2023-05-31 14:07:24
The global blockchain gaming market will grow significantly over the next seven years and is expected to reach a market value of $301.53 billion by 2030, according to a report released by market and intelligence firm Grand View Research. The report “Blockchain In Gaming Market Size” found that this growth will be driven by the shift from traditional gaming to blockchain.
While the supply of blockchain games is only a fraction of the 92 billion global gaming market in 2022 for now, this is predicted to change in a few years. The triple As games, which are characterized by a huge budget, a well-known game publisher, huge hype, and quality, keep the blockchain game industry, which is still developing, in the shadows for the time being. The experience of traditional game developers is still quite limited when it comes to blockchain games, but Square Enix and Ubisoft have already taken their first steps into the relatively new market.
Square Enix introduced blockchain as part of its business program in 2021 and plans to launch several blockchain-related initiatives this year. Among them is Symbiogenesis, which can be described as a story-driven game. The Ethereum-based experience will also take advantage of the utility of NFTs, which users can set as their profile picture and trade in a separate NFT marketplace. Non-fungible-tokens have also been introduced by Ubisoft in some of their products, with mixed results reported.
The entertainment market is shifting to blockchain-based games
A in report the reasons for the observed growth are considered to be the properties of blockchain games, such as in-game ownership, transparency, and the play-to-earn concept. Because of these properties of blockchain games, it is sector with a compound annual growth rate of 68.3% between 2023 and 2030 (CAGR) can also increase.
One of the biggest challenges with blockchain games is building a stable user base. This problem could be remedied by the increasingly widespread use of web3 technology. The rise of metaverse games will presumably include a more comprehensive set of measures to entice players to switch to these alternatives.
Another development that will reportedly fuel this growth is the incorporation of decentralized finance (DeFi) elements into games.
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