In a research report published recently, Fortune Business Insight has shown that blockchain-based gaming market is bright. The market is currently valued at an estimated $154 billion and experts predict this figure may quadruple by 2028 growing up too 614 billion. This incredible forecast suggests that this Blockchain based gaming can soon be approaching the size of bitcoin, which is currently worth more than $800 billion!
The Boom of Blockchain Gaming.
Fortune Business Insight analysed blockchain game products sales in period of year from 2017 to 2021 and found out CAGR as the 21,8%. Using this, they project that it will surpass the $600 billion mark by the year 2030, representing an increase rate of more than four hundred percent within a span of six years.
North America dominates the regional insight
In their analysis, Fortune’s researchers categorized the world into five regions: Included are North America, South America, Middle East and Africa, Europe, and Asia Pacific. Interestingly, North America takes the lead by accounting for more than $30 billion with regard to virtual items’ sales through blockchain during last year, which equals about quarter of the global share volume at the present time. The North American market is hoped to have a strong hold on the market.
Roles-playing games (RA) going first
While there numerous game genres, RPGs will exhibit a remarkable higher growth rate since they come up with unique characters, theme, weapons, accessories, and even the latest technology known as Blockchain. In 2022, researchers discovered that more than 33% of the market controlled by RPG games.
Segment Dynamics and Evolution
At present, web-based Blockchain games are seen as leaders of the Blockchain-based gaming. Nevertheless, android-style games are fast catching up. It is worth noting that blockchain game developers are coming up with user acquisition methods like Immutable having introduced Transak as a payment option on December 11.
Challenges Amidst Promising Growth
Although optimism prevails, the Blockchain gaming industry is confronted with a number of issues. According to CoinGecko’s research report, more than 75% of blockchain games launched within the period 2018 – 2023 had problems on them.
Leading Blockchain-Based Altcoin Projects
Immutable (IMX) is the biggest Blockchain based altcoin project worth $2.49 billion, which is part of the $16.22 billion Blockchain-based gaming community according to the CoinGecko statistics. The second is internet Computer (ICP), which goes almost parallel, at a current market valuation of 2.27 billion dollars. Coming in third, fourth, and fifth are The Sandbox (SAND) with $1 billion in market value, Axie Infinity (AXS) with $919.2 million and GALA ($871.5 million).