The Blockchain Gaming Market Predicted to Reach a $301.53 Billion Market Cap by 2030
Entertainment Market to Transition Towards Decentralized Gaming
A recent report from Grand View Research reveals that the global blockchain gaming market will experience significant growth during the next seven years, with a predicted market cap of $301.53 billion by 2030. The report suggests that this growth will be driven by the shift from traditional gaming to blockchain-based gaming models.
As blockchain gaming offers traits such as asset ownership, transparency, and easy monetization, a compound annual growth rate of 68.3% from 2023 to 2030 is forecasted. The gaming industry’s shift to blockchain will also include the introduction of metaverse functions into the gaming sector, providing a more comprehensive set of actions for players to switch to alternatives. Furthermore, the COVID-19 pandemic has caused rising demand for this kind of experience, facilitating the introduction of metaverse functions into the blockchain gaming sector.
Decentralized Finance Elements to Fuel Blockchain Gaming Growth
The Grand View Research report suggests that cryptocurrency and blockchain enthusiasts are the early adopters of blockchain gaming. The adoption of decentralized finance (DeFi) elements into blockchain games could further increase the number of players who are interested in blockchain gaming. Players can monetize their gaming sessions and put their earnings into DeFi protocols in this manner.
While the blockchain gaming market is relatively small compared to the game market’s size, the report predicts that it will continue to grow. An increasing number of AAA game companies, including Square Enix and Ubisoft, are reportedly interested in exploring the possibilities of blockchain-based gaming models. In 2021, Square Enix introduced blockchain gaming as part of its business program and plans to launch several blockchain-related experiences in the future. Among these is Symbiogenesis, a story-driven non-fungible token experience. Ubisoft has also introduced NFTs into some of its products, experiencing mixed results.
Epic Games store is said to have nearly 20 blockchain games lined up to launch in 2023, with several already available for early testing. Various reports suggest that some of these games are already doing well.