MarketsandMarkets forecasts that the global blockchain gaming market is projected to grow from USD 4.6 billion in 2022 to USD 65.7 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 70.3% during the forecast period. Increased investments and funding in blockchain games are driving market growth.
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What is blockchain gaming?
Blockchain games are online games developed by integrating blockchain technology into them. A blockchain game uses blockchain technology, including cryptocurrencies and NFTs, so that game players can buy, sell, or trade in-game assets through gameplay. Blockchain gaming enables players to truly own their game assets in a secure and transparent way.
By Platform, BNB Chain to grow at the highest CAGR during the forecast period
In February 2022–Binance Chain and Binance Smart Chain merged to form the BNB Chain. Binance Chain also rebranded into the BNB Beacon Chain. Binance Smart Chain changed its name to BNB Smart Chain but maintained its abbreviation, BSC. The Binance blockchain ecosystem is rapidly being adopted in the Web3 gaming space, also called GameFi. BNB Chain has grown to become a community-driven, permissionless, and decentralized blockchain ecosystem. To offer progressive decentralization, BNB Chain community has made technical upgrades over the past few years. The chain and its apps can be accessed by users without permission, provided that they have a crypto wallet and some BNB to pay for fees. It gives developers the tools to implement cutting-edge smart contracts and dApps. It supports quick, inexpensive, and efficient DeFi transactions. BNB Smart Chain and Ethereum use a gas model for transaction fees, which measures the complexity of a single transaction. BNB Smart Chain has cheaper transaction fees and faster operations. Era7, Chain of Legends, Tiny World, BinaryX, and Elfin Kingdom are some of the famous games that use BNB Chain.
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By Region, Asia Pacific to account for the largest market size during the forecast period
With existing game developers and new creatives alike coming up, the Asia Pacific region is one of the key markets in blockchain gaming. There are approximately 3 billion gamers worldwide. Out of this, Asia Pacific accounts for almost half of it. In the popularization of professional gaming culture, a dominant role has been played by the Asian eSports business. Besides the original gaming giants Korea and China, several countries are now beginning to expand their influence in the sector. This expansion is being carried out through active measures and investments in related infrastructure. Global investing firms are reviewing the market’s economic potential as several Asia Pacific countries plan to grow their eSports industry. Due to the existing interest in gaming in the region, Southeast Asia is quickly developing as a blockchain gaming hub for the community. With the rise of crypto and NFTs, Blockchain gaming is also expanding in the Asia Pacific region.
Unique Features in the Blockchain Gaming Market
Blockchain technology makes it possible for in-game assets to be truly owned. It permits players to safely purchase, sell, and exchange digital goods on decentralised marketplaces, as well as to provide asset ownership transparency and authenticity.
An unchangeable blockchain ledger records transactions and game events, guaranteeing gaming integrity, security, and transparency while thwarting fraud, cheating, and unauthorised changes.
Games and virtual worlds can communicate with each other more easily thanks to blockchain-based gaming platforms. This makes character and asset transfers between games and platforms smooth and easy, which improves player engagement and experiences.
Player-driven economies are made possible by blockchain-powered gaming environments, wherein users may take part in decentralised governance, make virtual economies grow, and receive incentives, tokens, and cryptocurrency through gameplay.
Through smart contracts and cryptographic algorithms, blockchain technology makes proved fairness in gaming possible. This increases confidence and fairness in gaming by guaranteeing that game outcomes are visible, verifiable, and devoid of prejudice or manipulation.
Major Highlights of the Blockchain Gaming Market
The market is expanding quickly because to the growing use of blockchain technology in gaming and the desire for provably fair gameplay and decentralised ownership of in-game assets.
By allowing players to actually own and trade digital assets within blockchain-based games, the integration of non-fungible tokens (NFTs) has completely changed the gaming industry and sparked the rise of virtual economies and digital collectibles.
Play-to-earn models, made possible by blockchain gaming, enable users to obtain cryptocurrencies or tokens through gameplay, challenge completion, and ecosystem contributions, turning gaming into a possible source of revenue.
The frictionless transfer and interoperability of in-game assets and characters between various games and virtual worlds is made possible by blockchain gaming systems, which improves user experiences.
Blockchain technology improves trust and fairness in gaming by providing provably fair gameplay through transparent and verifiable game mechanics recorded on an immutable blockchain ledger.
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Competitive overview:
The blockchain gaming market is led by some of the globally established players, such as Sky Mavis (Vietnam), Splinterlands (US), Animoca Brands (Hong Kong), Wemade (South Korea), Dacoco (Switzerland), Dapper Labs (Canada), Immutable (Australia), Uplandme (US), AlwaysGeeky Games (Canada), Decentraland Foundation (China), Mythical Games (US), Illuvium (Australia), Sorare (France), PopCap Games (US), G.JIT Japan (Japan), Double Jump.Tokyo (Japan), Gala Games (US), Lucid Sight (US), Rokosoft (Istanbul), Horizon Blockchain Games (Canada), Xaya (Malta), Planetarium (South Korea), Binamon (Argentina), and Codebit Labs (Australia). These players have adopted various growth strategies, such as partnerships, agreements, collaborations, acquisitions, and product developments, to increase their market presence.
Sky Mavis, founded in 2019 and headquartered in Vietnam, is a technology company that specializes in the development of decentralized applications and services. During the crypto boom in 2021, Axie infinity boasted around 2.7 million active users. It has a very strong user base in the Philippines, as thousands of young people in the region consider it a reliable source of income. Along with the blockchain-based game, Sky Mavis provides a marketplace to sell items and also offers a launchpad for blockchain games named Mavis Hub. Sky Mavis uses Ronin Wallet to store digital items and currencies. In 2021, Sky Mavis launched Ronin, a blockchain network. Ronin was created using the Ethereum Virtual Machine (EVM). Ronin enables millions of in-game micro-transactions to take place smoothly by speeding up transactions and significantly lower gas costs for its rapidly expanding user ecosystem. Sky Mavis is advancing its vision of creating a game universe with the help of interconnected, immersive, and rewarding experiences. For that, the company has recently announced a multi-year partnership with Google Cloud. In July 2022, Sky Mavis raised funding of USD 150 million from Binance.
Splinterlands, founded in 2018, is one of the most popular blockchain-based games in the world. It is a card-based online game. With over 400,000 daily active accounts and large numbers of new players signing up daily, it expanded nearly 30 times in 2021. Splinterlands is built on the Hive blockchain. It is committed to Web 3.0 technology. In this game, a deck of cards is collected by players. These cards have unique features or attributes. They are used to playing in a battle against other players. This game enables players to win real money in the game. The game has a user base of more than 2.4 million. With around 1 million active wallets, its total transaction volume on the blockchain approached 5 million daily. Its user community includes users from 149 countries speaking ten languages. The game recently announced its significant milestone of 3 billion battles played since its launch.
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