Blockchain gaming is set to quintuple over the next seven years to hit $614 billion, with the Asia Pacific region expected to be the fastest growing, a new report has revealed.
The report by Fortune Business Insights revealed that last year, the global blockchain gaming market was valued at $128.62 billion. It’s expected to end the year at $154.46 billion and kick on over the next seven years at a compound annual growth rate (CAGR) of 21.8% to hit $614 billion by 2030.
The North American region is the most dominant, accounting for 24% of the total in-game purchases last year at $30 billion. Fortune predicts the region will continue its dominance due to non-fungible token‘s (NFT) popularity in the U.S. and Canada. A survey by blockchain gaming firm WAX found that half of U.S. blockchain gamers own at least one digital asset, and four in five are interested in exploring how to use a digital asset in the gaming ecosystem.
While North America leads, the Asia Pacific region is projected to grow fastest this decade. The region boasts the highest number of gamers, with China, South Korea, and Japan being global leaders. This has led to increased investments made into the sector by industry players and traditional heavyweights.
Japan, in particular, has been a bright light in the Web3 gaming sector. The East Asian nation has always been a leader in gaming and is the world’s third-largest market. Beyond the numbers, the Japanese culture has influenced gaming the most, and the country is home to Sony (NASDAQ: SNEJF) and Nintendo (NASDAQ: NTDOF), two of the five largest gaming companies.
The implosion of Web3 gaming has attracted traditional players to invest in blockchain startups and integrate the technology themselves. Square Enix (NASDAQ: SQNXF), the creator of Final Fantasy, leads in Web3 investment, with other players like SEGA and Pac-Man owner Bandai Namco (NASDAQ: NCBDF) also among the big investors.
The Fortune report also predicts the European region will record steady growth. Europe’s biggest gaming giants are exploring blockchain, with Ubisoft (NASDAQ: UBSFF) recently announcing a Web3 partnership.
Roleplaying games top the charts
Roleplaying games have been the biggest hit, says the report. Over the next seven years, this segment will outpace multiplayer and collectible games in growth. The creation of special characters and other accessories, such as special weapons, make this segment the most popular.
The BSV blockchain ecosystem is one of the most robust for gaming. With BSV blockchain being the only network that scales unbounded at negligible fees and guaranteed protocol stability, game developers have the freedom to build with the future in mind.
BSV blockchain continues to attract new games, with the latest to launch being Dark2Light, a new card game that rewards users for predicting the outcome of community polls. Users can also add their own unique cards, allowing them to customize the experience.
For martial arts fans, Smash Mountain Studio’s Bejj Jiu-Jitsu is the game of choice. The free-to-play game caters to both seasoned fans and newbies, and with BSV, players can provably and wholly own their in-game assets and characters.
Web3 gaming has its share of challenges, the first of which is regulations. According to Fortune, these games are inexplicably tied to digital assets, and with some regulators still cracking down on the sector, the games could be affected.
Watch: Unlocking the potential of blockchain gaming
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