New Report Reveals Blockchain Gaming Industry in North America Will Reach $600 Billion by 2030
DeFi games that are also called GameFi are gaming software that are based on blockchain technology. The latest market projections for GameFi projects in the North American region are estimated to grow to $600 billion by 2030 as per a report published by Fortune Researchers. The report also indicated a growth rate of 21.8% CAGR in the projections.
The report also added a growth projection of $614 billion during the next 7 years. The insights were published in Fortune Business on 11th December. The sector has a total accumulated invested value of $154 billion in funding.
This report also conducted research regarding sales data for blockchain gaming products’ performance from 2017 to 2021. The report estimated that there was a compound annual growth rate of 21.8%.
In this manner, the report projects that by 2030 the profits generated from the sector can reach $600 billion. In this manner, the absolute growth rate for the next 6 years is projected to stand at 299%.
The researchers at Fortune have classified worth in five regions namely North and South America, Europe, Asia Pacific, and Middle East and Africa. The biggest growth share of GameFi was noted in North America in 2022.
Blockchain Gaming Industry Development and Growth
As per the researchers, out of five regions North America accounts for highest profits projected at $30 billion or 24% of total market distribution. Researchers have also talked about the continuation of market dominance for the same region in terms of GameFi industry.
The researchers also arranged blockchain games in terms of design and structure. As per the report, RPGs accounts for the highest growth rate in comparison to other categories. The games in this category have special themes, weapons, features, and other unique aspects.
Therefore, RPGs are deemed suitable for blockchain networks. As per the report, it accounts for 33% of total sales in 2022. Another major category is web-based blockchain gaming projects that represent the biggest sector in blockchain industry.
This category has continued to balloon while analyst project a rise in Android OS-based blockchain applications to gain a bigger audience. At the same time, blockchain gaming firms have introduced user-friendly features.
However, there are also some issues reported regarding blockchain games. At the same time, the sector has sustained continued growth on account of interest from digital currency investors.
Failure Rate of Blockchain Games
A recent report published by CoinGecko has noted that failure rate for blockchain games during the last 5 years stands at 75%. The survey noted that the failed games indicated a sharp decline on its 14-day moving average reading. T
his report has claimed that one-third population of blockchain gaming projects are no longer active or continued. The report noted that between 2018 and 2023, 2,817 games were introduced in this sector. At present, only 690 of these gaming projects have retained an active user base.
The report also notes that in 2021, 738 new blockchain games entered the market but many of them fell behind on account of the ensuing bear market. The same year also recorded the biggest amount of halted projects totaling 742. CoinGecko analysts also find a link between blockchain game declines and bull markets with lower rates attributing to bull runs and vice versa.
