Based on a recent report from Absolute Reports, GameFi is expected to grow rapidly over the coming six years.
What Does the Report Say?
According to the research, the non fungible token (NFT) game industry is expected to grow to 2.8 billion dollars by 2022–2028. Further, the industry grew at a compound annual rate of 20.4% during the same period.
It comes amid a bear market for cryptocurrencies, limiting the room for industries and projects lacking substance. As highlighted in the report, Sky Mavis, Immutable, Dapper Labs, Decentraland and The Sandbox as leading developers of play-to-earn games.
The website also categorises GameFi by the type of console, market location, and category.
Venture capitalists have also shown interest in the Web3 gaming sector throughout the lean period, so there is more to the future than just the study. Recently, Animoca Brands purchased three GameFi-related companies.
Future of Blockchain-Based Games
According to another study, consumers of blockchain-based games are increasing despite the business’s state. Despite fluctuating community numbers, Binance Smart Chain and WAX each had 2.94 million users.
A certain amount of perceived usefulness is attached to ongoing projects during a downturn. An entertaining, straightforward, and approachable way to demonstrate this is through blockchain-based games. Thus, gaming has historically been a portal through which new people can gain access to the cryptocurrency ecosystem.
Final Words
Analysts, however, say GameFi will need to change as Web3 develops. Developers of new games should put enjoyment above “financialization” during a recent chat by the creators of Crypto Raiders.
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