The blockchain gaming industry is expected to grow in the coming years. In a new study, MarketsandMarkets reports that the global blockchain gaming market will grow from $4.6 billion in 2022 to $65.7 billion by 2027.
This growth is thought to be due to an infusion of funding. BNB chain, the result of the merger of Binance Chain and Binance Smart chain, is projected to grow at the highest CAGR during the forecast period.
Binance supports blockchain projects with tools that help integrate smart contracts and dapps and low-cost and efficient Defi transactions.
Asia-Pacific will account for the most significant market volume during the forecast period.
There are 3 billion gamers worldwide, with Asia-Pacific accounting for half. The dominance of the market is driven by the competitive Asian esports segment, which is projected to continue growing in the coming years.
Web3 projects involve many key players, including Animoca Brands, creators of the widespread metaverse The Sandbox. Sky Mavis is moving forward with the game Axie Infinity. Immutable X is partnering with Web3 projects, and Wemade is expanding GameFi projects to develop the WeMix ecosystem.
In 2022, the cryptocurrency space is going through bad times: NFT sales are falling, and trust in cryptocurrencies has declined. However, new projects keep popping up in the Web3 gaming space, aiming for the next iteration of games.
Whether it’s meta universes where users meet and explore vast worlds together, games where gamers get real rewards for their time spent and successes achieved, or opportunities to earn cryptocurrency for their wallets.