A new report from Absolute Reports suggests that the GameFi industry is expecting massive growth over the next six years. The value of gaming coins and the GameFi industry more generally could reach $2.8 billion in six years.
Gaming coins target $2.8 billion by 2028
According to the research, the value of the play-to-earn NFT gaming industry will reach an estimated $2.8 billion from 2022 to 2028. Moreover, the sector’s CAGR for the same period is expected to be 20.4%. This forecast comes during the bear market, which leaves little room for undervalued projects and industries. According to the report, the following companies are among the leaders of the P2E game development industry. P2E game Axie Infinity (AXS) and the company behind it Sky Mavis became the pioneer of the game coins market, especially in 2021.
- Sky Mavis
- Dapper Labs
- Decentraland
- Immutable
- The Sandbox
This is not the only research that paints a bright scenario for the future of the web3 gaming industry.
Another study reveals interest from venture capital investors during the downturn. For example, Animoca Brands recently acquired three companies from the GameFi industry. Another analysis reveals the increase in the number of users of Blockchain-based games. WAX has 2.94 million users, while Binance Smart Chain has registered 2.49 million users.
Projects that manage to hold on during periods of decline have an obvious level of usefulness. Blockchain games, which are a simple, accessible and fun way to see this, are therefore seen as a gateway for interaction with the crypto space for new users. On the other hand, experts say that as Web3 continues to evolve, GameFi must adapt and put “financialization” before entertainment.
Game coins and the GameFi industry
DappRadar data for July shows that blockchain-based games are gaining an increasing rate of transaction volume. The current number of 173.17 million transactions is significantly higher than other sectors of the market. The second sector closest to this level is the DeFi market with 8.86 million.
As for the protocols that contribute the most to the number of transactions, the following networks rank first.
- WAX
- Khiva
- BNB Smart Chain (BSC)
- Left (LEFT)
- ronin
WAX is the leader in transaction volume with 158.23 million transactions in recent months.
Meanwhile, exchanges continue to dominate the total traded value. Therefore, an increasing number of users who are currently active in the crypto ecosystem are ready in the gaming industry.
In summary, despite the sharp correction in blockchain gaming-related altcoins, gaming has proven to be one of the more resilient industries in terms of retaining active users. This fact, especially when combined with the growing popularity of the gaming industry, shows that it is an industry that has the potential to lead the next bull market, according to experts. As Kriptokoin.com, we have discussed the analysts’ GameFi reviews in this article.
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