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Cryptogambling / Blockchain gaming market set to hit $600 billion by 2030, report says

Blockchain gaming market set to hit $600 billion by 2030, report says

Publish Date: 13/12/2023
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The worldwide blockchain gaming market is expected to reach around $600 billion in the next seven years, according to a Fortune Business Insights report released on December 11. Currently, the market spends about $154 billion.

The study reviewed sales figures for blockchain game products worldwide between 2017 and 2021. It discovered a consistent growth rate of 21.8 percent annually. Based on this trend, the market is expected to reach $600 billion by 2030, showcasing a growth of nearly 299 percent.

Fortune’s researchers categorize the globe into five regions—North America, South America, the Middle East and Africa, Europe and Asia Pacific. In 2022, North America led in blockchain game item purchases, contributing over $30 billion, about 24 percent of the overall total. The researchers anticipate this dominance by North America to persist in the future.

The report predicts that among various game categories, role-playing games will experience the most significant growth rate. These games, with their unique characters, themes, additional items and features, are well-suited for incorporating blockchain elements. In 2022, role-playing games accounted for more than 33 percent of the market.

Online blockchain games are currently the most extensive segment within the realm of blockchain gaming, and the researchers anticipate this trend to persist. Nevertheless, they highlighted an increasing prevalence of Android-based games in the market as well.

Blockchain gaming firms have introduced new features to simplify user onboarding. For instance, Immutable included Transak as an added purchase option on December 11. However, not all news in the blockchain gaming sphere is upbeat. According to a study by CoinGecko on November 30, over 75 percent of blockchain games launched between 2018 and 2023 had encountered failure.

The blockchain gaming market could be on track for a meteoric rise fueled by the surging popularity of non-fungible tokens (NFTs) and innovative play-to-earn models.

Web3 gaming investments surpass $2.3 billion in 2023

DappRadar, an on-chain data tracker, has revealed that over $600 million was invested in Web3 gaming projects in Q3 2023, making total investments exceed $2.3 billion this year.

Additionally, a report from the Game7 blockchain gaming community shows Web3 gaming stabilizing despite market fluctuations.

Interest in Web3 gaming remains strong despite the crypto winter. Michael Powell, Immutable’s product marketing lead, views the quieter state of the broader crypto industry as a positive for the Web3 gaming ecosystem.

“In markets driven by speculation and hype, it’s often easy to get distracted and chase the shiny object,” he said.

Powell emphasized that Web3 gaming companies using the crypto winter to develop products with genuine value and long-term strategies were the primary catalysts for investor interest.

“We’re also seeing a shift away from the play-to-earn approach toward more sustainable gameplay models that emphasize true digital asset ownership and create thriving economies for games,” Powell said.

Omar Ghanem, co-founder and CEO of Web3 gaming platform Gam3s.GG, said that several widely anticipated Web3 games are approaching release, noting that the ecosystem has developed in terms of quality and standards compared to the past two or three years.

Although not as impressive as 2022, Uluç Yuca, co-founder of Curator Studios focusing on Web3 gaming, emphasized that developer activity is increasing.

This growth is due to several reasons, including the potential for mass adoption of Web3 gaming, its unique value, opportunities for portfolio diversification and robust community support.

Yuca highlighted that investors are interested in early-stage investment opportunities, making the Web3 gaming space appealing despite the quieter crypto market in Q3.

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