According to analysts, the blockchain gaming market is expected to reach $155 billion by the end of this year, and the value of the GameFi sector could hit $615 billion by 2030.
Analysts at Fortune Business Insights conducted a large-scale study of the GameFi sector and found that the blockchain gaming market grew by about 20% over the past year and had further potential to maintain its current growth rate over the next six years.
In 2022, the global blockchain gaming market was valued at $128.62 billion. By the end of this year, it’s expected to hit $154.46 billion. Analysts predict that the compound annual growth rate (CAGR) will average 21.8%. By 2030, the global blockchain gaming market will be worth $614.91 billion.
According to Fortune Business Insights analysts, the market’s growth in recent years has been fueled by:
- the rising popularity of online gaming amid the COVID-19 pandemic;
- the ability of blockchain gaming to enhance the gaming experience;
- the growing popularity of gaming NFTs;
- the active development of the P2E and M2E sectors.
Among the factors restraining the development of the sector, analysts particularly highlighted:
- regulatory oversight of the sector and the lack of a clear regulatory framework for cryptocurrencies and NFTs;
- the relatively low adoption rate of blockchain games by gamers;
- the availability of decentralized games for users unwilling to pay registration fees;
- poor quality gameplay of most GameFi projects.
In terms of regional growth processes, the blockchain gaming sector is most active in North America, accounting for about 30% of annual growth. The region dominates the sector primarily due to the popularity of NFTs among local users. Research shows that around half of the gamers own gaming tokens and around 80% of them are interested in utilizing crypto in gaming.
The European GameFi sector is expected to witness strong growth during the forecast period. Analysts believe that local legal regulations create a favorable environment for the sector’s development by attracting investments from large tech companies. On the other hand, the growing popularity of mobile Web3 games in the Asia-Pacific, according to analysts, could make the local GameFi market the most active in the next six years.
Recent studies show that Asia is home to about 1.7 billion gamers, which is more than half of all blockchain gaming users in the world.
