A recent report by Absolute Reports forecasts massive growth for the GameFi sector over the next six years.
The research indicates that the non-fungible token (NFT)-based play-to-earn gaming industry will reach an estimated value of USD 2.8 billion in the period 2022-2028. Also, at a compound annual growth rate of 20.4% for the sector in the same six-year period.
This forecast comes amid a ruthless cryptocurrency bear market that leaves little room for projects and industries without something to contribute. The report highlights leaders in this field of “play-to-earn” game development, including Sky Mavis, Dapper Labs, Decentraland, Immutable and The Sandbox.
Additionally, it breaks down GameFi by type, console, and market region.
Although it is not only the report that points to a favorable future for the Web 3.0 gaming industry, as the Cointelegraph Research team also highlights the interest of venture capitalists during the off-season. For example, Animoca Brands recently acquired three companies within the GameFi space.
Another analysis shows an increase in blockchain game users despite market conditions. Both WAX and Binance Smart Chain posted stable community figures, with 2.94 million and 2.49 million users.
During market downturns, projects that remain carry with them a level of apparent utility. Blockchain games are a simple, accessible and attractive way to see this. It is for this reason that games have always acted as a gateway for new users to interact with the cryptocurrency space.
However, as Web 3.0 continues to develop, experts point out that GameFi will have to adapt as well. In a recent conversation with the founders of Crypto Raiders, they urged developers to prioritize fun over “financialization” when developing platforms further.
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