Blockchain In Gaming Market To Hit Value 1.53 Billion By 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on September 6th, 2023

San Francisco, 06 September 2023: The ReportBlockchain In Gaming Market Size, Share & Trends Analysis Report By Game Type (Role Playing Games, Open World Games, Collectible Games), By Platform, By Device, By Region, And Segment Forecasts, 2023 – 2030

The global blockchain in gaming market size is expected to reach USD 301.53 billion by 2030, growing at a CAGR of 68.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market's growth can be attributed to the growing shift from traditional games to blockchain-based games, driven by the demand for actual ownership and control of in-game assets, transparency, and new monetization opportunities.

In traditional games, players do not truly own their in-game assets and are subject to the rules and decisions of the game developer. However, with blockchain in the gaming industry, in-game assets are stored on a decentralized blockchain, providing players with full ownership and control over their assets. Additionally, blockchain technology provides a transparent and secure platform for gaming, reducing the risk of fraud.

Gaming metaverses are virtual worlds built on blockchain technology, providing a fully immersive and decentralized gaming experience. These virtual worlds are expected to be a significant trend in the blockchain gaming market in the coming years, providing new opportunities for gaming, socializing, and commerce. In a gaming metaverse, players can explore, interact, and participate in various activities within the virtual world.

Blockchain-based game providers are integrating Decentralized Finance (DeFi) protocols. By integrating DeFi protocols into blockchain games, game developers can provide new opportunities for monetization and investment in the gaming market. Players can earn cryptocurrency rewards by participating in the game, which can be used to purchase other in-game assets or traded on decentralized exchanges for other cryptocurrencies. This allows players to monetize their time, and skills and can create a more engaging and rewarding gaming experience.

The COVID-19 pandemic had a positive impact on the blockchain in the gaming industry. The pandemic has increased demand for online gaming and virtual experiences, which has created new opportunities for blockchain-based games. With people staying at home and spending more time online, there has been a surge in demand for online gaming and virtual experiences.

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Blockchain In Gaming Market Report Highlights

• The collectible games segment is expected to witness the fastest growth over the forecast period. Blockchain-based collectible games allow for interoperability between different platforms and games. This means that players can use their assets across multiple games and platforms, increasing the utility and value of their assets
• The ETH segment dominated the market in 2022. Ethereum has a large and active developer community focused on creating decentralized applications and games. This has led to the creation of a wide range of games and gaming platforms on the Ethereum blockchain, which has helped to drive innovation in the space
• The web segment dominated the market in 2022. Web-based games can be played on any device with a web browser, including desktops, laptops, tablets, and smartphones. This makes it easier for players to access and play blockchain games from anywhere, at any time
• Asia Pacific region dominated the market in 2022. Asia Pacific region is home to various innovative gaming and blockchain companies that are exploring the potential of blockchain technology in gaming. These companies are developing new blockchain gaming platforms and services that offer exclusive features such as in-game assets, which can be traded on decentralized exchanges

Blockchain technology is a digital ledger that is decentralized and distributed, enabling secure transactions and the maintenance of records. It has revolutionized the gaming experience for businesses and players, allowing them to use cryptocurrencies and Non-fungible Tokens (NFTs) to purchase in-game assets. For instance, Axie Infinity is a non-fungible token-based game with millions of players worldwide who use cryptocurrencies based on Ethereum to transact within the game.

With Artificial Intelligence (AI) and Machine Learning (ML), gaming companies can detect fraudulent behavior and prevent it from occurring in the future. This can include detecting bot accounts or accounts created solely for fraudulent activities. Additionally, AI and ML analyze player behavior and preferences and provide a personalized gaming experience, which includes recommending games and in-game rewards that are more likely to appeal to the player. Also, AI and ML can be used to analyze game data and player feedback to identify areas for improvement in game design.

Blockchain In Gaming Market Report Scope

List of Key Players in the Blockchain In Gaming Market

• Dapper Labs, Inc.
• Sky Mavis
• Splinterlands
• Animoca Brands Corporation Limited
• Immutable
• Uplandme, Inc.
• Illuvium
• Mythical Inc.
• ROKO GAME STUDIOS
• Autonomous Worlds Ltd.