Blockchain Gaming Industry to Exceed Over $600 Billion in Value by 2030
The blockchain gaming industry is expected to surpass over $600 billion in value by 2030, according to a new report released Monday.
The report, published by Fortune Business Insights, defines blockchain gaming as any video game “with features utilizing cryptography-based blockchain technology” and values the 2023 blockchain gaming market at $154.46 billion.
However, by 2030, the report estimates that the number will be $614.91 billion. That means between 2023 and 2030, the blockchain gaming industry will see a compounded annual growth rate of nearly 22%.
The report cites numerous reasons for the blockchain gaming boom, including the Covid-19 pandemic.
“With most of the world’s population under lockdown, virtual gaming platforms experienced a spike in traffic and usage,” the report reads. “This created major activity on blockchain-based gaming platforms, notably higher than usual.”
Furthermore, the report notes demand for “better gaming experiences” and an increase in growth in decentralized gaming experiences, offering “players ownership of in-game assets, transparency, and better security.”
“With the potential to transform the gaming industry, decentralized gaming will become the future, favoring significant growth in the market during the forecast period,” the report reads.
Aiding market growth for the blockchain gaming industry is the emergence of NFTs and cryptocurrencies, with the report noting that they “introduce ownership and value to the gaming system” while transforming “gamers’ experience” as well as creating “multiple opportunities” for the player.
“With the adoption of NFTS in blockchain technologies, gamers can have more ownership and productive opportunities,” the report reads. “This also helps
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