Fortune analysts discovered that blockchain gaming faces challenges despite its growth. They highlighted key issues holding back the sector.
The global cryptocurrency market is worth about $1.54 trillion. In the next six years, blockchain gaming is expected to become increasingly important.
Fortune Business Insights researchers predict that GameFi could reach $614.91 billion by 2030, growing steadily at a rate of 21.8% per year.
Blockchain games are gearing up for a big leap forward by 2030. One major boost comes from the surge in online gaming interest post-COVID-19. The pandemic shook up the global market and got people hooked on virtual gaming platforms, driving a lot of traffic to blockchain games.
This surge pushed the GameFi market to hit $128.62 billion in 2022, then to $154.46 billion in 2023. Now, it’s all set to keep growing and smash records by hitting a whopping $614.91 billion in 2030.
Beyond the pandemic effect, Fortune Business Insight’s research pointed out other key factors driving this growth. There’s a rising demand for decentralized games, offering a better gaming experience. Plus, there’s a growing interest in non-fungible tokens (NFTs).
From 2020 to 2023, platforms like Sandbox and Oasy took the spotlight in Web3, attracting users with decentralized finance features. These games reward players with tokens and NFTs for playing and completing missions, making in-game assets more valuable using blockchain technology.
Fortune’s analysts foresee decentralized gaming as a crucial driving force for growth in the coming years. They believe it has the potential to revolutionize the gaming industry, paving the way for substantial market expansion in the forecast period.
North America Dominates the GameFi Market
In the world of GameFi, different types of games play a big role in driving market growth. Research suggests that role-playing games (RPG), multiplayer games, and collectible games are the key categories. However, role-playing games are expected to grow the most because of their unique features.
When it comes to where all the action is happening, North America takes the lead in the blockchain gaming market. It’s holding the biggest share, and it’s expected to stay at the top. Why? Well, folks in North America love their NFTs and digital assets. About half of gamers there have cryptocurrencies, and a whopping 80% are keen on using their assets to buy stuff and make deals while playing games.
A big reason for North America’s growth is that companies are putting blockchain services into games, creating online marketplaces for digital treasures.
But don’t count Europe out! It’s set for some strong growth too. Analysts think that the rules and regulations there will make it a great place for investors to jump into the blockchain gaming scene.
Even though North America and Europe will play a significant role in pushing forward blockchain games, the real star for growth is predicted to be the Asia Pacific region. Places like China, Japan, and South Korea have a massive number of players and some big gaming developers. In fact, Asia is home to more than half of the world’s blockchain gaming users, with about 1.7 billion gamers according to a study by DappRadar and Pacific Meta. That’s a lot of gamers!
Roadblocks Restraining Development in Blockchain Gaming
Fortune analysts discovered obstacles in the growing world of blockchain gaming. They highlighted key factors that hold back the sector’s growth.
Their research pointed out that unclear rules for regulating cryptocurrencies and NFTs are a big challenge for GameFi’s growth.
They also noted that the slow uptake of blockchain games among global gamers is impacting the market’s progress. This suggests that blockchain games still need to find a larger audience. Additionally, the absence of free-to-access decentralized games for players who don’t want to pay fees to use centralized gaming platforms is another hurdle.
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