Metaverse and Defi to Make Blockchain Gaming Worth $300B by 2023-Report

A recent report from Grand View Research predicts that the market for crypto-based blockchain gaming will reach an impressive $301.53 billion by 2030. The report emphasizes that factors such as asset ownership, transparency, and gaming monetization will play a pivotal role in driving the industry's growth. With a projected compound annual growth rate (CAGR) of 68.3% from 2023 to 2030, blockchain gaming is poised for significant expansion.

Furthermore, the crypto-based blockchain gaming industry is set to attract more gamers through various incentives. One notable development is the emergence of the gaming metaverse, which has gained significant traction. It has been suggested that the demand for this immersive gaming experience has been further accelerated by the Covid-19 pandemic. As a result, integrating metaverse features into the blockchain gaming sector has become more seamless.

Gaming remains a rapidly growing industry worldwide. Remarkably, even during the crypto market downturn of 2022, blockchain gaming proved to be one of the least affected sectors. This can be attributed to the fact that most gamers engage in gaming for recreational purposes rather than solely for profit. Therefore, the decline in crypto prices had minimal impact on their gaming experiences, even if cryptocurrencies could be utilized within the games.

In addition to the aforementioned factors, the integration of decentralized finance (DeFi) elements into games is expected to contribute to the growth of the blockchain gaming industry. Players will have the opportunity to monetize their gaming sessions and channel their earnings into DeFi protocols, enabling further monetization.

Although the blockchain gaming market is currently smaller compared to the overall gaming industry, which reached a value of nearly $92 billion in 2022, it is expected to continue expanding. Traditional AAA game companies have had limited involvement in blockchain gaming thus far, with Square Enix and Ubisoft being notable pioneers in this space.

In 2021, Square Enix incorporated blockchain technology into its business program and has announced its intention to release several blockchain-related experiences this year. One of these projects is Symbiogenesis, an immersive non-fungible token (NFT) experience. Similarly, Ubisoft has also explored the integration of NFTs in some of its products, with varying degrees of success.

According to recent reports, the Epic Games store, a popular platform for PC games, has nearly 20 blockchain games in the pipeline for release in 2023. Some of these games are already available to early testers. Steve Allison, an executive at Epic Games, mentioned in an interview that a few of these blockchain games have shown promising performance, as reported by Axios.

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This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.