Blockchain Gaming Market is estimated to be US$ 772.7 billion by 2032; Rising NFTs and Digital Ownership to Propel Market Growth

Covina, Oct. 03, 2023 (GLOBE NEWSWIRE) — Prophecy Market Insights has published a new research report titled “Blockchain Gaming Market, By Game Type (Collectible Games, Open World Games, and Role Playing Games), By Device Outlook (IOS, Android, Web, Others), By Platforms (Polygon, BNB Chain, ETH, Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2032” in its research database.

According To Prophecy Market Insights “Blockchain Gaming Market accounted for US$ 7.1 billion in 2022 and is estimated to be US$ 772.7 billion by 2032 and is anticipated to register a CAGR of 60.4%”

What is Blockchain Gaming? How big is the Blockchain Gaming Market?

Report Overview:

Blockchain gaming allows for interoperability between different games and platforms. Players can use their blockchain-based assets in multiple games, increasing the value and utility of these assets. Blockchain games are typically not controlled by a single central authority. They run on decentralized networks, reducing the risk of censorship and fostering player-driven communities.  

As blockchain technology becomes more mainstream and widely adopted across various industries, more game developers are likely to incorporate blockchain features into their games. This will lead to a growing number of Blockchain Gaming Market and a larger user base.   

Recent Key Highlights in Research Report:

  • In November 2021, Blockchain-based social gaming platform OneTo11 launched its governance tokens in partnership with Firestarter, an initial metaverse offering (IMO) that incubates promising metaverse crypto projects. Before submitting an application to the Whitelist for the governance tokens, gamers must lock $FLAME tokens. A lottery will decide who gets a seat on the whitelist. Additionally, the business will incorporate a KYC procedure into the app wallet to increase participant security. 
  • In August 2022, The Major League Soccer Players Association (MLSPA) announced its partnership with Splinterlands, the worldwide leading blockchain gaming developer. The two businesses will work together as part of this special agreement, beginning with Genesis League Soccer (GLS), to include MLSPA players into a new Web 3.0 opportunity. Together with Splinterlands, the MLSPA will construct and develop a blockchain-based play-to-earn (P2E) football game that will provide MLSPA players new ways to interact with their fans on desktop and mobile platforms.

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Report Scope:

Attribute Details
Base year for estimation 2022
Forecast period 2022 – 2032
Market representation Revenue in USD Billion & CAGR from 2022 to 2032
Market Segmentation By Game Type – Collectible Games, Open World Games, and Role Playing Games
By Device Outlook – IOS, Android, Web, Others
By Platforms – Polygon, BNB Chain, ETH, Others
Regional scope North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage Revenue forecast, company share, competitive landscape, growth factors, and trends

Analyst View:

As blockchain gaming becomes more user-friendly and accessible, it has the potential to attract a broader audience, including traditional gamers who may not be familiar with blockchain technology. Blockchain gaming often fosters strong and engaged communities. These communities can drive the success and longevity of blockchain games, as players become more invested in the game’s ecosystem.

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Blockchain Gaming Market: Growth Factors

The growth of the blockchain gaming market is fueled by decentralization, allowing players true ownership of in-game assets as non-fungible tokens (NFTs). Interoperability between games and platforms, transparent transactions, and play-to-earn models attract users. Active community engagement, innovative game mechanics, and investor interest drive development. Improved scalability, user experience, and supportive regulatory environments further boost market expansion.

The Key Players Dominating the Blockchain Gaming Market:

  • Illuvium, Sky Mavis
  • Animoca Brands Corporation Limited
  • Splinterlands
  • Mythical Inc.
  • Immutable
  • Uplandme, Inc.
  • Autonomous Worlds Ltd.
  • Dapper Labs, Inc. 

Key Insights from Primary Research:

  1. Explosive Market Growth: The Blockchain Gaming Market is set to soar from US$ 7.1 billion in 2022 to an estimated US$ 772.7 billion by 2032, boasting an exceptional CAGR of 60.4%.
  2. Interoperability and Decentralization: Blockchain gaming’s key strength lies in its ability to facilitate interoperability between games and platforms, granting players the freedom to use their assets across multiple games. Decentralization ensures a censorship-free and community-driven gaming experience.
  3. Innovative Partnerships: Industry partnerships like OneTo11’s governance tokens and Splinterlands’ collaboration with MLSPA showcase innovative initiatives, including play-to-earn models and enhanced fan interactions, driving the integration of blockchain technology into gaming.
  4. Diverse Market Segments: The market caters to varied gaming preferences through segmentation based on game types, devices (IOS, Android, Web, Others), and platforms (Polygon, BNB Chain, ETH, Others), ensuring a wide reach and appeal.
  5. Engaged Communities and Accessibility: Blockchain gaming’s focus on user-friendly interfaces and engagement strategies fosters vibrant player communities. This approach not only ensures current user retention but also opens avenues to attract traditional gamers, expanding the market further.

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