According to a research published today by Fortune Business Insights, the global Blockchain-based gaming market is expected to reach a market value of approximately 614 billion dollars in the next six years. Currently, the market is estimated to have a market value of 154 billion dollars, and this prediction by Fortune Business Insights suggests that the market will grow nearly fourfold by 2030. This forecast also implies that they will almost catch up with Bitcoin (BTC), the largest cryptocurrency with a market value of approximately 800 billion dollars.
Blockchain-Based Gaming Sector Will Grow Rapidly
Fortune Business Insights, which analyzed global sales figures for Blockchain-based gaming products from 2017 to 2021, found that sales increased at a Compound Annual Growth Rate (CAGR) of 21.8% and that the market will exceed 600 billion dollars by 2030. This corresponds to an absolute growth rate of approximately 400% over a six-year period.
Fortune’s researchers divided the world into five regions: North America, South America, Middle East/Africa, Europe, and Asia Pacific. Accordingly, North America has the largest share (over 30 billion dollars) in Blockchain-based in-game item purchases for any region in 2022, or approximately 24% of the total. Researchers expect North America to continue increasing its dominance on the market.
The report stated that when it comes to the offered game categories, role-playing games (RPG) are expected to have the highest growth rate compared to other categories. These games stand out with their special characters, themes, additional weapons, accessories, and other features, which makes them particularly suitable for the application of the features offered by Blockchain technology. Researchers stated that RPG games made up over 33% of the market share in 2022.
Web-based Blockchain games currently represent the largest segment of Blockchain-based games, and researchers expect this segment to continue to dominate the market. However, Android-based games have become more widespread.
On the other hand, it is noticeable that companies producing Blockchain-based games have recently started to implement new features to facilitate the recruitment process. For example, Immutable added Transak as an additional option for purchases on December 11. Nonetheless, things are not going smoothly for the entire Blockchain-based gaming sector. The results of a research published by crypto data and price platform CoinGecko on November 30 reveal that more than 75% of Blockchain-based games launched between 2018 and 2023 have failed.
Top 5 Blockchain-Based Altcoin Projects
According to data provided by CoinGecko, the largest Blockchain-based altcoin project currently is Immutable (IMX). Immutable has a market value of 2.49 billion dollars in the Blockchain-based gaming sector, which is estimated to be 16.22 billion dollars. Right behind Immutable is Internet Computer (ICP) with a market value of 2.27 billion dollars.
The Sandbox (SAND) with a market value of 1 billion dollars ranks third in the list of the largest 5 Blockchain-based altcoin projects. In fourth place is Axie Infinity (AXS) with a market value of 919.2 million dollars. The fifth place is occupied by GALA (GALA) with a market value of 871.5 million dollars.
