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Gaming NFT Market Size - By NFT Type (In-game Assets, Collectibles, Trading Cards, Virtual Real Estate, Cryptocurrency Tokens), By Gaming Platform, By Functionality, By Blockchain Network & Forecast, 2024 - 2032

  • Report ID: GMI10172
  • Published Date: Jul 2024
  • Report Format: PDF

Gaming NFT Market Size

Gaming NFT Market size was valued at USD 3.76 billion in 2023 and is anticipated to grow at a CAGR of over 60% between 2024 and 2032. The gaming industry's growing acceptance and popularity of blockchain technology is the main factor propelling expansion of market. For instance, in June 2024. IronDoge launched new era of GameFi with immersive play-to-earn games. This holistic approach aims to revolutionize gaming by combining thrill action and real monetary rewards.
 

Gaming NFT Market

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The rise in popularity of play-to-earn models is an important factor. The idea that players might obtain real-world value through in-game activities has gained popularity because of games like Axie Infinity and The Sandbox. Through task completion victory in battles, and content creation players in these games can earn NFTs and cryptocurrency. This strategy has given players a new source of revenue and has proved especially appealing in lower-income areas. The opportunity to make money while playing has drawn a lot of gamers and aroused a lot of interest from investors by further fueling market growth.
 

An important factor in gaming NFT market's growth is the thriving environment and community that surround it. NFTs are created, promoted and traded by developers. This fosters innovation and creativity in industry. New users can now easily swap NFTs due to specialized marketplaces like OpenSea and Rarible. The entry of celebrities and well-known businesses into the market has increased their credibility and visibility while drawing in a larger audience. A strong and quickly expanding market has been produced by convergence of community-driven creation, accessibility through markets and growing public interest.
 

Especially for the gaming NFT market the major challenge is navigating the regulatory environment concerning NFTs and cryptocurrencies. Lack of coherence and certainty can make processes harder for the developers, platforms and the consumers. It could put pressure on the market players to respond sharply in the same direction to compliance standards.
 

Proof of work consensus processes require a large quantity of energy. Such concerns include questions about the sustainability of blockchain and the sheer carbon footprint it comes with. They may influence the gaming NFT industry’s corporate objectives, regulations, and the general population’s perception. That is why solutions to these environmental problems should be solved for long-term NFT gaming platforms’ sustainability and acceptability in the market. The strategies may include trying out a new and more efficient consensus mechanism such as PoS or implementing the previously mentioned sustainability initiatives.
 

Gaming NFT Market Trends

Entertainment franchises are flowing into the NFT industry with the implementation of movement into blockchain technology. Not only does this strategy target numerous established communities, which, as Awesome1’s experience shows, have considerable buying power, but it also disrupts the traditional approaches to cashing in on IPs in today’s interconnected world.
 

In this way, through providing tangible proof in the form of digital collectibles related to favorite personalities and shows, platforms increase viewership and open new opportunities to generate income for authors and copyright holders. Featured developments include gasless transactions and efficiency, and customer blockchain networks; these features make the ownership of NFT affordable thus influencing more buyers, and investors into possessing more NFTs.
 

For instance, in June 2024, Singapore-based Web3 specialist OtherWorld introduced "Solo Leveling: The promised ending in the form of the word “Unlimited” on the Avalanche blockchain can be considered as the major step forward in the interaction between NFTs and entertainment. This platform deals in merchandise of famous games, and it also utilizes blockchain’s openness and stability to guarantee legitimacy and possession.
 

Gaming NFT Market Analysis

Gaming NFT Market, By NFT Type, 2022-2032 (USD Billion)
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Based on NFT type, the market is divided into in-game assets, collectibles, trading cards, virtual real estate, and cryptocurrency tokens. The in-game assets segment is expected to reach a value over USD 100 billion by 2032.
 

  • Virtual goods are elements within games that are concrete, operational, and usable, valuable, and tradeable in other games and commercialized across games and platforms. It further strengthens their core offerings and propositions’ utility and attractiveness to gamers and owners who want more from video games and digital assets.
     
  • Play and earn models in gaming has increased the demand for assets in the games since players are willing to work hard in order to be rewarded with real value. This economic motivation does not only ensure that many more people would engage more in the game’s economy but also increases the price of commodities that are important and scarce in the game thus improving market revenues.

 

Gaming NFT Market Share, By Gaming Platform, 2023
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Based on gaming platforms, the gaming NFT market is divided PC games, console games, mobile games, AR/VR games, and web-based games. The AR/VR games segment is the fastest growing segment with a CAGR of over 75% between 2024 and 2032.
 

  • Optical technologies such as augmented reality (AR) and virtual reality (VR) have over the recent years boosted the realistic play in gaming. These technologies allow players to have an accurate depiction of the environment and, in a manner, participate in the game, which makes these enterprises popular among the public.
     
  • The use of AR/VR devices is increasing due to the relative ease of accessing VR headsets and AR glasses, as more companies develop and make these devices more accessible. As these technologies become cheaper and more familiar, gamers are increasingly expanding into AR/VR platforms, moving beyond traditional PC or console games.

