Global Courant
One of the markets expected to experience remarkable growth over the next seven years, worth an estimated $300 billion, is the global blockchain gaming market.
The industry experts and analysts expect this surge to be driven by the adoption of blockchain gaming by traditional gamers, as highlighted in a report by market and intelligence firm Grand View Research.
Reports highlight the transition from traditional gaming to alternatives that offer Web3-like features such as asset ownership, transparency, and gaming monetization. They predict that the market cap will reach $301.53 billion by 2030, with a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.
As the parallel worlds of gaming expand, more players are expected to switch to these alternatives. The integration of decentralized finance (defi) elements has become an attractive aspect of the blockchain gaming industry. Players can now add value to their time spent in front of their computers as they can monetize their gaming sessions and invest their earnings in defi protocols.
Compared to the traditional gaming market valued at nearly $92 billion by 2022, the blockchain gaming market has a lot to catch up on. Traditional AAA game companies are only now beginning to explore blockchain gaming, while others with a stronger inclination towards blockchain elements have taken the lead.
The major gaming companies such as Square Enix and Ubisoft have shown interest in blockchain. Square Enix incorporated blockchain into its corporate program, planning to release blockchain-related experiences, including the narrative non-fungible token (NFT) experience called Symbiogenesis. Ubisoft has also added NFTs to some of its products, with mixed results.
According to word of mouth, Epic Titles, a popular PC gaming retailer, will launch about 20 blockchain titles in 2023. According to an Epic executive, Steve Allison, some games have already received positive feedback during early testing.
The gaming industry in Africa has grown quite a bit, driven by easy access to high-speed internet and internet-enabled devices. Nigerian game developers recently launched the running game Aki and Paw Paw, the first Nollywood adaptation in gaming.
The gaming sector in Africa has received a lot of attention and has established itself as an innovative player in the global gaming ecosystem. With the anticipated growth of the blockchain gaming market, Africa should capitalize on the potential contributions of blockchain elements to the industry.
Main image: LeewayHertz
