Web3 GameFi to Reach $301.5 Billion by 2030: Report
Decentralised economic systems, AAA games on Web3, and role-playing games are projected to fuel Game Finance (GameFi) development by the end of the decade, according to a Nansen analysis.
Nansen, a blockchain analytics company, predicted a 68% CAGR for the Web3 GameFi market from 2024 to 2030.
Decentralization, actual asset ownership, in-game economies, and community participation may boost the industry to $301.5 billion in six years. The paper states that the blockchain's decentralization gives players actual ownership of rare things, characters, and NFTs.
GameFi provides “gamers a unique blend of entertainment and financial incentives that traditional gaming platforms cannot match.”
It also gives users “tangible, real-world value” for their in-game accomplishments and boosts engagement via advancement incentives. Nansen noted that 22% of Web3 games were RPGs in 2023, demonstrating their rising popularity.
Despite making up a minor fraction of Web3 games, AAA and AA games are growing the market. GameFi's AAA and AA games make up 6% of Web3 Games, compared to Steam's 4%.
The survey says community interaction is crucial to creating robust player bases and retaining user interest in Web3 gaming. Social media services like Discord, X, and Telegram help creators communicate with players and build community inside the game's ecosystem.
Long-term viability of decentralized games depends on an active and loyal community. Nansen said that in-game economy structure and mechanisms also affect player involvement.
#Axie Infinity, Illuvium, and Seraph employ single-token or dual-token models with NFT markets to establish stable economies where players may earn awards and monetise their in-game actions.
At the European Blockchain Conference (EBC10), The Sandbox co-founder and COO Sebastian Borget said blockchain games were a doorway to Web3. Borget noted the sector's expansion and trend toward enabling the creative economy to give a “fresh approach” to Web2 gaming difficulties.
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