news.bitcoin.com
The global blockchain gaming market will grow significantly during the next seven years and is expected to reach a market cap of $301.53 billion by 2030, according to a report issued by markets and intelligence firm Grand View Research. The “Blockchain In Gaming Market Size” report, found that this growth will be powered by the transition from traditional to blockchain gaming.
Entertainment Market to Shift to Blockchain-Based Games
The blockchain gaming market will grow significantly during the next seven years according to some predictions. A report issued by Grand View Research, a California-based markets research firm, predicts that the global blockchain gaming market will reach a market cap of $301.53 billion by 2030.
According to the report, this growth will be incentivized by the shift from traditional gaming to alternatives that allow ownership of assets, transparency, and gaming monetization. These traits of blockchain gaming could also cause the sector to rise at a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.
The rise of gaming metaverses will also supposedly include a more comprehensive set of actions to entice players to switch to these alternatives. The Covid-19 epidemic is further said to have caused rising demand for this kind of experience, facilitating the introduction of metaverse functions into the blockchain gaming sector.
More Insights
Another development that will reportedly fuel this growth could be the inclusion of decentralized finance (defi) elements into games. Grand View Research says players will monetize their gaming sessions and put these earnings into defi protocols, allowing for their monetization.
While the blockchain gaming market is still small compared to the gaming market, which had a value of close to $92 billion in 2022, the report expects it to keep growing. Traditional AAA game companies have thus far had limited experience with blockchain gaming, with Square Enix and Ubisoft leading the charge.
Square Enix introduced blockchain as part of its business program in 2021 and has planned to launch several blockchain-related experiences this year. Among these is Symbiogenesis, a story-driven non-fungible token (NFT) experience. Ubisoft also introduced NFTs in some of its products, reporting mixed results.
Recent reports indicate that the Epic Games store, a popular PC game storefront, has almost 20 blockchain games prepared to launch in 2023, many already available to early testers. Also, Epic exec Steve Allison stated that some of these games have “done pretty well,” according to Axios.