The blockchain gaming industry was valued at $4.9 billion in 2022 and is expected to hit $818.5 billion by the end of 2032 with a Compound annual growth rate of over 66 % from 2023 to 2032. The blockchain gaming industry is growing amid increasing popularity of crypto and blockchain technology.
The blockchain gaming industry uses blockchain technology to develop decentralized and secure gaming experiences. The demand for blockchain and decentralized gaming is surging due to the mass adoption of smartphones and evolving technologies. Blockchain gaming enables users to control their in-game assets fully.
The foundation of blockchain technology is that data is kept in a database or a ledger shared over a computer network. Blockchains are safe because they ensure the consistency of information after it has been added. The database is also available from every computer connected to it, forbidding any centralized data control.
According to Dapprader reports, Alien Worlds and Splinterlands are among the top-performing games in the first quarter of 2023. The report also notes that blockchain and gaming industry funding has spiked by over 12.59%. Notably, the Web2 gaming industry is pushing hard to adopt blockchain technology because of their extra advanced security features.
In the first quarter of 2023, the decentralized gaming industry has shown a positive growth sign compared to the fourth quarter of 2023 with market dominance of blockchain gaming surging from 42.87% to 45.60%.
Over dozens of blockchain gaming companies have raised funds in the first quarter of 2023. The most recent funding round was conducted by Mythical Games of $20 million, led by Scytale Digital, a blockchain investor.
TinyTap, one of the subsidiaries of Animoca brands, has recently completed its funding round and successfully secured $8.5 million from Sequoia Capital, Kingsway Capital, Shima Capital, Liberty City Ventures, and one other investor. The subsidiary of Animoca Brand has organized nine funding rounds and has secured $17.6 million, and its most recent funding was completed on April 25, 2023.
SuperDuperSecret Co, the gaming company, has raised $1 million in the Pre-seed round; LD Capital, Big Brain Holdings, Solana Ventures, Round13 Capital, Merit Circle, Overwolf, and several others backed the funding round.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/04/27/blockchain-gaming-to-hit-818-billion-valuation-by-2032reports/