GameFi Industry is set to become a multi-billion dollar space
According to a recent study by Absolute Reports data, the Play-to-Earn NFT Gaming market is expected to achieve a value of $2.8 billion over the next 6 years.
Not just that, the GameFi sector will experience a 20.4% CAGR over the same period.
This prognosis comes in the middle of a fierce bear market for cryptocurrencies, which leaves little place for initiatives and businesses with little substance.
Key leaders in the play-to-earn game industry, such as Sky Mavis, Dapper Labs, Decentraland, Immutable, and The Sandbox, have all been credited in the report.
The report breaks down and analyzes the GameFi industry based on:
- Market type: ETH, Polygon, Ronin, FLOW, etc.
- Application: Finance, Games, others.
- Region/Country: North America, Europe, Asia-Pacific, South America, Middle East & Africa
It also assesses the impact of COVID-19 on the segment.
However, this report is not the only indicator of a bright future for the Web3 gaming sector. Another study from Cointelegraph reveals that even during the crypto winter, venture capitalist investors have only shown increasing interest in the GameFi industry. For instance, Animoca Brands recently purchased three GameFi-related businesses.
A second analysis reveals that despite the state of the general crypto industry, blockchain-based game users are only on the rise. With 2.94 million and 2.49 million users, respectively, WAX and Binance Smart Chain both had constant community numbers.
Despite a roaring crypto bear market and the most recent market-wide drop, GameFi has so far demonstrated extraordinary resiliency.
How? Blockchain-based P2E games offer a simple, enjoyable, and accessible solution for developers, players, and guilds to maximize the financial and practical benefits of gaming. GameFi has dismantled conventional obstacles to entry into the gaming and cryptocurrency sectors.
GameFi, may be just a few years old, but is already popular among gamers because it lets them add their own unique touch to the virtual world. Both cryptocurrencies and NFTs have been used more widely because of GameFi. It also makes them more affordable, customizable, tradable.
Yet, some experts believe that developments in Web3 will command changes in GameFi as well.
What would these changes look like? Where is GameFi headed? Do share in the comments below!