Report Overview
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The global GameFi market size was USD 9 billion in 2021. As per our research, the market is expected to reach USD 38 billion in 2028, exhibiting a CAGR of 27.13% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with GameFi experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Simply explained, GameFi is the combination of the word’s "game" and "finance," or Game + Fi. As a result, people can use this platform to make money by playing video games. It is not platform or technology specific because it includes a wide range of games, rules, and structures. The GameFi indcustry offers more Play-to-Earn, Click-to-Earn, and Move-to-Play models than ever before, in addition to the Pay-to-Play and Free-to-Play models. Legendary programmer and Yearn Finance founder Andre Cronje coined the word "GameFi" shortly after developing the idea of "DeFi" (Decentralized Finance).
Characters in the game are typically NFTs (main or supporting characters). For instance, in Stepn, your sneakers are NFTs, and in Cyball, the players are NFTs. These NFTs are typically necessary to play the game (to play Cyball or Axie Infinity, you need 3 NFTs). NFTs are typically sold as part of a fundraising campaign. It is comparable to a token sale, except there are no prerequisites (Staking, ownership of something, etc.), thus anyone can purchase NFT. Users are frequently rewarded for participating in PvP or PvE activities, such as completing daily assignments, by projects (login for attendance, complete requests from the system,). In addition, there are other ways to spend these tokens, such as breeding (the creation of new characters) and token withdrawal costs.
COVID-19 Impact: More Leisure Time due to Lockdowns to Fuel Market Growth
Due to mandatory lockdowns and other restrictions set by the relevant regulating bodies in the wake of the recent COVID-19 outbreak, the activities of various industries have either been temporarily suspended or are running with small personnel. The global GameFi Market managed to survive, and this element is predicted to have a very favorable effect on the expansion of this industry's income. Over the course of this forecast period, the market is goig to witness remarkable growth because nothing is better than being able to pursue one’s passion as a source of income. This game is the top pick for people due to its engaging gameplay and significant profits.
Latest Trends
"Increased Prevalence of Cryptocurrencies to Provide Impetus to the Market "
The market for cryptocurrencies has experienced incredible development, breaking numerous records, which has drawn attention to the game and its cryptocurrency-based economy. Nothing is better than being able to pursue your passion as a source of income. This is the top pick for people due to its engaging gameplay and significant profits. This is anticipated to uplift GameFi market growth.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into NFT games and crypto games.
In terms of product, NFT games is the largest segment.
- By Application Analysis
Based on application, the market can be divided into android windows and iOS.
In terms of application, iOS is the largest segment.
Driving Factors
"Demand for High Value Transactions to Attract Investors "
For astute investors, GameFi offers a new rewarding environment with lots of high-value transactions. Additionally, it encourages the mindset of wanting to become wealthy, which encourages many gamers to have an account. The widespread Covid pandemic caused a large number of people to stay at home, go without work, and enjoy a lot of spare time. Thus, in the midst of the epidemic season, the strategy of earning money online while at home will be of considerable interest to a large number of people.
"Blockchain Technology to Provide Safe Environment to the People"
Blockchain technology, on which GameFi is based, has a structure that makes it impossible to hack or cheat like in conventional games. The emergence of the Internet of Things, the smart grid, and blockchain, together with their quick expansion, have all contributed to the combination of the three being one of the development directions for the industry's future power. Because of the system's dependability, more investors and business owners are choosing to use it, which has improved awareness of the product and boosted market sales. To ensure fairness and openness when joining, this is a plus.
Restraining Factors
"Uncertainty of the Game to Deplete Market Popularity"
Experts agree that the main reason people play blockchain games is the chance to make money. Those who want to take part in the project, on the other hand, will have to spend a lot of money to get the necessary assets before they can start playing the game. It’s possible that people don’t play P2E games because the costs of the necessary NFTs are too high.
Regional Insights
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"North America to Dominate the Market Due Owing to the Popularity of Gaming"
The global market was controlled by North America and owns largest GameFi market share. Due to factors like the increased popularity of online gaming and the increasing prevalence of high-speed internet connections, the region is predicted to maintain its supremacy over the projection period as well. The growing availability of affordable PC/Mac games and game streaming services such as Steam, Origin, Battle.net and others, which is attracting more gamers to the platform.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Gala (India)
- Decentraland (China)
- Animoca (Hong Kong)
- WEMIX (U.S.)
- Radio Caca (U.S.)
- Sky Mavis (Vietnam)
- Illuvium Labs (Sydney)
- Sorare (France)
- PIXOWL (India)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 9 Billion in 2021 |
| Market Size Value By | US$ 38 Billion by 2028 |
| Growth Rate | CAGR of 27.13% from 2021 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type and Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the global GameFi market expected to touch by 2028?
The global GameFi market is expected to touch USD 38 billion by 2028.
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What CAGR is the GameFi market expected to exhibit during 2022-2028?
The GameFi market is expected to exhibit a CAGR of 27.13% over 2022-2028.
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Which are the driving factors of the GameFi market?
Demand for high value transactions and blockchain technology are the driving factors of the GameFi market.
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Which are the top companies operating in the GameFi market?
Sony, Microsoft, Nintendo, Tapinator, Kabam, Zynga, Electronic Arts, King, Sega Games Logitech, MadCatz, Razer, Corsair are the top companies operating in the GameFi market.
