The global blockchain gaming market is expected to reach $300 billion in the next seven years due to the adoption of blockchain gaming by traditional gamers.
The global blockchain gaming market is expected to reach $300 billion in the next seven years due to the adoption of blockchain gaming by traditional gamers.
By 2030, the blockchain gaming market capitalization is expected to reach $301.53 billion, and between 2023 and 2030, the sector is expected to grow at a CAGR of 68.3%. This is due to the transition away from traditional gaming towards substitutes that offer characteristics similar to those of the Web 3.
As decentralised finance (defi) components are incorporated, the blockchain gaming sector is growing in popularity. The gaming industry was estimated to be worth $92 billion in 2022.
While their competitors who have a strong preference for blockchain elements are leading the way, traditional AAA game companies have little experience with and little experimentation with blockchain gaming. Square Enix incorporated blockchain into its business strategy in 2021, and this year, the company plans to release a number of blockchain-related experiences, including Symbiogenesis, a story-driven non-fungible token (NFT) experience. NFTs were also added by Ubisoft to some of its products, with varying degrees of success.
Epic Titles has almost 20 blockchain titles set to launch in 2023, many of which are currently accessible to early testers. Epic executive Steve Allison said some of these games have “done pretty well”.
The gaming market in Africa has grown significantly. Because of the widespread availability of high-speed internet and devices with internet access, millions of Africans are spending more money on gaming.
The first Nollywood adaptation of this kind, the Aki and Paw Paw running game, was just released by a group of Nigerian game developers. Launching a Nollywood adaptation game is a significant step in gaining traction in the global gaming industry, which is supported by a number of conflicting comments.
Aside from this launch, the gaming industry in Africa has significantly developed, attracting attention and propelling it into a key international player in the demonstration of innovation in the global gaming ecosystem. According to Grand View Research’s predictions, Africa needs to take precautions to maintain control over the fascinating contribution that blockchain technology will make to the gaming sector.
A piece titled “How Africa Can Lead the Blockchain Gaming Revolution” was published by Binance in 2022. According to the article, 38% of the 41.9 million gamers who own cryptocurrency worldwide (aged between 21 and 38) are to blame for the rise in interest in trading in gaming using cryptocurrency and digital money. Many Africans in this age group are enthusiastic about technology, blockchain, innovation, and gaming.
The study demonstrates the enormous potential for cryptocurrency to enter the gaming industry. Additionally, 80% of gamers with blockchain wallets are reportedly willing to buy gaming tokens with their virtual currencies. Africa and the Middle East are home to an estimated 5.9 million cryptocurrency gamers, though this number may rise given estimates that by 2050, Africa will have the largest youth population.
In the years to come, Africa could increase the market capitalization of the sector by creating games with blockchain components. Africans who quickly adapt and follow current trends may be the future.