Cryptocurrencies have received a lot of attention in the past few years as it has raised a question about investing and technology. Now blockchain gaming technology is a recent development in this space. In this blog, we’re bringing you an introduction to blockchain gaming and blockchain gaming market growth. Here you will find out how it works, how it relates to cryptocurrency and much more.
What Is Blockchain Gaming?
A blockchain game refers to the integration of blockchain technology to enhance or rearchitect traditional video games. Blockchain, commonly associated with cryptocurrencies such as Bitcoin and Ethereum, is a digital ledger that records transactions across a network of computers. Typically gaming systems use a centralized system that enables users to use their game earnings in only one game. However, blockchain games are a decentralized framework, allowing users to own their game data and use it across other blockchain games.
What Factors Are Contributing to The Market’s Growth and Expansion?
The global blockchain gaming market was valued at USD 5.41 billion in 2022 and is predicted to reach USD 1,020.02 billion at a CAGR of 68.9% during the forecast period.
- The rising investment in the market is estimated to drive the market growth. With the revolutionizing impact of blockchain technology on the gaming industry, numerous game studios and developers are embracing collaborative partnerships with blockchain platforms.
- The increasing trend of decentralized gaming among players is propelling the blockchain gaming market size. In traditional games, the centralization of assets restricts their usability across different gaming experiences.
- Some programs encourage early cryptocurrency gaming companies to improve the adoption of technology worldwide, which is likely to boost the market growth. For instance, a USD 200 million asset program has been launched by Binance Smart Chain and Animoca Brands in partnership with the goal of fostering and promoting early cryptocurrency gaming companies.
Top Blockchain Games
Below are some of the most popular blockchain games:
- CryptoKitties
- Axie Infinity
- Decentraland
- Alien Worlds
- Farmers World
- Splinterlands
- Gameta
How Do Blockchain Games Operate On Mobile Devices?
Getting started with blockchain mobile games is quite a lengthy process. They can run on mobile devices through the use of dedicated mobile applications or by leveraging web-based platforms. Apart from downloading a blockchain game, players also need to install a mobile blockchain wallet which allows them to store all their owned digital assets. After installation, the app requires user registration.
The Growing Market Demand in Asia Pacific
Based on geography, Asia Pacific is predicted to show significant growth and revenue share in 2022. This can be attributed to the presence of a large number of potential gamers and increasing investments from various global market players. In November 2021, the Asia Blockchain Gaming Alliance was formed to encourage blockchain gaming in Asia. The industry’s ecology was shaped in part by ABGA. By imparting knowledge about the industry and giving guidance to financiers and business owners, ABGA works to advance the market.
Recent Developments
- In October 2022, The Cool Cats Group revealed an investment from Animoca Brands in a strategic venture. Through this partnership, Animoca Brands will help Cool Cats establish itself as a well-known NFT brand globally.
- In August 2022, Splinterlands and MLSPA collaborated. These companies will work together to create a Play to Earn blockchain-based football game.
To sum up
We can anticipate that as technology advances and becomes more available on mobile devices, the blockchain gaming market will expand quickly, attracting both traditional gamers and blockchain enthusiasts. Based on the above facts, one can state that blockchain gaming has the power to reshape the future of gaming by offering players with outstanding control over their in-game assists, introducing a new level of trust and transparency.