The blockchain gaming business might reach $614.91 billion by the end of this decade while the average annual growth rate will be about 22%, according to the prognosis shared by Fortune Business Insights.
Through transparent and secure transactions, blockchain has revolutionised the gaming industry at all! Furthermore, technology has offered unique and fresh gaming elements and new modes of involvement.
It is widely believed that the fast development of Web3 gaming is happening due to the impact of several factors:
- Demand for non-fungible tokens (NFTs), which have gained popularity as a new way to monetize digital content;
- The play-to-earn segment, allowing players to receive rewards for completing various missions;
- Decentralized games that give users ownership and thereby increase the transparency and security of the gaming industry;
- Distribution of web games and applications for mobile phones, so that developers can reach a wider audience.
The highest percent of growth will be seen in the RPG (role playing games) due to the possibility of creating a personalised character and collecting in-game loot.
According to the Fortune Business Insights, the Web3 market share of RPG games is about 33,8!
The primary obstacle to any development is the regulatory tightening in relation to NFTs, cryptocurrencies, and the sector as entirely. Furthermore, it is necessary to emphasise that the widespread popularity of blockchain gaming is currently low. Many users believe that the registration procedure on these kinds of platforms is overly difficult, or that their gaming experience is quite mediocre, so the main goal for Web3 game devs is to build a trustworthy system of user verification and enjoyable process of playing a game.