One of the markets that are projected to witness outstanding growth in the next seven years, reaching an estimated value of $300 billion, is the global blockchain gaming market.
The industry experts and analysts are anticipating that this this surge is driven by the adoption of blockchain gaming by traditional gamers, as highlighted in a report from market and intelligence firm Grand View Research.
Reports highlight the move from traditional gaming to alternatives that offer Web3-like characteristics 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 become greater, more players are expected to shift toward these alternatives. The integration of decentralized finance (defi) elements has become an appealing aspect of the blockchain gaming industry. Players can now add value to their time spent on their computers because they can monetize their gaming sessions and invest their earnings in defi protocols.
Compared to the traditional gaming market that was valued at nearly $92 billion in 2022, the blockchain gaming market still has a lot of catching up to do. Traditional AAA game companies have only now started exploring blockchain gaming, while others with a stronger inclination toward blockchain elements have taken the lead.
The big gaming companies such as Square Enix and Ubisoft have shown interest in blockchain. Square Enix included blockchain into its business program, with the plan to release blockchain-related experiences, including the narrative-driven non-fungible token (NFT) experience called Symbiogenesis. Ubisoft has also included NFTs to some of its products, producing mixed results.
Word of mouth has it that Epic Titles, a popular PC gaming retailer, is set to launch around 20 blockchain titles in 2023. According to an executive at Epic, Steve Allison, some of the games have already received positive feedback during early testing.
The gaming industry in Africa has grown quite significantly, driven by easy access to high-speed internet and internet-enabled devices. Nigerian game developers recently launched the Aki and Paw Paw running game, the first Nollywood adaptation in gaming.
The gaming sector in Africa has gained a lot of attention and established itself as an innovative player in the global gaming ecosystem. With the projected growth of the blockchain gaming market, Africa must capitalize on the potential contributions of blockchain elements to the industry.
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