The rising move from traditional games to blockchain-based games, fueled by the need for genuine ownership and control of in-game assets, transparency, and new monetization possibilities, can be linked to the market’s rise.
Within conventional games, players lack full ownership of their in-game assets and must adhere to the rules and decisions set by the game developer.
In the gaming sector, nevertheless, in-game assets are held on a decentralized blockchain, giving players full ownership and control over their assets.
Furthermore, blockchain technology offers a transparent and secure gaming environment, lowering the danger of a scam.
Also read, How NFTs will change Blockchain Gaming
Gaming metaverses are blockchain-powered virtual worlds that provide a completely immersive and decentralized gaming experience.
In the years that follow, virtual worlds are projected to be a big trend in the blockchain gaming sector, giving new chances for gaming, socializing, and commerce.
Players in a gaming metaverse can explore, communicate, and get involved in a variety of activities within the virtual world.
Decentralized Finance (DeFi) technologies are being integrated by blockchain gaming providers.
Game creators can create new prospects for income and investment in the gaming business by incorporating DeFi protocols into blockchain games.
By engaging in the game, players can earn cryptocurrency awards that can be utilized for buying other in-game assets or swapping for other cryptocurrencies on decentralized exchanges.
This enables gamers to monetize their time and expertise, resulting in a more engaging and rewarding gaming experience.
The COVID-19 pandemic had a favorable impact on the blockchain gaming industry.
The pandemic’s impact has led to an increased desire for online gaming and virtual experiences, creating fresh opportunities for blockchain-based games.
People are staying at home more and spending more time online, which has increased demand for online gaming and virtual experiences.
Report Highlights on the Blockchain Gaming Industry
Over the projected period, the collectible games market is expected to develop rapidly. Interoperability between various platforms and games is enabled via blockchain-based collectible games.
This means that users’ assets can be used across many games and platforms, boosting their usability and worth.
In 2022, the ETH segment dominated the market. Ethereum has a sizable and active developer community dedicated to the development of decentralized applications and games.
Consequently, the Ethereum blockchain has fostered the creation of a wide range of games and gaming platforms, facilitating innovation in this field.
In 2022, the web sector dominated the market. Web-based games can be accessed via any web browser-enabled device, including desktops, laptops, tablets, and smartphones. This allows users to access and play blockchain games from any location and at any time.
In 2022, the Asia Pacific region will lead the market. The Asia Pacific area is home to a number of cutting-edge gaming and blockchain startups that are investigating the potential of blockchain technology in gaming.
These firms are creating new blockchain gaming platforms and services with unique features such as in-game assets that can be sold on decentralized exchanges.
Download the full report here.
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