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Gaming NFT Market Trends

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

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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.

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.