As per our research report, the Global Blockchain Game Development Market size is estimated to be growing at a CAGR of 68.85% from 2023 to 2030.
Blockchain game development utilizes blockchain technology to build, design, and update games that allow gamers to trade digital currencies in real time. These digital currencies are in the form of game tokens, game-related equipment, dressing, avatars, land, houses, pawns, and others. Further, these transactions are stored on a decentralized ledger and prevent players from online fraudulent activities. Moreover, flexibility in transactions and exciting games have attracted millions of players and hence, increased the demand for blockchain game development in the market.
The pandemic had a significant impact on the blockchain game development market. During the lockdown, people spent more time at home, resulting in increased usage of mobile phones and other electronic devices such as laptops and computers. This further increased the demand for blockchain gaming during the pandemic. Further, people spent more time on leisure activities such as watching movies, surfing online, and playing games, which increased the number of gamers during the pandemic, resulting in increased demand for blockchain game development in the market.
Furthermore, growing digitization due to social distancing measures increased the use of digitized payments which increased the demand for cryptocurrencies and NFTs during the pandemic. Moreover, blockchain-based games, especially the play and earn model witnessed an increase in demand, as players earned coins or tokens during the games, which can be converted to real-time money. Further, the economic recession during the pandemic resulted in the loss of jobs for many people, which shifted their preferences toward earning from online games. Apart from this, collectible games, involving in-game trading of game items witnessed an increase during the pandemic. NFTs were the most used digital assets used in these types of games.
Furthermore, remote working culture enabled blockchain game developers to build, update, and customize games from any location, thus contributing to the development of blockchain games even during the pandemic.
Post-pandemic, trends in AI technology in blockchain games and changing government regulations such as adapting to digital currencies and investment in blockchain technology, are boosting the demand for blockchain game development in the market.
The restraints to this market include security issues and price volatility in digital currencies such as NFTs and cryptocurrencies.
Based on market segmentation by gaming type, smartphone holds the highest share in the market. Smartphone-based blockchain games offer flexibility to gamers, as it offers complete control over the games, and easy transactions through the ownership of digital assets while playing games. The smartphone segment is anticipated to witness the fastest growth rate during the forecast period as well. Additionally, the console is also popular among enthusiastic gamers due to its unique design and flexibility in operating games. Console games have been in the market for a very long-time and are popular among players due to their flexibility, unique design, and exclusive ownership over game-related assets. Further, integration with AR/VR technologies has enhanced the gaming experience by making the games and purchases more interactive.
Based on the type of games, role-playing games are the most preferred choice. Role-playing blockchain games enable players to interact with the exciting gaming environment and convert game purchases into live money. Furthermore, strategy games are the fastest-growing category among the gamer community. These games allow users to conquer game-related items such as real estate, regions, lands, and others and convert them into real currencies. Moreover, these games used NFTs to convert game tokens into real money. NFTs may take the form of lands, equipment, machines, virtual houses, and others in the gaming environment.
Furthermore, enthusiastic gamers are growing rapidly during the forecast period. These gamers use blockchain platforms for the sake of gaming and winning in the game conquering various game levels. Moreover, playing and earning blockchain games has witnessed an increasing demand among enthusiastic gamers in the market.
Based on market segmentation by region, Asia-Pacific holds the highest share of the market. Technologically advanced gaming companies and well-established blockchain technology have contributed to the demand for blockchain game development in the market. Furthermore, North America is the fastest-growing segment during the forecast period. The rise in the youth population and rapid adoption of technology has contributed to the demand for blockchain game development in the market.
Companies playing a leading role in the Global Blockchain Game Development market profiled in this report are – OpenSea, Polygon, Animoca Brands, Axie Infinity, Decentraland, Dapper Labs, SoluLab, GameAce, Whimsy Games, Starloop Studios, and Kevuru Games.
Console
Tablet
Smartphone
Download/PC
Browser PC
North America
Europe
Asia Pacific
Middle East & Africa
South America
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