The NFT-powered Web3 gaming ecosystem holds great promise in the coming years. A recent report by Fortune Business Insights has predicted that the blockchain gaming market would grow to $614 billion (approximately Rs. 51,07,086 crore) in the next seven years to 2030. The role-playing games (RPGs) category is expected to lead the industry due to its immersive nature. This estimate bodes well for the future of non-fungible tokens (NFTs), which have recently suffered a slump this year.
The Fortune Business Insights report actually predicts that the blockchain gaming sector will grow by 300 percent in the next seven years from its current valuation of $154 billion (approximately Rs. 12,80,944 crore).
Web3 games are more virtually realistic in appeal than traditional video games and allow for internal trading of gaming-related NFTs, which also allows players to generate passive income. The data on in-game asset sales shows a growth of 21.8 percent between 2017 and 2021.
“With the adoption of NFTs in blockchain technologies, gamers can gain greater ownership and productive opportunities. This also helps generate economic returns on the time they invest in gaming sessions, thus fueling market growth. The convergence of blockchain technology and NFTs has led to the evolution of the gaming industry,” the report said.
Interestingly, North America, not Asia, currently holds the largest share of the blockchain gaming market. Gaming companies in the US are combining blockchain with their operations after research found that 50 percent of blockchain gamers there owned crypto assets and 80 percent wanted to use crypto to process in-game transactions.
However, the Asia-Pacific region is not far behind. Thanks to the thriving community of developers and gamers in Japan, China and South Korea, the APAC region is expected to drive maximum growth for the blockchain gaming industry during the forecast period. After all, more than 55 percent of the global gaming community lives in Asia. The continent contributes over $72 billion (approximately Rs. 5,88,229 crore) to annual gaming revenue.
Dapper Labs, Sky Mavis, Animoca Brands, WAX and Illuvium are mentioned in the report as key players in the global Web3 gaming market.
