Blockchain gaming is a new paradigm of gaming that employ blockchain technology to create decentralized, transparent and secure gaming ecosystems. Blockchain gaming enables players to own, trade and monetize their in-game assets, such as characters, items and land, in the form of non-fungible tokens (NFTs). Blockchain gaming also offers new ways for players to earn rewards and incentives by participating in various in-game activities, such as quests, battles, tournaments and governance. This is known as the play-to-earn (P2E) model, which has attracted millions of players worldwide.
The global blockchain in gaming market size was estimated at around USD 4.86 billion in 2022 and it is projected to hit around USD 887.14 billion by 2032, growing at a CAGR of 68.32% from 2023 to 2032.
The market can be broken down on the basis of game type, which consist of –
The RPG segment dominated the market in 2022 and accounted for a revenue share of more than 36.0%. The segment’s growth can be attributed to the highly immersive and engaging gameplay experience they offer. RPG provides long-term gameplay elements that encourage players to invest time and resources into the game.
The collectible games segment is expected to witness significant growth over the forecast period. Collectible games involve unique digital assets, such as NFTs, which are stored on a blockchain and can be traded or sold securely and transparently. This creates a strong value proposition for players interested in owning and collecting rare or unique digital assets.
The competitive landscape of the global blockchain gaming market is marked by a dynamic interplay of various industry elements. Companies are vying to establish themselves as pioneers in blockchain integration within the gaming sphere. Below is a list of the key game developers in the blockchain gaming market-
One of the exciting features of blockchain gaming is that players can earn tokens or coins from playing games and utilise them to trade with other players or platforms. These tokens or coins can represent various in-game assets, such as characters, items, land or currency. They can also be used to access different games or services within the blockchain gaming ecosystem. There are different methods that players can use to trade their tokens or coins, such as:
As games increasingly utilize cryptocurrencies and NFTs, an entire ecosystem is developing around blockchain gaming. This includes decentralized exchanges for trading in-game items, marketplaces to display and sell digital collectibles, and infrastructure platforms supporting game development. This section will explore the various participants within the growing blockchain gaming landscape and discuss some recent developments in the industry.
Recent developments in blockchain gaming include notable funding rounds, high-profile acquisitions, and the continued new launches. To elaborate further
- Legacy, the ambitious venture spearheaded by industry luminary Peter Molyneux and his storied development house 22cans, is slated for its grand unveiling on October 26th. Positioned as an entrepreneurial simulation, Legacy aims to empower players to establish and grow their own enterprise from scratch, nurturing it into a global powerhouse through ingenuity, business acumen and competitive spirit.
- Kandle, an innovative Singapore-based crypto fantasy project seeking to reshape the GameFi landscape, recently secured $1.7 million in seed funding led by Saama to propel its ambitious vision forward.
- Project SEED, an innovative Distributed Ledger undertaking poised to transform the mobile gaming industry, is launching its groundbreaking mobile application ‘Outland Odyssey’, complemented by ‘SEED: GROW’ and ‘SEED: Staking’.
- Wemade has entered a strategic partnership with Katnappe sp. z o.o. with the objective of integrating Katnappe’s blockchain venture Hoomeez into WEMIX PLAY, Wemade’s globally recognized blockchain gaming platform, to mutually expand their reach and capabilities.
The blockchain gaming industry is expected to be one of the blooming and most lucrative sectors in the coming years. It shows immense potential for growth given the engaging experience it provides players through decentralized control and true ownership of virtual assets. The ability to seamlessly transfer these assets across interconnected blockchain games is also poised to enhance player engagement like never before. If current market trends continue, the blockchain gaming space will become a dominant force in the global games industry, representing the increasing convergence of gaming and blockchain technologies. The opportunities for developers, players and investors appear limitless within this burgeoning industry.