Blockchain Gaming has Huge Potential, Forecasted To Grow $2.3 Billion By 2021
Blockchain gaming industry is still in its early stages, and recent data shows that that the market could become huge in the next few years.
According to the global blockchain technology, blockchain gaming will reach $339.5 million by the end of 2018, and grow further to a whopping $2.3 billion by 2021. At the same time, the value of the virtual item market is projected be $70 billion as of now, with just 2.5% of over 2 billion gamers paying for virtual goods.
If data provided by Host Games is anything to go by, then the new gaming protocol based on the blockchain could gain significantly, earning a big share to the market to represent potentially billions of dollars in annual revenue. For instance, free-to-play Fortnite has managed to earn its developers more than $1.5 million per day from microtransactions.
Top Blockchain Gaming ICOs Have Raised $360 Million
Top 10 blockchain-based gaming companies have raised a collective total of $360 million through initial coin offerings, as of June 2018. As of now, there are about 318 blockchain projects on ICO Bench focused on gaming.
However, over 40% of these games fall under gambling and casino category. While this makes total sense, the industry is looking forward to a killer app from traditional gaming industry that will drive real adoption, tapping into the rapidly growing market.
Virtual Item Market Is Marred With Fraud
According to TechCrunch, statistics also showed that the virtual item market is marred with fraud, with chargebacks and fraudulent sales accounting for about 7 in every 8 transactions.
