Blockchain Gaming Market size is set to grow by USD 43.45 billion from 2024-2028, Rise of professional gaming to boost the market growth, Technavio

NEW YORK, May 28, 2024 /PRNewswire/ -- The global blockchain gaming market  size is estimated to grow by USD 43.45 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  58.51%  during the forecast period. 

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Key Market Trends Fueling Growth

The play-to-earn gaming model in blockchain technology is revolutionizing the video game industry. Players can now earn real-world value, such as cryptocurrency or in-game assets, creating economic incentives. This shift attracts a diverse player base, including those seeking income.

Transparency, security, ownership, and financial rewards make play-to-earn an attractive option. Rising awareness among young people and the global e-sports market fuel demand. These factors contribute significantly to the growth of the global blockchain gaming market. 

The Blockchain gaming market is experiencing significant growth with increasing adoption of blockchain technology in the gaming industry. Recent developments include the integration of digital assets and non-fungible tokens (NFTs) in games, enabling players to own unique in-game items. The use of Proof of Work and Proof of Stake consensus mechanisms in blockchain games ensures transparency and security.

The implementation of smart contracts in games provides a decentralized and autonomous system for transactions. The trend towards play-to-earn models, such as Axie Infinity, is gaining popularity, offering players the opportunity to earn cryptocurrencies through gameplay.

The market is expected to continue growing, with companies developing blockchain games on platforms like Ethereum, Binance Smart Chain, and Wax. The use of blockchain technology in gaming is revolutionizing the industry, providing new opportunities for players and developers alike. 

Market Challenges

• The global blockchain gaming market may face challenges due to the repetition and lack of creativity in current gaming content. This issue, prevalent in the gaming industry, is leading to decreased interest among hardcore gamers. The dominance of sequels, prequels, and reboots contributes to this stagnation.
• However, the introduction of virtual reality (VR) and augmented reality (AR) is revolutionizing gaming interactivity. Companies are investing in innovative content to meet the evolving demands of consumers. Despite these efforts, the lack of creative gaming content remains a significant hurdle for the growth of the blockchain gaming market.
• The Blockchain gaming market is experiencing significant growth, with Uaws, Alien Worlds, and Decentraland leading the way. However, this sector faces challenges. Cryptokitties and Cryptocurrences are examples of games that have caused network congestion and high gas fees. Legends and My Neighbor Alice aim to address this issue by implementing scalable solutions. Botched implementations, like Androids and Collecibles, have also posed challenges.
• Gamestop and NFTs have entered the scene, adding complexity to the market. Ethereum and Binance Verse are key players, offering various features. Decentralized finance and rewards systems are other challenges and opportunities for this sector. Overall, the Blockchain gaming market presents a complex landscape with numerous challenges and opportunities.

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Segment Overview 

1. Type 
• 1.1 Role playing games
• 1.2 Open world games
• 1.3 Collectible games
2. Platform 
• 2.1 ETH
• 2.2 BNB chain
• 2.3 Polygon
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Role playing games-  The role playing segment dominates the global blockchain gaming market in 2023. Blockchain technology enables cross-platform games, expanding player bases and driving growth. Demand for enhanced gaming experiences and technological advancements fuel the segment's expansion. Improved graphics and virtual environments significantly enhance RPGs' appeal and realism. These factors contribute to the market's growth during the forecast period.

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Research Analysis

The Blockchain Gaming Market represents a revolutionary sector in the digital entertainment industry. It merges traditional games with advanced technologies such as Blockchain, Coding, and Smart Wallets. In-game digital assets, including Skins and Weapons, are now traded as valuable commodities using secure transactions on the Blockchain.

Crypto-gaming projects like Axie Infinity and Horizon Blockchain Games have gained significant traction, allowing players to earn Real-world money. Blockchain technology, underpinned by Ethereum and other digital ledgers, ensures secure records and funding. Artificial Intelligence (AI) is also being integrated to enhance the Gaming experience. Marketplaces like Niftyswap and Skyweaver facilitate the trading of these In-game digital assets, providing a new dimension to the gaming world.

Market Research Overview

The Blockchain Gaming Market represents a revolutionary sector at the intersection of gaming and cryptocurrency technology. This emerging industry leverages the transparency, security, and decentralization properties of blockchain to create unique gaming experiences. Players can buy, sell, and trade in-game assets using cryptocurrencies, fostering a thriving digital economy.

Blockchain games offer various benefits, including true ownership of digital assets, seamless cross-platform compatibility, and incentivized player engagement through rewards. With the potential for decentralized finance (DeFi) integration, the Blockchain Gaming Market is poised to disrupt traditional gaming models and create new opportunities for developers and players alike.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Role Playing Games
• Open World Games
• Collectible Games
• Platform
• ETH
• BNB Chain
• Polygon
• Others
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/

SOURCE Technavio