Nansen: GameFi market set for $301.5b surge amid ecosystem expansion

New projections show that the blockchain gaming market is poised for remarkable growth, potentially reaching $301.5 billion by 2030, with an annual growth rate of approximately 68%.

According to analysts from the blockchain analytics firm Nansen, this rapid expansion is fueled by the unique advantages of blockchain technology, particularly its decentralized nature, which gives players true ownership of in-game assets such as non-fungible tokens (NFTs) and cryptocurrencies. This ownership model is expected to drive continued interest and investment in the blockchain gaming space, positioning it for substantial growth in the coming years.

According to Nansen, role-playing games (RPGs) are especially well-suited to benefit from blockchain technology due to their focus on character progression and the potential for players to own and trade unique in-game assets. RPGs currently represent 22% of all Web3 games, with action games coming in second at 17%.

Interestingly, AAA titles within the GameFi sector make up only 1% of Web3 games at present. However, when combining AAA and AA games, they account for 6% of Web3 titles, surpassing the 4% share held by traditional AAA and AA games on platforms like Steam, which is the largest digital video game marketplace. This suggests that while blockchain gaming is still in its early stages, it is attracting a growing proportion of mainstream game developers.

Blockchain game growth signals opportunity for traditional game devs

Despite the challenging conditions in the broader cryptocurrency market, daily trading volumes for blockchain-based games saw an increase of nearly 9% in August, signaling strong growth within the sector. Notably, blockchain networks such as opBNB, Ronin, and Polygon are well-positioned to continue supporting this expansion, offering scalability and efficiency for blockchain games.

In addition, traditional game developers are increasingly looking to explore opportunities within the Web3 gaming space. As crypto.news reported, Ubisoft, the renowned developer behind popular franchises like Assassin’s Creed and Far Cry, is venturing into blockchain gaming with its new tactical role-playing game, Champions Tactics: Grimoria Chronicles. The game is set to launch on HOME Verse, a gaming hub hosted on Ethereum’s layer-2 network, Oasys. This move highlights the growing interest from established gaming companies in integrating blockchain and NFT technologies into their future projects.