PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127430
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127430
GameFi Market size was valued at USD XX Million in 2021, growing at a CAGR of 12.1% from 2022 to 2028.
GameFi is a combination of the words "game" and "finance," and it offers both gameplay and money rewards. GameFi gives players the opportunity to own digital assets in the virtual world and the choice for interoperability by bringing these assets across other virtual worlds, in addition to simple financial benefits.
The gaming environment on the blockchain is developing quickly. GameFi is one of the hottest subjects in cryptocurrency right now, with new advancements happening more quickly than ever before because of the game's exciting gameplay and the financial benefits it offers.
Large markets exist in the gaming sector where players may exchange virtual goods like armor, guns, and other stuff. There are some markets where you can get free virtual currencies, and there are other places where gamers can make real money (for example, the Steam marketplace). The GameFi market gives developers the chance to make new meta-universes and game worlds full of characters, occasions, and items, as well as, most significantly, their own in-game economy that draws plenty of players. Users can enjoy themselves while earning money from their in-game actions. Action and strategy are both common game genres on the blockchain. For instance, Ubisoft, a major name in traditional gaming, has been working with a number of blockchain gaming companies such as Tezos and Aleph. Furthermore, Ubisoft's CEO Yves Guillemot pointed out the future of play-to-earn (P2E) gaming. Additionally, Ubisoft is also a founding member of the Blockchain Gaming Alliance, an organization dedicated to bridging the two industries of crypto and gaming.
Gaming apps are particularly beneficial since they give newbies a straightforward, unobtrusive introduction to cryptocurrency and decentralized money.
The Global GameFi Market is segmented on the basis of Type and Region.
The market is divided into six categories based on product type: Based on Polygon, Based on Ronin, Based on FLOW, Based on BSC, Based on Near, and Based on WAX. Based on Polygon segment held the majority of the market share of nearly 33.2% in terms of revenue. GameFi initiatives offer a key entry point for enticing more people to adopt cryptocurrencies. Blockchain gaming ventures can be improved by fusing gameplay and revenue generation into a compelling environment. Polygon presents a strong infrastructure layer to build on, thanks to its improved speed, throughput, and efficiency.
The global market for GameFi is made of a number of both international and local producers, making it a fairly competitive sector in the world. Some of the leading strategies adopted by corporations to expand their market share include new product launches, agreements, distribution network development, R&D spending, and mergers and acquisitions. Several traditional gaming giants have already announced their plans related to GameFi and blockchain gaming.
Square Enix, the developer of the highly popular Final Fantasy video game series, is also investing in decentralized blockchain games. Square Enix's President Yosuke Matsuda has stated in a New Year's Letter that incorporating decentralized games are expected to be a "major strategic theme" for Square Enix starting in 2022.
In January 2022, Microsoft announced plans to acquire Activision Blizzard, one of the leading game developers which developed blockbuster games such as World of Warcraft. Microsoft's CEO Satya Nadella (in a February 2022 interview) said that the "Metaverse is essentially about creating games". In the month of December 2021, Microsoft's venture arm led a USD 27 Million funding round for Palm NFT studio. The above news implies that Microsoft Corporation is involved in gaming, metaverse, and non-fungible tokens (NFTs).
The scope of this report covers the market by its major segments, which include as follows: