sector in 2021. The web3 gaming industry, commonly known as GameFi, is rapidly adopting the Binance blockchain environment. BNB Chain has evolved into a decentralized, permissionless and community-driven blockchain ecosystem. The BNB Chain community has made technological advances in recent years to provide increasing decentralization.

Game type Outlook

Based on game type, the blockchain game sector is divided into role-playing games, open-world games, and collectible games according to the type of game. The blockchain gaming industry was led by role-playing games in 2021, with the highest revenue share. The sale of role-playing games and related services provided by companies, partnerships and sole proprietors that make these games is included in the role-playing genre sector. The organizations are also involved in designing, installing, manufacturing, distributing and supporting role-playing services.

Regional outlook

Based on geography, the blockchain gaming market is classified into North America, Europe, Asia Pacific, and LAMEA. With the highest revenue share in 2021, the Asia-Pacific region took the lead in the blockchain gaming market. As there is a significant population of gamers in the area, gaming is already a multi-billion dollar business in the Asia Pacific. As a result, blockchain game providers will have access to a large consumer base. Furthermore, the blockchain gaming sector also benefits from the government’s blockchain laws.

The market research report covers the analysis of key stakeholders in the market. Key companies profiled in the report include Sky Mavis Pte. Ltd., Splinterlands, Animoca Brands Corporation Ltd., Wemade Co., Ltd, Dacoco GmbH, Dapper Labs, Inc., Immutable Pty Ltd., Alwaysgeeky games, Mythical, Inc.

Strategies Implemented in the Blockchain Gaming Market
Partnerships, collaborations and agreements:

• Dec-2022: Wemade signed an agreement with Sandbox Network, a multi-channel network company. Through this partnership, the company aims to collaborate on blockchain-based business, and the collaboration will do further marketing operations of WEMIX3.0 as well as collaborate on marketing for Defi projects and NFTs.

• Sep-2022: Sky Mavis partners with Google Cloud, a suite of cloud services. Through this partnership, the company aims to grow to validate its blockchain gaming network and offer it sustainably and securely.

• Sep-2022: Immutable X partnered with Tatsumeeko, an Ethereum and Solana RPG built by the team behind Discord chatbot Tatsu. GG. Through the partnership, the company aims to improve Tatsumeeko’s gaming experience by committing to traceable ownership and transfer of in-game assets.

• Aug-2022: Dapper Labs announced a partnership with Ticketmaster, an American ticketing and distribution company. This partnership will allow event organizers to issue non-fungible tokens (NFTs), before, in real-time and after live events.

By platform

• ETH

• BNB chain

• Polygon

• Others

By game type

• Role play

• Open world

• Collector’s item

By geography

• North America

• US

• Canada

• Mexico

• The rest of North America

• Europe

• Germany

• Great Britain

• France

• Russia

• Spain

• Italy

• The rest of Europe

• Asia Pacific

• China

• Japan

• India

• South Korea

• Singapore

• Australia

• Rest of Asia Pacific

• LAMEA

• Brazil

• Argentina

• UAE

• Saudi Arabia

• South Africa

• Nigeria

• The rest of LAMEA

Important market players

For more information on this report visit https://www.researchandmarkets.com/r/s4vqt4-blockchain?w=12

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