Published on: 28/12/2022
Report suggests Blockchain gaming will be $65.7B industry in 2027
A report from Research and Markets has suggested that the global blockchain gaming market will grow from $4.6 billion in 2022 to $65.7 billion in 2027.
According to the report, the whole blockchain gaming industry will also transition the P2E (Play-to-Earn) gaming model from the traditional free-to-earn model. RPG is one of the genres that have started to transition into this model.
RPG has always been a popular genre. These games encourage players to enjoy unique experiences by controlling their characters and engaging in real-time combat. Unlike most traditional games, crypto RPG games have in-game assets such as NFTs, skins and weapons, which players need to progress. With the implementation of the P2E model, players will be able to earn NFTs and crypto as rewards for playing.
The report revealed that the need to acquire more and better weapons or characters throughout the gameplay makes RPGs on blockchains connected firmly with NFTs. Some famous blockchain-based RPG games are Axie Infinity, Binemon, Blankos Block Party, My Crypto Heroes and Lost Relics.
BNB Chain market development
Based on reports, BNB (Build and Build) Chain has a 36.6 percent market share, which makes it the leading network platform in the blockchain gaming industry.
On average, the daily UAW (Unique Active Wallet) transactions on BNB Chain increased by eight percent, up to more than 92,000 in August 2022. This development makes the blockchain gaming space grow rapidly. The report from Research and Markets shows that BNB Chain will grow with the highest CAGR (Compound Annual Growth Rate) during the forecast period.
BNB Chain has partnered with various companies. In September 2022, the platform collaborated with Google Cloud, which helps accelerate early-stage web3 and blockchain startup companies to create effective and sustainable innovations. With these initiatives, Web3 and blockchain startups can help improve the crypto gaming market.
Investment in blockchain games
Although NFT sales have been in a poor state this year, venture capitalists have remained adamant about investing billions in the blockchain-based gaming market.
Caleb Naysmith from Benzinga Crypto wrote that venture capitalists and investors had made an investment of over $3.4 billion in the blockchain gaming space this year, which included $534 million in October and November.
One gaming marketplace, GameStop Corp, has been gradually building momentum for its gaming and collectibles store, with over $2 million of NFT volume in the past month. Its marketplace has 20 blockchain-based games.
Naysmith said that this was due to the increasing trend of NFT adoption in the gaming industry. GameFi investments remained strong and stable and, at the same time, also managed to outperform investments within the blockchain industry. In 2021, GameFi and the metaverse made up around 11.54 percent of the funding for blockchain-based companies. According to Naysmith, the number has risen to 17.64 percent in 2022.
Although venture capitalists still invest in the blockchain gaming space, Naysmith said the industry is still volatile. He listed Axie Infinity and the Sandbox as two examples of games that are no longer in the top 10 most active games in the market.