Blockchain in Gaming Could Garner Significant Growth by 2032

The blockchain market is advancing in different sectors as more enterprises are recognizing its potential. New research shows that the technology could garner $818.5 Billion in gaming precincts by 2032. 

As of 2022, the blockchain gaming segment was valued at nearly $5 Billion. This would require the industry to grow at a compound annual growth rate (CAGR) of 66.5 percent.

Web-Based Games Are Likely To Get More Attention

According to Allied Market Research, a business analysis company, role-playing games (RPGs) could boost this growth. The genre accounted for almost half the revenue in the blockchain gaming sector last year. Moreover, the collectible games segment is anticipated to grow at a faster rate.

Ethereum (ETH) is, by far, the leading blockchain platform to develop and deploy games. Similar to the RPG genre, the network was responsible for half the revenue, “providing nearly half of the global blockchain in gaming market share.” The ecosystem is currently a host to projects like The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and more.

Moreover, the study also speculates that players may switch from web browsers to web-based games. The former requires a user to download a game to play. The Android segment in blockchain gaming is likely to manifest a CAGR of around 70 percent between 2023 to 2032.

With advancements in technologies like cloud, telecommunication networks, artificial intelligence (AI), and more, smartphones may get significant traction globally. However, development in head-mounted devices (HMDs) could hinder the growth. Still, it is unlikely that smartphones will go out of style as constant developments by tech giants like Google and Microsoft are always adding new features to them.

Asia-Pacific (APAC) region is likely to become a hub for blockchain gaming as per the report. The latest report by Game7, a Web3 gaming community, indicates the region caters to 40 percent of global Web3 gaming development followed by North America, Europe, the Middle East, and Africa (EMEA).

The video game industry has been at the forefront of entertainment for many years. The market garnered nearly $350 Billion last year with the mobile gaming segment sharing around $250 Billion from the revenue. Microsoft, Nintendo, and Sony dominated the market. Recently, Microsoft acquired Call of Duty makers Activision Blizzard in a $69 Billion deal.

Experts believe virtual reality (VR) and augmented reality (AR) will become normal among gamers by 2030. Metaverse games might get new grounds to bloom in traditional gaming. However, traditional gamers have opposed the integration of blockchain-based assets like non-fungible tokens (NFTs) in games.

They believe that adding a financial element to games may take away their essence. Then, people may only visit gaming platforms to earn instead of doing what games are meant for—playing.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.