How Blockchain is Changing the Game for 3 Billion Gamers: A Data-Driven Analysis

By CoinFantasy

Have you ever been curious about how gaming, which was purely a source of entertainment, has become a flourishing economic and investment opportunity? Approximately 7.5 billion people, over 3.1 billion, which is almost forty percent—are today involved in gaming. Blockchain technology has made an entrance to the gaming industry, making it have probably the highest or one of the highest growth rates. Today, people are playing games over 3 billion, and then, things are only going to get interesting thanks to blockchain.

For instance, projections of the eSports economy; today the figures are at 2.06 billion, and for the year 2024, the global eSports market will continue to grow to 9.29 billion by 2032. Still, in 2021, a competition like The International (Dota 2) got more than $40 million in prize money, which is incredibly unique for an esports event.

So what does this technology entail for a gamer, an investor, or anyone in between? Let’s explore what this tech means for gamers, investors, and everyone in between.

The Global Gaming Boom: Facts and Figures

Mobile gaming has been established to be the largest segment with revenue figures that are over one-half of the overall gaming revenues; console/PC gaming that targets another audience type is third. The target demographic is wider than what has ever been considered, where 46% of gamers today are females who are 34 years old on average. There is also a substantial rise in the 40+ age group.

This makes gaming one of the most popular world activities. An increase in this number has therefore been accelerated by rapid mobile gaming technologies, the growing popularity of eSports, and applications of cashless media of exchange.

Blockchain in Gaming: New Horizons

Blockchain is revolutionizing gaming by enabling ownership of gaming assets, incorporating decentralized markets, and providing opportunities for profitability. Isn’t it great to own a skin of your favorite weapon or a collectible that exists within the game space, as well as a non-fungible token fully owned by you?

• Market Growth: For instance, the blockchain games segment is forecasted to generate revenues of as much as $5.41 billion in 2022, registering an astonishing 68.9% CAGR.

• User Engagement: Firstly, 13% of the audience has already experienced this type of gaming, including 5% who are still active players, and 40% are willing to do so.

• Regional Dominance: The most sophisticated blockchain gaming market is represented in the Asia Pacific region, with around 45% of all players, then North America contributed 25% and Europe 20%.

The Evolution of Blockchain Games: The Disruptor of All Economies

Players can also engage in in-game money activities using cryptocurrencies. Players in blockchain games can own in-game assets such as skins, weapons, and other items as non-fungible tokens (NFTs) and even keep them in player-controlled wallets for safekeeping the assets bought within the game.

The trend is that 60 percent of all blockchain gamers are aged 18-35, and 35 percent of its audience is female, indicating a wider range of types of players compared to classic gaming.

Global Forecasts: The Changing Decade Of Gaming Due To Blockchain Technology

The global gaming industry, at present including blockchain technology, is likely to expand at an all-time high rate. Below is what the rest of the years will be like:

2024: The revenue of the blockchain gaming sector is expected to surpass $10 billion. The adoption of blockchain technology in the gaming industry will become more pronounced with the tokenization of more in-game assets.

2025: The overall market valuation could reach $13 billion, thanks to the rise of play-to-earn games and the decentralized gaming model, which allows for decentralized finance (DeFi) in the games.

2026: The market for blockchain gaming will grow to $16 billion in size. Cross-play functionality is projected to be commonplace.

The Current Landscape of Blockchain-Powered Mobile Gaming

Mobile blockchain gaming has been existing for some years now. Blockchain was most prominent in online games since most players engaged in them. You may be asking yourself, but these are mobile games; why aren’t they on the forefront? Aren’t these more famous than online games? Despite this, there are many blockchain-based mobile games. Still, no mobile game has so far come out and claimed the throne.

So what’s the explanation? None of these games have been able to solve the primary issues posed by blockchain mobile gaming. Some of these include scalability and speed. Hence, most of the leading mobile game developers are directing their attention to building necessary structures before they engage the market.

While mobile gaming leads traditional gaming, blockchain gaming on mobile faces hurdles like scalability and speed. Despite these challenges, developers are focusing on creating a robust infrastructure for the seamless integration of blockchain into mobile games. The next breakthrough mobile blockchain game could be around the corner!

Breaking Down the 40% Truth or Hype: The Truth About Global Gaming Statistics

There has been a rising trend of belief in the statement that 40% of the entire world’s population is made up of gamers. However, such a statistic is worthy of skepticism. Gaming is without a doubt gaining popularity and is rapidly growing, however, for several reasons, a precise statistic cannot be arrived at.

Some of the reasons why blockchain gamers play blockchain games are: supplementing their income (34%), creating a portfolio of crypto assets (30%), killing time (24%), exploring different countries (20%), finding a career out of a hobby (17%), engaging in collectibles (15%), personalizing character (15%) and meeting people (13%) offline.

Data Limitations

When it comes to global gaming statistics, they are satirical at best. Inferring such statistics is difficult due to the absence of region-based and demographic-based complete studies conducted on appropriate frequency. There are several surveys that devote all their effort and resources to looking at gaming, but probably define what a ‘gamer’ is in very distinct ways, creating challenges in primary data collection.

Overlapping Categories

A gamer can mean anything in the world from someone simply playing games on a smartphone to a hardcore gamer sitting in front of consoles and computers. Most people have played various kinds of games within their lifespan; therefore, it becomes almost impossible to categorize them appropriately. This consequently leads to an increase in the figures as an individual can belong to several categories at the same time hence grossly increasing the count.

Regional disparities

The extent to which people engage in gaming activities is very different in all areas. In some developed societies, a larger proportion of the population comprises gamers as compared to underdeveloped societies, where the proportion is significantly lower. These differences may influence the calculation of global means due to most likely making the 40% figure more liberal than what it is capable of presenting on an actual global scale.

Future of Gaming: Blockchain’s Long Game

Gaming inevitably has a bright future thanks to blockchain technology, which will create secure economies where players are at the center. Gamers will also be able to enjoy true ownership of their game assets. In a few years, we will probably witness much more, from decentralized virtual worlds to fully functional cross-platform games that allow players to jump from one game to another.

Predicting the possibility, we think that by the end of the year 2024, the blockchain gaming market will contain financial resources amounting to $10 billion. And then in 2026, given the increasing number of people engaging in cross-play games, the value of the blockchain gaming industry is expected to rise to $16 billion.

Conclusion

Is 40% of the world really gaming? This percentage is undoubtedly high, and yet a more comprehensive approach shows some depth. The gaming sector appears fully fitted in weighty expansion, and its mini evolution is anticipated within the next decade with the implementation of blockchain technology.

As digital ownership and decentralized economies become integral to gaming, players, developers, and investors alike stand to benefit from this evolution. Gaming is no longer just a leisure activity, but it is in fact a new and advancing ecosystem that is being tailored by blockchain technology, NFTs, and DeFi systems. Technology is empowering players like never before in this gaming revolution.

Author Bio:

CoinFantasy.io - Explore the future of Gaming & Finance with CoinFantasy, a new-age GameFi platform. Unlock the power of Play to Yield. Play Big and Yield More!