Where does Africa stand when global blockchain gaming could be worth $300 billion by 2030?

The global blockchain gaming market, as seen by experts and industry analysts, is expected to be worth $300 billion over the next seven years. As reported by the market and intelligence firm Grand View Research, the significant growth will be galvanized by the adaptation of blockchain games by traditional players.

The report discusses the shift from traditional gaming to alternatives that offer Web3-like features, some of which are asset ownership, transparency and gaming monetization. Predictions are that the market value will reach $301.53 billion by 2030. The sector can rise at a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.

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With the rise of gaming metaverses, more players are expected to switch to these options. According to the report, the integration of decentralized finance elements (defi) is the growing charm of the blockchain gaming industry. Players can earn money from their gaming sessions and deposit those earnings into DEFI protocols.

However, the blockchain gaming market has a long way to go compared to the traditional gaming market. By 2022, the gaming market was valued at nearly $92 billion. In recent months, traditional AAA game companies have had little experience and experimented with blockchain games, while their counterparts with an intense inclination towards blockchain elements are taking the lead.

In 2021, Square Enix included blockchain in its business program. This year, the company plans to release more blockchain-related experiences. Symbiogenesis, a narrative-driven non-fungible token (NFT) experience, is one of them. NFTs were also added by Ubisoft to some of their products, with mixed results.

According to recent rumors, popular PC game retailer Epic Titles has nearly 20 blockchain titles set to launch in 2023, many of which are currently available to early testers. Additionally, according to Axios, Epic CEO Steve Allison said some of those games had “done pretty well.”

The State of Blockchain Gaming in Africa

The gaming industry in Africa has expanded a lot. Millions of Africans are investing more in gaming, driven by easy access to high-speed internet and internet-enabled gadgets.

Recently, a group of Nigerian game developers launched the running game Aki and Paw Paw, the first such Nollywood adaptation. On the back of several divergent comments, launching a Nollywood adaptation game is a big step in capturing momentum in the global gaming industry.

In addition to this launch, Africa’s gaming sector has improved tremendously, gaining the attention of many and making it a key international player in the demonstration of innovation in the global gaming ecosystem. With the predictions of Grand View Research, Africa must ensure that they do not lose their grip on the exciting contribution of blockchain elements to the gaming industry.

Also read: Aki and Pawpaw Epic Run; Nigeria’s gaming industry 1st step to get a share of the global revenue

In 2022, Binance published an article titled “How Africa Can Lead the Blockchain Gaming Revolution.” According to the article, 38 percent of the world’s 41.9 million crypto-holding players (aged 21 to 38) are the reason behind the growing interest in trading games, using crypto and digital currency. This age group keeps many Africans interested and passionate about technology, blockchain, innovation and gaming.

The report shows that cryptocurrency has a huge potential to be involved in the gaming sector. And it was reported that 80 percent of players with blockchain wallets are willing to buy game tokens with their digital currencies. With an estimated 5.9 million cryptocurrency players across Africa and the Middle East, Africa’s numbers could rise, considering predictions that the continent will have the largest youth population by 2050.

By developing games with blockchain elements, Africa can increase the industry’s market value in the coming years. The excitement is here. The future may belong to Africans who quickly adapt and ride trendy trends.