With the recent success of the crypto market as a whole, it inspired wider adoption due to the rapidly evolving uses that goes along with blockchain technology. The introduction of Smart Contracts brought the ability to build decentralized apps on the blockchain and provide Non-Fungible Tokens (NFTs) to uniquely identify digital and real assets. This brought a wave of new projects and ideas to the crypto space, revolutionizing the world we live in today.
The gaming industry is the most recent utilizers of the Smart Contracts and NFTs to produce a new approach to gaming. Now game developers have the ability to implement play-to-earn features allowing players to benefit from the time spent in-game. The smart contracts also allow for a better developer/player relationship enabling new collaboration features and voting that implement changes to the game. Interoperability is another major benefit of blockchain gaming which allows gaming assets to freely move across several chains and be utilized in other games. The potential is high for the gaming industry but what do the numbers actually say?
Taking a look at the data released in the past few years surrounding the growth of the gaming industry, the recent figures show in 2021 the Gaming Market was valued at USD 198.40 billion. Several reports have been conducted and the growth projections for the next 5 years are estimated to be around 8.94%. You can take a detailed look at the chart and projections by following this link Gaming Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)
Considering the data, current projections and the impact of current world events leading to a need to escape the harsh realities we face today, the gaming industry would flourish while most other crypto sectors will be affected by a destabilized economy. Knowing the right time to invest in any project is one of the most difficult things to achieve, but with rigid research and knowledge of how people react in different markets is helpful in making a decision. Nothing in life is promised but going by historical data and current research on trends, we can have an idea of what the future holds for the gaming industry.
Sources
- https://www.mordorintelligence.com/industry-reports/global-gaming-market
- https://www.data.ai/en/insights/mobile-gaming/2021-gaming-spotlight/
- https://www.globenewswire.com/news-release/2021/12/08/2348017/28124/en/Global-Mobile-Gaming-Industry-Report-2021-Key-Market-Trends-Leading-Player-Profiles-and-Growth-Projections-to-2026.html
