Web3 Gaming Market to Churn Over $614 Billion by 2030, Role Playing Games to Lead Sector: Report

More virtually realistic in appeal that traditional video games, Web3 games allow internal trading of game related NFTs that lets players generate some passive income.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 19 December 2023 18:31 IST

Web3 Gaming Market to Churn Over $614 Billion by 2030, Role Playing Games to Lead Sector: Report

Photo Credit: Pixabay

North America currently has the maximum market share in the global Web3 gaming market

Highlights

Web3 games come with elements like crypto and NFTs
The Web3 gaming sector would swell by 300 percent by 2030
In-game asset purchases have seen interest from gamers

The NFT-backed Web3 gaming ecosystem is showing big promise in the next few years. A recent report by Fortune Business Insights has forecasted that the blockchain gaming market would be churning up to $614 billion (roughly Rs. 51,07,086 crore) in the next seven years leading to 2030. The category of role-playing games (RPGs) is projected to be leading the sector owing to its immersive nature. This estimation bodes well for the future of non-fungible tokens (NFTs), which recently underwent a slump this year.

The Fortune Business Insights report is basically projecting that the blockchain gaming business will grow by 300 percent from its current valuation of $154 billion (roughly Rs. 12,80,944 crore) in the next seven years.

More virtually realistic in appeal than traditional video games, Web3 games allow internal trading of game related NFTs that lets players generate some passive income as well. The data of in-game asset sales have shown growth at the rate of 21.8 percent between 2017 and 2021.

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“With the adoption of NFTs in blockchain technologies, gamers can have more ownership and productive making opportunities. This also helps generate economic returns on their time invested in gaming sessions, fuelling the growth of the market. The convergence of blockchain technology and NFTs has led to the evolution of the gaming industry,” the report said.

Interestingly, not Asia but North America currently holds the largest share of the blockchain gaming market. Gaming companies in the US are stitching blockchain with their operations after research showed 50 percent blockchain gamers there owned crypto assets and 80 percent wished to use crypto to process in-game transactions.

The Asia Pacific is not far behind though. Owing to the thriving community of developers and gamers in Japan, China, and South Korea, the APAC region is expected to drive maximum growth for the blockchain gaming industry during the forecasted period. Afterall, over 55 percent of the global gaming community resides in Asia. The continent contributes over $72 billion (roughly Rs. 5,88,229 crore) in annual gaming revenue.

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Dapper Labs, Sky Mavis, Animoca Brands, WAX, and Illuvium have been named in the report as key players in the global Web3 gaming market.

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Further reading: Cryptocurrency, Web3, Blockchain Gaming, NFTs

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More