Technological advancements in smartphone technology and the rising interest in blockchain gaming are major driving factors for the market.
PORTLAND, PORTLAND, OR, UNITED STATES, October 23, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Blockchain in Gaming Market,” The blockchain in gaming market size was valued at $4.9 billion in 2022, and is estimated to reach $818.5 billion by 2032, growing at a CAGR of 66.5% from 2023 to 2032.
The growth of the global blockchain in gaming market is driven by factors such as the rising interest in blockchain gaming, the rise in demand for decentralized games and assets, and technological advancements in smartphone technology. However, lack of technical expertise and resources and lack of regulatory clarity hamper the blockchain in gaming market growth. On the contrary, a rise in demand for virtual assets is expected to offer remunerative opportunities for expansion of the blockchain in gaming market during the forecast period.
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Blockchain in gaming refers to the use of blockchain technology to create decentralized and secure gaming experiences. The mobile travel booking market has seen significant growth over the years, driven by several key trends and growth factors. One major trend is the growing popularity of play-to-earn game, which allow players to earn cryptocurrency or other rewards for playing, are becoming increasingly popular. These games offer players a way to earn real money while having fun.
• The COVID-19 pandemic had positively affected the blockchain in gaming market as peoples were forced to work from home and remain at home due to the limitations, which resulted in a surge in demand for online gaming.
• Moreover, blockchain-based games offer unique and innovative gameplay mechanics and monetization models, which resulted in increased adoption during the pandemic. This led to a surge in the number of players and the amount of time spent on playing games.
• Additionally, the pandemic led to an increase in demand for collectibles and digital assets, which further boosted the growth of the market.
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Based on device type, the web segment accounted for the largest share in 2022, contributing to more than two-fifths of the global blockchain in gaming market revenue. This growth can be attributed to the accessible and user-friendly gaming experience provided by the web. Players can easily jump from a web browser to web-based games without having to download or install software. However, the android segment is expected to portray the largest CAGR of 70.4% from 2023 to 2032, and is projected to maintain its lead position during the forecast period. This is owing to rise in adoption of android devices among end users and the ease of deployment platform.
Based on game type, the role playing games segment held the highest market share in 2022, accounting for around half of the global blockchain in gaming market revenue, and is estimated to maintain its leadership status throughout the forecast period, due to the rise of blockchain technology, developers are creating cross-platform games that can be played on multiple devices and platforms. However, the collectible games segment is projected to manifest the highest CAGR of 72.2% from 2023 to 2032, as players are demanding more immersive game worlds that feel like real, living environments. This includes more realistic graphics, more interactive environments, and more dynamic non-player characters (NPCs).
Based on platform, the ETH segment held the highest market share in 2022, accounting for nearly half of the global blockchain in gaming market revenue, and is estimated to maintain its leadership status throughout the forecast period, as Ethereum (ETH) provides a secure and transparent system for creating and trading blockchain-based game assets, such as game tokens, virtual currency, and Non-Fungible Tokens (NFTs). However, the polygon segment is projected to manifest the highest CAGR of 74.7% from 2023 to 2032, owing to significant growth in the number of decentralized gaming platforms being built on its network.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for two-fifths of the global blockchain in gaming market revenue. This region is expected to portray the largest CAGR of 70.3% from 2023 to 2032, and is also projected to maintain its lead position during the forecast period, owing to rise in NFTs for trading in-game assets such as weapons, skins, and avatars.
Leading Market Players: –
• Animoca Brands Corporation Limited
• Lumighost Ltd.
• Maticz Technologies Private Limited
• Sara Technologies Inc.
The report provides a detailed analysis of these key players of the global blockchain in gaming market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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