Blockchain Gaming Market Report 2022: Increase in Investments in Blockchain Games and P2E & NFT Trends to Drive Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 29, 2022--
The “Blockchain Gaming Market by Game Type (Role Playing Games, Open World Games, Collectible Games), Platforms (ETH, BNB Chain, Polygon), and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
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. One of the factors driving the market growth is rising funding for blockchain games.
By game type, role-playing games to account for the highest market share during the forecast period
P2E gaming model works on blockchain, crypto, and NFTs to transform the traditional free-to-earn concept into P2E. Role Playing Games (RPGs) are actively played all over the world, and these games have always been a trendy genre in the industry. In these games, players directly control characters while engaging in real-time combat, and players can earn NFTs and crypto rewards while playing these games. RPG games have a variety of subgenres, such as action-oriented RPGs and turn-based RPGs. RPG games empower users to enjoy unique game experiences with in-game weapons, avatars, and skills.
Unlike traditional games, RPG games are integrated with in-game assets, such as NFTs, skins, weapons, and others. The different subgenres of RPG games, such as action-based, multiplayer, and others, make them widely popular among the masses. In an RPG game, players assume the roles of characters in a fictional setting.
It’s the responsibility of players to act out these roles within a narrative. It can be through literal acting or through a process of structured decision-making regarding character development. In these games, players need to acquire more and better weapons or similar items to improve their character, which is why RPGs on the blockchain strongly connect with NFTs. Axie Infinity, Binemon, Blankos Block Party, My Crypto Heroes, and Lost Relics are some of the famous blockchain-based RPG games.
By platform, BNB Chain to grow at the highest CAGR during the forecast period
As per Binance, BNB Chain dominated the blockchain gaming sector with a 36.6% market share - that is, it has the highest number of games built on the chain. The blockchain gaming space is growing at an alarming rate. The average daily UAW transactions on the BNB chain soared by 8% month-over-month to more than 92,000 in August 2022. Such trends have made BNB Chain gain quick traction in the market, and this blockchain platform is expected to grow at the highest CAGR during the forecast period.
BNB Chain has been collaborating with many companies to grow its presence in the market. For example, in September 2022, BNB Chain collaborated with Google Cloud. This collaboration will help accelerate early-stage Web3 and blockchain startups to create and scale high-performance, effective, and sustainable innovations. These initiatives to boost Web3 and blockchain startups could help the blockchain gaming market.
- Benefits of Blockchain Technology
- Increasing Investments and Funding in Blockchain Games
- Shift from Traditional Games to Blockchain-Based Games
- Initial Investments and Complexity Associated with Playing Blockchain Games
- Hacks and Financial Losses
- Regulatory Challenges
- NFTs and Play-To-Earn Model Trends
- Unique Active Wallets Trends
- Limited Awareness of Blockchain and NFT Technologies
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Blockchain Gaming Market, by Architecture
6.2 Decentralized Monolithic
6.3 Decentralized Layered Architecture
6.4 Hybrid Architecture
7 Blockchain Gaming Market, by Game Type
7.2 Role-Playing Games
7.3 Open World Games
7.4 Collectible Games
8 Blockchain Gaming Market, by Platform
8.3 Bnb Chain
8.5 Other Platforms
9 Blockchain Gaming Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent Markets
- Alwaysgeeky Games
- Animoca Brands
- Codebit Labs
- Dapper Labs
- Decentraland Foundation
- Double Jump.Tokyo
- Figure 33 Wemade: Company Snapshot
- G.Jit Japan
- Gala Games
- Horizon Blockchain Games
- Lucid Sight
- Mythical Games
- Popcap Games
- Sky Mavis
For more information about this report visit https://www.researchandmarkets.com/r/xyjegt
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INDUSTRY KEYWORD: TECHNOLOGY ELECTRONIC GAMES ENTERTAINMENT BLOCKCHAIN
SOURCE: Research and Markets
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PUB: 12/29/2022 11:30 AM/DISC: 12/29/2022 11:30 AM