Home > Media & Technology > Media and Entertainment > Web3 Gaming Market
Web3 Gaming Market Size
- Report ID: GMI10209
- Published Date: Jul 2024
- Report Format: PDF
Web3 Gaming Market Size
Web3 Gaming Market size was valued at USD 26.38 billion in 2023 and it is anticipated to register a CAGR of over 19.2% between 2024 and 2032. The rising popularity of NFTs is substantially impacting the market. NFTs represent digital assets such as music art, videos, and in-game items. These assets traded with cryptocurrencies and they typically encoded with same underlaying software as cryptos. This uniqueness and ability to prove ownership and provenance digitally have made NFTs particularly valuable.
In the gaming industry, NFTs provide players with true ownership of in-game assets. This means players can buy, sell, and trade items, such as characters, weapons, and virtual land, just as they would physical goods. This ownership is secured by blockchain, which ensures that these assets cannot be duplicated or tampered with. The ability to monetize gameplay through sale of NFTs creates new economic opportunities for players. For instance, in June 2024, Wild Forest, a web3 real-time strategy game, launched an NFT collection called the Lords.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Web3 Gaming Market Size in 2023: | USD 26.38 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 19.2% |
| 2024 – 2032 Value Projection: | USD 125 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 270 |
| Tables, Charts & Figures: | 367 |
| Segments covered: | Game type, device type, in-game purchase, mode, industry, and region |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Investments in Web3 gaming is booming as VCs corporations and blockchain funds are pouring capital into the Web3 gaming market. This influx is critical for studios to develop innovative games and scale operations, which are crucial for development of Web3 gaming forward. Investment enables game developers to accelerate the development process, bringing innovative Web3 games to market faster. This includes funding for research, development, hiring skilled developers and acquiring necessary technology and infrastructure.
For example, in April 2024, Gomble Games, a Web3 gaming platform, secured a total of USD 10 million in a cumulative investment. BigBrain Holdings, Foresight Ventures, Hashed, IOSG Ventures, Spartan, and other investors have invested in Gomble Games.
The volatile prices of cryptocurrencies and NFTs obstruct the growth of Web3 games. The value of in-game rewards and items is intricately linked to fluctuating digital currencies, creating an unpredictable environment for players and game developers. This uncertainty discourages participation, and players hesitate to invest time and resources due to potential financial risks, potentially impacting overall player experience. From developer's perspective, maintaining a balanced in-game economy amidst such volatility is difficult. Furthermore, unclear regulatory landscape surrounding digital assets exacerbates these issues, potentially hindering the widespread adoption of Web3 games.
Frequently Asked Questions (FAQ) :
Web3 Gaming Market Scope
