As per the report by MarketsandMarkets™, the global Blockchain Gaming Market size is projected to reach $65.7 billion by 2027 at a CAGR of 70.3% during the forecast period, 2022-2027.
Chicago, May 25, 2023 (GLOBE NEWSWIRE) -- The global Blockchain Gaming Market size 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, according to a new report by MarketsandMarkets™. The market growth is driven by increased funding for blockchain games.
Browse in-depth TOC on "Blockchain Gaming Market”
Tables - 125
Figures - 33
Pages - 155
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Scope of the Report
|Market size value in 2022||USD 4.6 billion|
|Revenue forecast for 2027||USD 65.7 billion|
|Growth Rate||70.3% CAGR|
|Forecast units||Value (USD Billion)|
|Key Market Growth Drivers|| |
|Key Market Opportunities|| |
|Segments covered||By Game Type, By Platform|
|Geographies covered||North America, Europe, Asia Pacific, Rest of the World|
|Major companies covered||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)|
By game type, collectible games to grow at higher CAGR during the forecast period
Since the 90s, long before the existence of NFT collectibles, trading cards and collectible games have been popular. The growth of collectible games has been driven by the introduction of blockchain technology in the gaming industry. Collectible games have a large player base in the blockchain and crypto gaming world. CryptoKitties, which is developed by Dapper Labs, is a well-known game in this market. In this game, players train, collect and trade digital animals/kitties in a virtual world. In these games, blockchain technologies help to transform collectible items into digital assets, which offers complete ownership of these items to the players. Players can trade or sell these items using cryptocurrencies. A large part of playing collectible games involves collecting and trading cards, which should lend well to the application of NFTs and blockchains. The worldwide lockdown has encouraged people to spend more time on online games resulting in increased demand for collectible games.
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By platform, Ethereum to account for the largest market size during the forecast period
Ethereum (ETH) helps to enhance the design and function of the original Bitcoin (BTC) blockchain. Its ability to execute smart contracts so that transactions can occur without a central authority has helped it to establish itself as a distributed computing platform. A rich ecosystem of developer tooling has been offered by Ethereum to decentralized application developers. Ethereum extends into the quality of user experience for the average user of ETH applications by providing wallets such as MetaMask, Argent, and Rainbow. Large user base of Ethereum has encouraged developers to deploy their applications on the network. That’s why ETH is considered the primary home for decentralized applications, such as DeFi and NFTs.
Major vendors in the global Blockchain Gaming Market include 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).
Frequently Asked Questions (FAQ)
What is the definition of blockchain gaming?
Blockchain games are online games that are 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.
What is the projected market value of the global blockchain gaming market?
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.
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