Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) — The “Global Blockchain Gaming Market Size, Share and Industry Trends Analysis Report by Platform (ETH, BNB Chain, Polygon and Others), by Game Type (Role Playing, Open World and Other) Collectible), By Regional Outlook and Forecast, 2022 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The global Blockchain Gaming Market size is expected to reach $104.5 billion by 2028, rising at a market growth of 68.2% CAGR during the forecast period.
Video games that include elements that use blockchain technology based on cryptography are known as ‘blockchain games’ (also known as ‘NFT games’ or ‘crypto games’). Players may buy, sell, or trade in-game goods with other players when a video game uses blockchain technology, particularly cryptocurrencies and non-fungible tokens (NFTs). As a method of commercialization, the game publisher deducts a fee from each transaction.
Because of the technologies they incorporate that allow players to earn Bitcoin through gaming, a subset of these games are sometimes called ‘play-to-earn’ games. Many AAA publishers want to use this technology in the future. However, blockchain technology has drawn criticism from gamers, game creators, and game corporations for being redundant, unsustainable, and exploitative.
Cryptocurrencies and NFTs, which use blockchain technology, are prospective revenue streams for video games. Many online games allow players to customize their characters using skins or other in-game goods, which they can acquire and trade with other players for in-game cash. Certain games feature the ability to trade virtual goods for real money. Blockchain games often allow players to trade in-game things for cryptocurrency, which can be converted into real cash. Due to the traceability of the blockchain, it can avoid specific problems with gray markets.
Market Growth Factors Increase in internet accessibility and smartphone usage
Mobile game players worldwide have increased due to the accessibility of high quality smartphones. As more people have access to smartphones and the Internet is more widely used, user expectations for mobile games are constantly rising. In addition, users of mobile-based blockchain games have increased due to advances in smartphone technology, including wider screens, more storage capacity, and high RAM integration. As a result, while casual gaming is still popular, hardcore gamers’ phone screen time has increased significantly.
The rise of modern technology in the gambling industry
Online gaming has progressed thanks to recent technological advancements to the point where there is hardly any 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 offer players a unique experience and higher levels of enjoyment. Due to technological advancements such as virtual reality, artificial intelligence and augmented reality, games are becoming more engaging and exciting for players.
Market Restraint 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 its acceptance and adoption by the general public. Blockchain is one of the newest and most exciting technologies on the market right now. Nevertheless, end customers still need help in understanding the technical aspects of the blockchain idea. Although there are numerous providers of blockchain solutions on 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 gained significant revenue share in 2021 through the BNB chain sector. The Web3 gaming industry, often known as GameFi, is rapidly adopting the Binance blockchain environment. BNB Chain has evolved into a decentralized, permission-less and community-driven blockchain ecosystem. The BNB chain community has made technological advances in recent years to provide increasing decentralization.
Game Type Outlook
On the basis of 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 businesses, partnerships and sole proprietors that create these games is included in the role-playing game genre sector. The organizations are also involved in the design, installation, manufacture, distribution and support of services for role-playing games.
Regional outlook
On the basis of 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 government laws on the blockchain.
The market research report covers the analysis of key stakeholders of 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 Deployed in 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 intends to collaborate on blockchain-based business and the collaboration will further marketing operations of WEMIX3.0, as well as collaborating on marketing for Defi projects and NFTs.Sep-2022: Sky Mavis collaborates with Google Cloud, a suite of cloud computing services. Through this partnership, the company aims to grow to adopt its blockchain gaming network and offer it sustainably and securely.Sep-2022: Immutable X partnered with Tatsumeeko, a role-playing game built on Ethereum and Solana by the team behind Discord -chatbot Tatsu. GG. Through the partnership, the company aims to enhance 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 ticket sales and distribution company. This partnership will enable event organizers to issue non-fungible tokens (NFT) before, in real-time and after live events.
Per platform
ETHBNB ChainPolygonOthers
By type of game
Roleplaying Open WorldCollectible
By geography
North America US Canada Mexico Rest of North America Europe Germany UK France Russia Spain Italy 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 Rest of LAMEA
Key market players
Sky Mavis Pte. Ltd.SplinterlandsAnimoca Brands Corporation Ltd.Wemade Co., LtdDacoco GmbHDapper Labs, Inc.Immutable Pty Ltd.Alwaysgeeky gamesMythical, Inc.
For more information on this report visit https://www.researchandmarkets.com/r/s4vqt4-blockchain?w=12
About ResearchAndMarkets.comResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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