The blockchain gaming market is undergoing extraordinary growth, projected to reach $614 billion by 2030, according to an analysis by Fortune Business Insights.
Currently representing an estimated $154 billion, this market is developing at a compound annual growth rate (CAGR) of 21.8%. The study assessed global sales data for blockchain game products from 2017 to 2021, revealing that sales were increasing at a CAGR of 21.8%, indicating that by 2030, the market will have experienced an absolute growth of nearly 299% over a six-year period.
Fortune Business Insights divided the world into five regions, and North America leads in purchases of blockchain game items, with over $30 billion, approximately 24% of the total in 2022. This North American dominance is expected to persist. Regarding game categories, role-playing games are expected to have the highest growth rate, representing over 33% of the market in 2022 due to their special characteristics that make them suitable for blockchain implementation.
Web-based blockchain games are currently the largest segment and are expected to continue dominating, although Android-based games are also steadily gaining ground. Blockchain gaming companies are looking to facilitate user onboarding by implementing new features, such as Transak, added by Immutable on December 11.
The Pandemic Favored the Rise of Blockchain Games
The impact of the pandemic led to a significant increase in traffic on virtual platforms, boosting the GameFi market to $128.62 billion in 2022 and $154.46 billion in 2023. This growth is expected to continue until reaching the projected figure of $614.91 billion in 2030.
The research also identifies other drivers, such as the growing demand for decentralized games and the increasing interest in non-fungible tokens (NFTs). Platforms like Sandbox and Oasy, popular among Web3 users, offer incentives to players in the form of tokens and NFTs, creating new value for in-game assets. Fortune analysts believe that these decentralized games will be crucial in driving market growth in the forecast period.
Additionally, the research highlights that companies are integrating blockchain services into games, turning them into online markets for digital assets. Although there are obstacles, such as the lack of clear regulatory frameworks for cryptocurrencies and NFTs, North America and Europe are expected to contribute significantly to the projected increase in blockchain-based games. However, the Asia Pacific region will also play a crucial role, as it is home to more than half of the world’s gaming users.
