Blockchain Game Development Market Size (2023-2030)

The Global Blockchain Game Development Market was estimated to be worth USD 3 Billion in 2022 and is anticipated to reach a value of USD 198.21 Billion by 2030, growing at a fast CAGR of 68.85% during the forecast period 2023-2030.

Blockchain game development is a technology used to create games through blockchain technology. Blockchain is a decentralized technology platform used for securing transactions in various blocks on an online platform. With the help of blockchain, gamers can get access to a safe and secure gaming environment online. Further, in-app game purchases can be made securely as blockchain enables secure transactions via a designated digital ledger; also, blockchain reduces the risk of fraudulent activities as it detects any unauthorized access to the gaming platform. Moreover, blockchain technology is increasingly used by game developers for asset ownership and trading online via gaming such as purchasing in-game tokens, characters, altering avatars, and others. Furthermore, the rising demand for secured gaming platforms by frequent gamers has boosted the demand for blockchain game development in the market.

Global Blockchain Game Development Market Drivers:

Increasing demand for digital currency ownership has boosted the demand for blockchain game development in the market.

Blockchain has transformed the gaming industry by introducing digital currencies such as NFTs and cryptocurrencies to purchase in-game assets, which further is converted to real-time money. NFTs are digital tokens or digital assets that can be stored on the blockchain and can be used in any form by gamers. These are in the form of GIFs, images, videos, online gaming avatars, and other digital assets. With the help of blockchain, gamers can have complete ownership over their virtual item in a decentralized ledger and can further convert it into real money as per the requirement. It also allows them to carry out trading activities in online gaming. Furthermore, owning cryptocurrencies allows users to make payments online without any mediation. Cryptocurrencies, such as Bitcoin and Ethereum, offer secure and faster payments to gamers for purchasing in-app items such as characters, avatars, themes, and add-ons such as weapons, dressing, boots, and others. In addition, the increase in the number of gamers has increased the trends in play and earn gaming, wherein, the players can earn coins or tokens online in the form of cryptocurrency and then convert it into real-time money. This offers increased profitability to game developers and enhances user engagement on online gaming platforms.

Technological advancements in the blockchain gaming industry have boosted the demand for blockchain game development in the market.

Technological advancements have transformed the gaming platform into more immersive and exciting gaming experience. Blockchain technology has significantly contributed to the growth of the gaming industry by making the payment process easier and more secure. Moreover, it has enabled users to secure their in-game transactions and convert game-related assets into real-time money, thereby, eliminating the need for mediators in the game and saving the user’s cost. Additionally, blockchain records all transactions online in a public ledger, which enables gamers to track their game assets and related earnings. Furthermore, a flexible online platform allows gamers to play across different websites without losing their game progress. In addition, blockchain allows users to share data and interact with each other within the gaming platform, leading to social cohesion among players. Moreover, the advent of AR/VR technology has made the gaming experience immersive, as blockchain allows easy integration with AR/VR technology for an enhanced and realistic gaming experience.

Global Blockchain Game Development Market Challenges:

Security issues can reduce the demand for blockchain game development in the market. Blockchain games, being played online, involve monetary transactions and users’ data, which is exposed to unauthorized access such as suspicious logins, cyberattacks, ransom attacks, financial frauds, and others.

Furthermore, blockchain games usually involve the trading of cryptocurrencies such as Bitcoin and Ethereum, which are further exposed to price volatility, leading to reduced demand for blockchain game development in the market.

Global Blockchain Game Development Market Opportunities:

The Global Blockchain Game Development Market is anticipated to deliver lucrative opportunities for businesses, which include acquisitions, partnerships, collaborations, product launches, and agreements during the forecasted period. Furthermore, rising demand for safe and secure gaming platforms and increased penetration of digital currencies such as cryptocurrencies, are predicted to develop the market for Blockchain Game Development and enhance its future growth opportunities.

COVID-19 Impact on the Global Blockchain Game Development Market:

The pandemic had a significant impact on the blockchain game development market. Due to the lockdown, there was an increase in online activities by users such as gaming, surfing the internet, watching movies, and others. These increased the demand for blockchain game development during the pandemic. Further, growing trends in digitization shifted consumer preferences towards digital currencies such as cryptocurrencies and NFTs that reduce downtime and manual work such as standing in long queues in banks. Additionally, team player games were increasingly played during the pandemic, as blockchain game development allowed for networking, collaborating, and playing games together on online platforms.

Global Blockchain Game Development Market Recent Developments:

• In August 2023, AELF launched Elevate program by granting US$150,000 to support blockchain game development. It aims to foster the integration of Web2 gaming studies into the Web# gaming space. Moreover, the grant aims to help developers create, build, launch, and integrate their games on the Aelf gaming network.
• In May 2022, Kongregate and Immutable X collaborated for funding blockchain game development for $40 million for the Kongregate gaming platform. Further, it enables faster game transactions and energy efficiency for gamers.

BLOCKCHAIN GAME DEVELOPMENT MARKET REPORT COVERAGE:

Global Blockchain Game Development Market Segmentation: By Gaming Type

• Console

• Tablet

• Smartphone

• Download/PC

• Browser PC

In 2022, by gaming type, smartphone occupies the highest share as well as the fastest-growing segment of the market during the forecast period. The increased penetration of smartphones in recent years on account of rising internet subscribers has boosted their demand in the market. Smartphone games offer flexibility and control over the games to players, as they can connect blockchain to digital currencies such as NFTs and cryptocurrencies for in-app purchases and for play and earn rewards. Additionally, smartphones allow players to make transactions using near-field technology or QR codes, designed especially for safe and secure payment processes. Additionally, great user-friendly interface and ease of operation in gaming, have boosted the market demand for smartphones in the blockchain in the game development market.

Global Blockchain Game Development Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

In 2022, based on market segmentation by region, Asia-Pacific occupies the highest share of the market. The presence of large tech companies, advanced gaming technologies, and the growing gamers’ community have contributed to the demand for blockchain game development in the market. Countries such as the USA, are one of the early countries to adapt to cryptocurrencies, leading to more exploration and development of blockchain technology in the region.

North America is the fastest-growing segment during the forecast period. A large number of mobile phone users, increased prevalence of youth in the countries such as China, India, and Japan, and rapid technological adoptions such as smart contracts, and protected trading systems inside the gaming platform to prevent players from fraud, have boosted the demand for blockchain game development in the region.

Global Blockchain Game Development Market Key Players:

1. OpenSea

2. Polygon

3. Animoca Brands

4. Axie Infinity

5. Decentraland

6. Dapper Labs

7. SoluLab

8. GameAce

9. Whimsy Games

10. Starloop Studios

11. Kevuru Games