The realm of NFT-powered Web3 gaming holds significant promise for the foreseeable future. According to a recent report by Fortune Business Insights, the blockchain gaming industry is anticipated to surge, potentially reaching an astounding $614 billion (approximately Rs. 51,07,086 crore) by 2030. Forecasts indicate that the segment expected to spearhead this growth trajectory is the category of role-playing games (RPGs), revered for their immersive and engaging nature. This promising estimation signals a positive outlook for non-fungible tokens (NFTs) within this space, notably amidst a recent downturn earlier this year.
The Fortune Business Insights report is basically projecting that the blockchain gaming business will grow by 300 percent from its current valuation of $154 billion (roughly Rs. 12,80,944 crore) in the next seven years.
More virtually realistic in appeal than traditional video games, Web3 games allow internal trading of game related NFTs that lets players generate some passive income as well. The data of in-game asset sales have shown growth at the rate of 21.8 percent between 2017 and 2021.
“With the adoption of NFTs in blockchain technologies, gamers can have more ownership and productive making opportunities. This also helps generate economic returns on their time invested in gaming sessions, fuelling the growth of the market. The convergence of blockchain technology and NFTs has led to the evolution of the gaming industry,” the report said.
Interestingly, not Asia but North America currently holds the largest share of the blockchain gaming market. Gaming companies in the US are stitching blockchain with their operations after research showed 50 percent blockchain gamers there owned crypto assets and 80 percent wished to use crypto to process in-game transactions.
However, the Asia Pacific region is not lagging behind in this burgeoning industry. With a vibrant community of developers and gamers particularly in Japan, China, and South Korea, the APAC region is poised to become a pivotal driving force for substantial growth within the blockchain gaming sector throughout the projected timeframe. Considering that more than 55 percent of the global gaming community is situated in Asia, the continent holds substantial sway in this domain. Furthermore, it contributes significantly to the industry, generating an annual gaming revenue surpassing $72 billion.
Highlighted in the report as pivotal entities within the global Web3 gaming market are industry key players such as Dapper Labs, Sky Mavis, Animoca Brands, WAX, and Illuvium. These companies are recognized for their significant contributions and influential roles in shaping the landscape of the emerging Web3 gaming sector.
