MarketsandMarkets forecasts that the global blockchain gaming market is projected to grow from USD 4.6 billion in 2022 to USD 65.7 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 70.3% during the forecast period. Increased investments and funding in blockchain games are driving market growth.
What is blockchain gaming?
Blockchain games are online games developed by integrating blockchain technology into them. A blockchain game uses blockchain technology, including cryptocurrencies and NFTs, so that game players can buy, sell, or trade in-game assets through gameplay. Blockchain gaming enables players to truly own their game assets in a secure and transparent way.
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The blockchain gaming market is led by some of the globally established players, such as Sky Mavis (Vietnam), Splinterlands (US), Animoca Brands (Hong Kong), Wemade (South Korea), Dacoco (Switzerland), Dapper Labs (Canada), Immutable (Australia), Uplandme (US), AlwaysGeeky Games (Canada), Decentraland Foundation (China), Mythical Games (US), Illuvium (Australia), Sorare (France), PopCap Games (US), G.JIT Japan (Japan), Double Jump.Tokyo (Japan), Gala Games (US), Lucid Sight (US), Rokosoft (Istanbul), Horizon Blockchain Games (Canada), Xaya (Malta), Planetarium (South Korea), Binamon (Argentina), and Codebit Labs (Australia). These players have adopted various growth strategies, such as partnerships, agreements, collaborations, acquisitions, and product developments, to increase their market presence.
Sky Mavis, founded in 2019 and headquartered in Vietnam, is a technology company that specializes in the development of decentralized applications and services. During the crypto boom in 2021, Axie infinity boasted around 2.7 million active users. It has a very strong user base in the Philippines, as thousands of young people in the region consider it a reliable source of income. Along with the blockchain-based game, Sky Mavis provides a marketplace to sell items and also offers a launchpad for blockchain games named Mavis Hub. Sky Mavis uses Ronin Wallet to store digital items and currencies. In 2021, Sky Mavis launched Ronin, a blockchain network. Ronin was created using the Ethereum Virtual Machine (EVM). Ronin enables millions of in-game micro-transactions to take place smoothly by speeding up transactions and significantly lower gas costs for its rapidly expanding user ecosystem. Sky Mavis is advancing its vision of creating a game universe with the help of interconnected, immersive, and rewarding experiences. For that, the company has recently announced a multi-year partnership with Google Cloud. In July 2022, Sky Mavis raised funding of USD 150 million from Binance.
Splinterlands, founded in 2018, is one of the most popular blockchain-based games in the world. It is a card-based online game. With over 400,000 daily active accounts and large numbers of new players signing up daily, it expanded nearly 30 times in 2021. Splinterlands is built on the Hive blockchain. It is committed to Web 3.0 technology. In this game, a deck of cards is collected by players. These cards have unique features or attributes. They are used to playing in a battle against other players. This game enables players to win real money in the game. The game has a user base of more than 2.4 million. With around 1 million active wallets, its total transaction volume on the blockchain approached 5 million daily. Its user community includes users from 149 countries speaking ten languages. The game recently announced its significant milestone of 3 billion battles played since its launch.
Blockchain Gaming Market by Game Type (Role Playing Games, Open World Games, Collectible Games), Platforms (ETH, BNB Chain, Polygon), and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2027
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