In terms of known popularity, NFTs are still a growing niche topic. Ask most about NFTs and blockchain, and you’ll be met with confused looks. Include NFT gaming and blockchain games, and silence is really all you’ll get.
But that doesn’t mean it’s stagnant. Quite the opposite. NFTs in gaming are growing, exponentially. If you’re unfamiliar with NFTs, you can learn more about them here.
Gaming Market Value and NFTs
In 2020, gaming as a global market was valued at just above $162 billion. And by 2026, that number is expected to hit nearly $300 billion. People often forget that while Hollywood produces a staggering amount of money, it is often only about half of what the games’ industry gathers. The games’ industry isn’t a competitor with games, it’s an ancient dragon nesting far above the sights and sounds of the film kingdom.
And NFTs are surging right into that market. While traditional art NFTs and other assets turned NFTs go for millions individually, gaming NFTs are beginning to saturate the every-day occurrences of the games’ industry. Art NFTs sell for a million, ten, even sixty million! And NFT sales have grown exponentially across all industries. From 14 million in 2020’s first half to a truly astounding 2.5 billion in 2021’s second quarter.
The World of Gaming NFTs
And yet, all of that falls short of just one quick burst in NFT games.
In Q3 of 2021, NFT games generated $2.32 billion in revenue. And according to the Blockchain Game Alliance, that makes up roughly 22% of all NFT trading volume across every industry. This is what NFT gaming looks like. What NFT sales gather in more than a year, game NFTs produce in four months.
Blockchain games are gathering steam. These numbers are only going to increase. The same report, shows us that the number of crypto wallets related to blockchain gaming activity skyrocketed. From 29,563 during the first week of 2021, to 754,000 in 2021’s third quarter. That is an increase of 2,453%.
Why are NFTs Growing?
There are a few factors that have allowed this surge to happen. For now, we’ll mention just two.
Firstly, improvements in technology and accessibility mean that more are getting involved into the world of cryptocurrency and the blockchain. While there are a huge variety of cryptocurrencies, the established ones are cementing themselves as trusted and viable options for anyone interested in this new world of technology.
Secondly, the global pandemic meant more people at home, more people unemployed, and more people in uncertain financial states. Blockchain, cryptocurrencies, and NFTs provided a method for users and players to literally earn money through playing games. Recent data shows us that the NFT market’s total capitalization grew massively from 2020 to 2021. With a total of $338 million at the end of 2020 and a mark of $22 billion by the end of 2021.
Mixed with the true ownership nature of NFTs and blockchain, and many desired that agency to truly own their digital wealth.
What Does This All Mean for NFT Gaming?
It means that there is a growing and clear demand for ownership of assets. While the world of NFT and blockchain gaming is full of potential, it has its own difficulties and hurdles to cross. But the numbers, rising profits, and engagement of those involved speak volumes. There’s no doubt that NFTs are sticking around.
If you’d like to inquire about utilizing NFTs in your game or creating a blockchain game, get in touch with us. Our teams are leading professionals in the world of NFT gaming. Let us bring your dream game to reality.