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Blockchain gaming has yet to infiltrate the mainstream market despite the sector being viewed as the technology’s most viable route to global adoption. A recent study found over 80% of gamers have not played a blockchain game.
The study by London-based market research firm OnePoll involving over 2,000 respondents found that 52% of gamers have never heard of blockchain games. A further 32% have heard of blockchain but have yet to play any game built on decentralized technology.
While they have not played blockchain games, most of the common challenges they face can be solved by the technology.
One of these is the loss of in-game items. Because gaming is a centralized industry, gamers never have any control over these items, even when purchasing them in-game. Two-thirds of the respondents say that gaming studios should refund gamers for their purchases if they decide to shut down the game, while a third said that the decision to shut games down should come down to a vote by the gamers.
Blockchain solves this challenge by allowing gamers to own their items permanently. This ownership will enable them to move their items from one gaming environment to the next or resell them. If one game shuts down, they can transfer their items elsewhere.
Blockchain also creates new avenue streams for gamers. The current centralized setup skews the revenue model to favor a few dominant gaming studios that make billions each year. With blockchain’s play-to-earn gaming, anyone can make money while having fun.
While the OnePoll study painted a grim picture of the industry, blockchain gaming has grown rapidly in recent years. A December study projected a $70 billion market by the end of 2024, while a separate report estimated the sector will be worth $600 billion by 2030.
A recent report by DappRadar revealed that in April, the sector attracted $1 billion, its highest since 2021, amid revived interest in some of the popular games. Daily unique active wallets also set a new record at 2.9 million.
Watch: Malta Gaming Authority: Blockchain regulation in the gambling space
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
