Nansen: GameFi market set for $301.5b surge amid eco_ expansion

crypto.news · 2024-10-23T05:58:37+00:00

Blockchain gaming could reach $301.5 billion by 2030 with a 68% annual growth rate. Analysts at Nansen say RPG games are particularly suited to benefit from blockchain tech, due to character progression and in-game item ownership. Traditional game developers are also entering the web3 gaming space.

crypto.news

2024-10-23 05:58:37

Abstract generation in progress

New data indicates that the blockchain gaming market is expected to reach hundreds of billions of dollars by 2030, driven by a robust annual increase.

The blockchain gaming sector is on track for significant expansion, with estimates suggesting it could reach $301.5 billion within the next six years, reflecting an annual growth rate of around 68%.

Analysts at blockchain analytics firm Nansen attributed this surge, in a recent blog post to the decentralized nature of blockchain technology, which allows players ownership of in-game assets, such as non-fungible tokens and tokens.

In-game economy comparison across Seraph, Illuvium, & Axie Infinity | Source: NansenAmong various genres, role-playing games are “particularly well-suited to benefit” from blockchain, the analysts say, due to the genre’s emphasis on character progression.

“RPGs account for 22% of all web3 games, followed closely by action games at 17%.”

Nansen

Nansen points out that AAA titles in GameFi currently “make up just 1% of web3 games,” adding that AAA and AA games account for 6%, surpassing the 4% mark for traditional web2 AAA and AA titles distributed on Steam, the popular video gaming marketplace.

Blockchain game growth signals opportunity for traditional game devs

The analysts also noted that despite the challenging crypto landscape, daily trading volumes for blockchain games rose nearly 9% in August, with networks like opBNB, Ronin, and Polygon positioned well to support this growth.

Traditional game developers are also exploring opportunities in web3 gaming. As crypto.news reported earlier, Ubisoft, known for hit franchises like Assassin’s Creed and Far Cry, is entering this space with its tactical role-playing game, Champions Tactics: Grimoria Chronicles, set to launch on HOME Verse, a gaming hub on Ethereum’s layer-2 network, Oasys.

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