Crypto: Blockchain Gaming Industry to Reach $300 Billion by 2030
According to a report by Grand View Research, crypto-based blockchain gaming will reach a market cap of $301.53 billion by 2030. The report stated that asset ownership, transparency, and gaming monetization will significantly affect the industry’s growth. These aspects of blockchain gaming will propel the sector to a CAGR (compound annual growth rate) of 68.3% from 2023 to 2030.
Moreover, there will be more incentives to lure gamers toward the new crypto-based blockchain gaming industry. The gaming metaverse is one such example. According to other claims, the Covid-19 pandemic increased demand for this experience. Consequently, it made integrating metaverse features into the blockchain gaming industry easier.
Gaming is one of the fastest-growing industries in the world. Even during the crypto market crash of 2022, blockchain gaming was one of the least affected sectors. This is most likely because most people indulge in gaming for leisure and not for profit making. Hence, many gamers were not concerned with the fall in crypto prices, even if they could be used in the game.
Why is Crypto-Based Blockchain Gaming Attracting Such Interest?
In traditional gaming, players do not own the assets in the game. Whereas in blockchain gaming, the players are the owners of the digital assets. This is a key feature that separates the two industries. Gamers earn crypto rewards for playing the game. The rewards can be exchanged for other tokens on decentralized exchanges or used to buy other in-game items.
Moreover, the future of decentralized gaming is endless. Game creators can offer new ways for income and investment in the gaming business by integrating DeFi protocols.
Therefore, it is not surprising that the sector is growing at such a rapid rate. However, blockchain gaming is currently a very small space. In 2022, it had a value of about $92 billion. Nonetheless, the prospect of the sector is very high and is anticipated to rise even more quickly.
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Crypto: Blockchain Gaming Industry to Reach $300 Billion by 2030
According to a report by Grand View Research, crypto-based blockchain gaming will reach a market cap of $301.53 billion by 2030. The report stated that asset ownership, transparency, and gaming monetization will significantly affect the industry’s growth. These aspects of blockchain gaming will propel the sector to a CAGR (compound annual growth rate) of 68.3% from 2023 to 2030.
Moreover, there will be more incentives to lure gamers toward the new crypto-based blockchain gaming industry. The gaming metaverse is one such example. According to other claims, the Covid-19 pandemic increased demand for this experience. Consequently, it made integrating metaverse features into the blockchain gaming industry easier.
Gaming is one of the fastest-growing industries in the world. Even during the crypto market crash of 2022, blockchain gaming was one of the least affected sectors. This is most likely because most people indulge in gaming for leisure and not for profit making. Hence, many gamers were not concerned with the fall in crypto prices, even if they could be used in the game.
Why is Crypto-Based Blockchain Gaming Attracting Such Interest?
In traditional gaming, players do not own the assets in the game. Whereas in blockchain gaming, the players are the owners of the digital assets. This is a key feature that separates the two industries. Gamers earn crypto rewards for playing the game. The rewards can be exchanged for other tokens on decentralized exchanges or used to buy other in-game items.
Moreover, the future of decentralized gaming is endless. Game creators can offer new ways for income and investment in the gaming business by integrating DeFi protocols.
Therefore, it is not surprising that the sector is growing at such a rapid rate. However, blockchain gaming is currently a very small space. In 2022, it had a value of about $92 billion. Nonetheless, the prospect of the sector is very high and is anticipated to rise even more quickly.
Read More