Global Blockchain Gaming Market Set to Surge to $614 Billion Over Next Seven Years
Summary:
The global blockchain gaming market is projected to reach $614 billion over the next seven years, as per Fortune Business Insights' analysis. Currently, the market is valued at roughly $154 billion. As of 2022, North America dominates blockchain game item purchases, holding around 24% of the total. Role-playing games are expected to see the highest growth rate and web-based blockchain games are expected to continue dominating the market. However, a CoinGecko study found that over 75% of blockchain games launched between 2018 and 2023 failed.
Over the span of the next seven years, the global blockchain gaming industry is projected to expand to a worth of $614 billion, a projection determined by the recent analytical data shared by Fortune Business Insights on December 11. Currently, the market's value stands at around $154 billion. The analytic report conducted a detailed examination of the global sales figures for blockchain gaming products from 2017 to 2021. The sales recorded an average annual growth rate (CAGR) of 21.8% which indicates that $600 billion would be the market worth by 2030 - a nearly 299% absolute increase over the six-year duration.
During their study, Fortune’s analysts segmented the world into five major regions, namely North America, South America, Middle East/Africa, Europe, and Asia Pacific. In 2022, North America recorded the highest blockchain game item purchases from all individual regions, contributing over $30 billion, which amounts to around 24% of the total. The forecast provided by the analysts suggests that North America is likely to maintain its dominant position in the coming years.
In terms of the type of games, role-playing games are anticipated to showcase the most impressive growth rate compared to other game categories. Owing to their unique characters, themes, extra weapons, accessories, and other appealing features, these games are ideal for incorporating blockchain elements. As it stated, role-playing games represented over a third (33%) of the market in 2022.
As of now, web-based blockchain games remain the largest sub-sector of blockchain games, a trend anticipated to endure despite the growing popularity of Android-supported games.
In related news, recent advancements have been introduced by blockchain gaming firms to streamline the onboarding process. To illustrate, Immutable added Transak as an added buying option on December 11. However, not every development in the blockchain gaming sector has been positive. According to a study by CoinGecko on November 30, more than three quarters (75%) of blockchain games introduced between the years 2018 and 2023 were unsuccessful.
Published At
12/11/2023 8:45:13 PM
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