 

U.S. Gaming NFT Market Size, 2022-2032 (USD Million)
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North America dominated the global gaming NFT market in 2023, accounting for a share of over 30%. High digital literacy and a technologically inclined population, along with the availability of advanced infrastructure, are key factors facilitating the rapid adoption of blockchain technology. Additionally, the concentration of IT companies, developers, and artists in North America, who are at the forefront of NFT development and production, significantly contributes to the region's strong position in the blockchain space.
 

The US plays a pivotal role in the NFT market, fostering innovation through the efforts of startups and the country's robust technological infrastructure. American society leads in adopting and researching NFTs across various fields, including entertainment, gaming, and art, due to the strong presence of IT industry leaders and blockchain companies in Silicon Valley.
 

New technologies and the development of the digital economy are driving the rapid growth of the NFT business in China. The nation's educated population and the integration of technology in entertainment, particularly gaming and virtual properties, are fueling positive sentiments towards NFTs. In the cultural and creative sectors, corporations and industries are exploring NFTs as a means to generate new works and revenue. Major firms in China are also investing in blockchain infrastructure and establishing digital art marketplaces.
 

Rich gaming and entertainment sectors of South Korea make it one of the most vibrant places for NFT affairs. For instance, in digital art and collectibles linked to gaming, the nation has a relatively young and technically aware population with high smartphone trends for the acceptance of NFTs. Thus, the South Korean artists and makers are quickly embracing NFTs as a means of engaging a new generation of digital collectors and showcasing their creations globally.
 

The innovative Japanese gaming NFT market is grounded on the contemporary technology but influenced by the culture. The nation can be said to have special opportunities to embrace NFTs in digital art and collectibles because of its scientific and technological might couple with a historical tradition in art and craftsmanship. Possible blockchain usage in gaming, anime, and virtual real estate markets is studied by Japanese companies, which contribute to technology enthusiasts and pop culture fans’ acceptance.
 

Gaming NFT Market Share

Dapper Labs and Axie Infinity hold a significant share of over 15% in the gaming NFT industry. CRYPTOKITTIES, known as Dapper Labs, has been at the forefront of experimenting with NFT in gaming and collectibles. The primary offerings and trading platforms allow users to purchase and sell NFTs for virtual cats and other valuable NBA moments and employ gameplay characteristics combined with collector interest to fuel a secondary marketplace.
 

Axie Infinity has risen to fame due to the current play-to-earn model video game that involves the creation, battle, and trading of digital creatures called Axies. Based on the contemporary economy, the game’s economic model means players are able to earn actual tokens such as AXS and SLP from fights and other activities, and all items within the gaming world possess real value.
 

Gaming NFT Market Companies

Major players operating in the gaming NFT industry are:

  • Dapper Labs
  • Axie Infinity
  • Activision Blizzard
  • Electronic Arts (EA)
  • Tencent Games
  • Sony Interactive Entertainment
  • Nintendo
  • Epic Games    
     

Gaming NFT Industry News

  • In June 2024, Racino, a motorsport racing management platform, collaborated with Magic Eden, an NFT marketplace, to unveil a highly anticipated NFT collection. Set to launch on June 28, 2024, on Polygon, this collaboration aims to leverage blockchain technology to offer unique digital collectibles tied to motorsport racing, potentially transforming fan engagement and digital ownership in the motorsport industry.
     

The gaming NFT market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD million) from 2021 to 2032, for the following segments:

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Market, By NFT Type

  • In-game assets
  • Collectibles
  • Trading cards
  • Virtual real estate
  • Cryptocurrency tokens

Market, By Gaming Platform

  • PC Games
  • Console games
  • Mobile games
  • AR/VR games
  • Web-based games

Market, By Functionality

  • Purely collectibles
  • Reward tokens
  • Access pass
  • Utility-based

Market, By Blockchain Network

  • Ethereum
  • Binance smart chain
  • Flow
  • Polygon
  • Solana
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • UAE
    • Saudi Arabia
    • Rest of MEA

 

Authors: Suraj Gujar, Saptadeep Das

Frequently Asked Questions (FAQ) :

The market size of gaming NFT reached USD 3762.2 million in 2023 and is set to witness over 60% CAGR from 2024 to 2032, owing to the growing acceptance and popularity of blockchain technology in the gaming industry worldwide.
Gaming NFT industry from the in-game assets segment is expected to reach over USD 100 billion by 2032, due to virtual goods being elements within games that are concrete, operational, and usable, valuable, and tradeable in other games and commercialized across games and platforms.
North America market held over 30% share in 2023, attributed to the high digital literacy and a technologically inclined population, along with the availability of advanced infrastructure in the region.
Dapper Labs, Axie Infinity, Activision Blizzard, Electronic Arts (EA), Tencent Games, Sony Interactive Entertainment, Nintendo, and Epic Games, are some of the major gaming NFT companies worldwide.

Gaming NFT Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 25
  • Tables & Figures: 524
  • Countries covered: 19
  • Pages: 220
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