by Sana Bukhari
The market is still rapidly growing, but new information points to even greater growth, with the blockchain gaming market expected to reach $301.5 billion in 2030. This industry’s signs of growth are backed by a strong annual hike of approximately 68%. With its help, the gaming industry will be changed considerably within the next six years, at least judging from the tendencies detected by the blockchain analytics firm Nansen.
Recently, the Nansen analysts who focus on this game project said that the reason for the rapid expansion is the use of decentralized blockchain technology, which allows players to own assets like NFT and tokens in-game. This player-oriented model is one of the main reasons for expanding the GameFi (Game Finance) environment.
In Nansen’s perspective, role-playing games (RPGs) are especially suitable for exploiting the possibilities of the blockchain among various types of games. As games that concentrate on character reconciliation and asset acquisition, RPGs can benefit from blockchain in providing players with authentic property rights of virtual assets. The firm stated that most games in the web3 space are represented only by 1% of AAA titles in the GameFi area but have huge potential.
Only 6% of gaming titles are AAA and AA games, considered high-quality, large-scale games developed based on blockchain. This is much higher than those traditional web2 AAA and AA games, which only occupy 4% of the templates in various platforms such as Steam. The shift points towards more people wanting to introduce more high-quality games to web3 gaming.
The Nansen report also revealed that old-school game developers are stepping into blockchain games, which shows the changing trends. However, during August 2024, the daily trading volume of blockchain games increased by almost 9% due to the unavailability of proper market signals in the crypto market. Networks like opBNB, Ronin, and Polygon are well-placed to support this growth as their architectures offer less disruption to blockchain gaming.
Some of the leading giants in the game industries are starting to look at this possibility. Ubisoft, which currently develops games such as *Assassin’s Creed* and *Far Cry* is venturing into web3 gaming. Ubisoft is set to launch *Champions Tactics: Grimoria Chronicles*, a turn-based tactics RPG now live and playable on HOME Verse, an Ethereum-based gaming platform Oasys. This action indicates the general gaming industry’s big players are continually shifting toward blockchain technology.
It may also be noted that as more firms join the GameFi space, the convergence of gaming with blockchain will likely deliver fresh value Propositions for players and creators. Decentralized gaming can include players’ increased participation in emerging game economies, hence changing the dynamics of the current gaming industry. The ongoing trend witnessed by Nansen as a $301.5 billion market predicts the importance of this trend: blockchain technology has opened new directions for the expansion of gaming services.
#blockchain #crypto, #decentralized, #distributed, #ledger