Imagine a world where you truly own your in-game treasures, where buying, selling, and trading digital assets is as easy as scoring a headshot. Blockchain technology is making this dream a reality around the world; here are the four countries making the most progress in this sector.
What Is Driving The Growth Of Blockchain Gaming?
As of 2023, the market size value of blockchain gaming is worth over $7 billion. And the revenue forecast by 2030 is set to be worth an astronomic $300 billion.
Here are three main reasons why the blockchain gaming market is booming:
- The rise of NFTs: NFTs have become increasingly popular in recent years, and they are now being used in a variety of gaming applications. NFTs allow players to actually own their in-game assets, giving increased control over their overall gaming experience.
- The play-to-earn model: The play-to-earn model is a brand-new way to play games that allows players to actually earn crypto by playing.
- The growing interest in blockchain technology: As blockchain technology is becoming increasingly popular in various uses, it makes sense that the blockchain gaming market is also growing accordingly.
It’s pretty important to note that the blockchain gaming market is still in its early stages. However, if its current growth is anything to go by, the future of blockchain is looking decidedly bright for gamers worldwide.
It’s safe to say there’s a lot of interest in the potential of blockchain and what this means for gamers, as well as the future of the gaming market. Nowhere is this more obvious than in the increasing number of home-grown blockchain startups and venture capital firms throughout Australia. The number of companies operating in blockchain and crypto has increased by 153%. And, by 2025, it’s expected that Australian businesses will have contributed more than US$175 billion to the sector.
Cryptocurrencies, which are based on blockchain technology, are also being used in games, and crypto casinos are big business in Australia. In the first half of 2022, worldwide, crypto gamblers placed nearly $3 billion in bets. This then doubled to $6.3 billion within a year.
Like many other countries, the best Bitcoin casinos in Australia saw a major increase in revenue during and after the Covid-19 pandemic and subsequent lockdowns, with growth set to continue year-on-year thanks to an ever-increasing interest in crypto and more crypto-friendly regulations being put in place. It’s estimated that almost 29% of Australians own or have owned cryptocurrencies as of December 2021, putting the nation ahead of others in the Asia-Pacific region, like Indonesia and the Philippines.
South Korea is another country that’s leading the way in blending gaming and blockchain magic. With a population that practically lives and breathes gaming, it’s very little wonder that they’re at the forefront of this revolution.
But it’s not just about the games. South Korea’s attitude towards cryptocurrencies and blockchain has set the stage for startups to shine. With the government’s thumbs-up and a bunch of support, the nation has become a hotbed of innovation. In 2021, the number of companies providing blockchain technologies in the country was estimated at around 339, with figures only set to increase.
Asia is home to about 55% of the world’s blockchain gamers, with China playing a large part in this percentage with 650 million gamers of its own. As a country of gaming enthusiasts, China has stepped up its game by embracing the wonders of blockchain. Imagine your favorite game, but now you can truly own that legendary sword or that super-rare mount. That’s the kind of excitement blockchain is bringing to China’s massive gaming community.
China’s always been ahead in the gaming arena, and adding blockchain to the mix just makes everything better. In-game rewards and assets stored on the blockchain? This is what really keeps players glued to their screens.
Plus, China’s tech-friendly policies are ideal for blockchain gaming startups. And with the government cheering them on and a population that’s definitely no stranger to gaming, China is certainly making its mark on the global stage when it comes to blockchain.
The United States is the biggest market for video games in the world, with an impressive 74% of households comprising at least one gamer.
And the country is also a major center for blockchain technology. The spending on blockchain in the United States increased by 110.1% during 2018 to reach $1,651.2 million. It doesn’t stop there; between 2019-2025, spending on blockchain is expected to record an increase from $3,127.3 million to $41,112.6 million.
Blockchain is especially popular in the United States due to its safety features. It’s seen as a great way to prevent fraud because blockchain can be used to create games with tamper-proof economies. As a result, crypto casinos are thriving here much like they are in Australia, especially as many states have yet to legalize fiat currency online casino gambling.