Allied Market Research has recently published a report titled “Blockchain in Gaming Market” that projects the global blockchain in the gaming market to grow at a compound annual growth rate of 66.5% from 2023 to 2032. The market was valued at $4.9 billion in 2022 and is projected to reach $818.5 billion by 2032.
The report attributes this growth to an increase in interest in blockchain gaming and demand for decentralised games and assets, as well as advancements in smartphone technology. However, the report also notes that a lack of technical expertise and regulatory clarity may hinder this growth.
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 (compound annual growth rate) of 70.3% from 2023 to 2032 and is also projected to maintain its lead position during the forecast period, owing to a rise in NFTs for trading in-game assets such as weapons, skins, and avatars.
The Effect of Covid-19 on the Gaming Industry
The COVID-19 pandemic has significantly impacted the gaming industry, specifically leading to a surge in demand for online gaming. With more people working from home and staying indoors, the need for entertainment options skyrocketed. Among the various types of online gaming, blockchain-based games have been the most positively affected, leading to a boost in the overall blockchain in the gaming market.
Overall, the report shows that the COVID-19 pandemic has had a positive impact on the gaming industry, specifically on blockchain-based games. The surge in demand for these games is attributed to their unique gameplay mechanics and monetisation models, along with the innovative use of blockchain technology. The report also highlights the expected continued growth of the Asia-Pacific region in the gaming market and its impact on the overall blockchain in the gaming market.