In a mid-December analysis, Fortune Business Insights forecast that the global blockchain gaming market is poised for explosive growth, potentially reaching an estimated $614 billion over the next seven years.
This projection represents a growth rate of almost 300% from the current market value of $154 billion.
North America leads, with role-playing games dominating
He report, which analyzes global blockchain gaming product sales data from 2017 to 2021, reveals a compound annual growth rate (CAGR) of 21.8%. These figures indicate a growing market, which will break records by 2030.
A regional analysis detailed in the document shows that North America is currently the leader in blockchain gaming item purchases, contributing over $30 billion in 2022 alone. This represents approximately 24% of the global market share. Researchers predict that this North American dominance will persist into the future.
Fortune's analysis also delves into the types of games driving this growth. Role-playing games (RPGs), known for their unique characters and immersive themes, are at the forefront.
These games are remarkably adapted to blockchain technology, with additional features such as special weapons and accessories. In 2022, role-playing games accounted for more than 33% of the market.
The blockchain gaming platform is also evolving. While web-based blockchain games currently dominate, Android-based games are on the rise, indicating a shift in gaming trends.
Experts in the field also anticipate this trend of web-based blockchain games to continue leading the market.
Blockchain games face hurdles despite market boom
However, all is not well in the blockchain gaming universe. The report also highlights challenges in the blockchain gaming industry, including the high failure rate of blockchain games, and emphasizes the need for continuous innovation and adaptation.
A recent CoinGecko study also reflexes a high failure rate in the sector. The study found that more than 75% of blockchain games released between 2018 and 2023 failed.
Despite these challenges, the overall trajectory of blockchain gaming is overwhelmingly positive. Driven by the growing popularity of non-fungible tokens (NFTs) and the growing adoption of blockchain in gaming, the sector is experiencing a significant rebound.
North America, Europe and the Asia Pacific region, particularly China, Japan and South Korea, are expected to be key players in this growth.
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