Among the many uses in which blockchain has gained prominence over the past decade, one of the most interesting and fastest-growing is certainly that related to the gaming industry.
This has especially been the case since the explosion of NFTs and decentralized finance (DeFi), which have provided a means to earn money by playing one’s favorite video game.
The gaming market in the world, how it has changed after the advent of blockchain
In terms of revenue, the gaming industry is larger worldwide than the film and television industries combined.
The gaming market was valued at $198.40 billion in 2021 and is projected to reach a value of $339.95 billion by 2027, registering a CAGR of 8.94% from 2022-2027.
The total number of gamers would surpass the fateful 3 billion mark last year. The Asia-Pacific market leads the way, mainly because of the great popularity of mobile gaming.
The case of Axie Infinity, record numbers
It is enough to see the exponential success achieved in just a few months by one of the most popular blockchain games currently on the market, Axie Infinity, the game developed by Vietnamese company Mavis in 2017, which now has millions of fans worldwide.
It is an NFT-based online game that is centered on the breeding and battle between online players, who earn native tokens by performing certain in-game actions.
According to the latest available data, the blockchain gaming market was already worth $3 billion in 2021.
It is projected to grow to $39.5 billion by 2025. More than 1.6 million gamers around the world try their hand at some blockchain game, such as the very popular Axie Infinity.
According to a report by DappRadar, as of January 2022 there were 398 active blockchain games, up 92% from the previous year.
Also according to the report’s data, the number of wallets conducting transactions for game-related products has increased to 1.4 million. The report also mentions that venture capitalists invested $4 billion in…
