Analyzing the Global Blockchain Gaming Market
A recent analysis from Fortune Business Insights has projected that the global blockchain gaming market will reach an estimated $614 billion over the next seven years. Currently, the market stands at around $154 billion in spending.
The report examined sales data for blockchain game products from 2017 to 2021 and found that sales are increasing at a compound annual growth rate (CAGR) of 21.8%. Based on this rate, the market is expected to reach $600 billion by 2030, marking a significant absolute growth rate of nearly 299% over the six-year period.
North America Takes the Lead
Fortune's researchers divided the world into five regions: North America, South America, Middle East/Africa, Europe, and Asia Pacific. Among these regions, North America accounted for over $30 billion in blockchain game item purchases in 2022, making it the largest share for any single region. The researchers anticipate that North America will maintain its dominance in the market throughout the forecast period.
Growth of Role-Playing Games
According to the report, role-playing games are expected to experience the highest growth rate among different game categories. These games offer special characters, themes, additional weapons, accessories, and other features that make them well-suited for implementing blockchain technology. In 2022, role-playing games accounted for over 33% of the market.
Web-Based Games Remain Dominant
The analysis also revealed that web-based blockchain games currently hold the largest segment of the market, and this trend is expected to continue in the future. However, the researchers noted that Android-based games are becoming increasingly prevalent as well.
Simplifying Onboarding for Users
Blockchain gaming companies have been implementing new features to make it easier for users to get started. For instance, Immutable recently added Transak as an additional option for purchases on December 11. This move aims to enhance the overall user experience and accessibility of blockchain gaming.
Challenges in the Blockchain Gaming Industry
While the outlook for the blockchain gaming market is promising, not all news is positive. A study conducted by CoinGecko on November 30 found that over 75% of blockchain games launched between 2018 and 2023 have failed. This highlights the challenges and risks associated with this emerging industry.
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