The market for blockchain gaming is expected to expand from $4.6 billion in 2022 to $65.7 billion by 2027, with a 70% Compound Annual Growth Rate (CAGR) for the projected timeline. This is as per a 2022 report by Research and Market. Soaring financial support for blockchain games is among the factors boosting the market.
Role-playing games will hold the largest market share by type-of-game during the forecasted period. Blockchain, cryptocurrency, and NFTs convert the traditional free-to-earn concept into a p2e gaming model. Role Playing Games (RPGs) have long been a popular genre in the gaming industry and are popular globally.
Players can acquire NFTs and cryptocurrency rewards when participating in these games. This allows players to fully control their characters while trying to engage in real-time combat. There are many different types of RPG games, including action RPGs and turn-based RPGs. With the aid of skills, avatars, and in-game weapons, RPG players can enjoy distinctive gaming experiences.
RPG games, in contrast to traditional games, incorporate in-game items like weapons, skins, NFTs, and others. The various RPG subgenres have made them very well-liked among the general public. These include multiplayer, action-based, and others. Players take on the roles of characters in an imaginary world when they play an RPG.
Players are in charge of embodying these roles within a storyline. Both literal acting and a structured approach to character development can be used to achieve this goal.
Since players in these games must obtain more and better weapons or comparable items to advance their characters, RPGs on the blockchain have a strong affinity for NFTs.
Some well-known blockchain-based RPGs include My Crypto Heroes, Lost Relics, Axie Infinity, Blankos Block Party, and Binemon.
BNB Chain is expected to grow at the highest CAGR among platforms during the anticipated period. According to Binance, BNB Chain has the most games created on the chain and holds a 36.6% share of the market in the blockchain gaming industry.
Gaming on blockchains is expanding at a startling rate. In August 2022, the average daily UAW transactions on the BNB network increased by 8% each month to exceed 92,000. As a result of these trends, BNB Chain gained market traction quickly, and it is anticipated that this blockchain platform will expand at the highest CAGR over the coming years.
BNB Chain has been working together with numerous businesses to increase its market share. For instance, Google Cloud and BNB Chain worked together in September 2022. The development and scaling of high-performance, efficient, and sustainable innovations will be accelerated for early-stage blockchain and Web3 startups thanks to this collaboration. The market for blockchain games may benefit from these initiatives to support blockchain and Web3 startups.