Blockchain Gaming Market to Skyrocket to $22B by 2025, Despite High Failure Rate
Web3-Gaming: An Emerging Sector
The blockchain gaming industry is expected to grow to over $22 billion by 2025. This is indicated by a study that predicts a compound annual growth rate (CAGR) of 70.3%. Although the revenue from blockchain gaming only makes up a fraction of the traditional video game industry, on-chain gaming has become one of the fastest-growing sectors in the blockchain industry.
On-Chain Gaming: A New Era for Gamers
The ability to own in-game assets in a decentralized manner and trade them outside the gaming world has given gaming a new dimension. According to a recent report by Binance Research, revenues from the blockchain gaming market amounted to $7.8 billion in 2023. The industry is expected to grow to over $22 billion by 2025 with a CAGR of 70.3%.
Advantages Over Web2 Gaming
The report highlights that the decentralized nature ensures that in-game assets continue to exist even if the game publisher goes bankrupt. This contrasts with Web2 games, where the failure of the centralized entity means the end of the entire game. In addition, interoperability allows users to use the assets acquired in one game in another game or even outside the gaming world.
Current State of the Market
Blockchain gaming continues to dominate the landscape of decentralized apps (dApps). With 1.16 million unique active users at the time of writing this article, the sector makes up 33% of the dApp market. With about 10.33 million transactions, it is the most active dApp category, even surpassing the category of decentralized finance.
Failure Rate on the Higher Side
Although these are encouraging signs, the reality is a bitter pill to swallow. Three out of four on-chain games have failed in the last five years. Even in 2023, the failure rate was 70%.
Sources:
Binance Research, DappRadar, AMBCrypto
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