Game developers are warming up to the unique possibilities of blockchain. Blockchain tech can enable decentralization, transparency, and true ownership of non-fungible tokens and game items in virtual environments.
Blockchain technology is beginning to integrate with the gaming industry. Once the industry matures, the gaming market may offer one of the most compelling use cases for blockchain.
The global games market generated over $137.9 billion in 2018. Research from market insights firm Newzoo predicts this will grow to $180.1 billion in 2021. The industry that started with rudimentary video games such as Atari’s Pong in the 1970s is now a major growth industry that is becoming increasingly immersive, and popular across all demographics.
The impact of the gaming industry on popular culture goes beyond its revenue-generating value. Data suggests there are more than 2.5 billion gamers across the globe, meaning that approximately one in three people are gamers.
For blockchain gaming, the young upstart in an already envelope-pushing market, revenue is booming. The market for blockchain-based one of a kind in-game items is highly valuable, estimated to be $50 billion. With developments expected to unfurl at a rate consistent with that of its parent sector, the blockchain gaming sector is likely to continue to grow in terms of both popularity and revenue in the years ahead.