GameFi Market Size, Share, & COVID-19 Impact Analysis, By Game Type (NFT Games and Crypto Games), By Device (Android, Windows, iOS, and Others) and Regional Forecast, 2024-2032

GameFi is a blend of gaming, blockchain technology, and decentralized finance, which offers financial incentives through play-to-earn models. As soon as the players finish tasks, compete with each other and progress in the game, they can claim a cryptocurrency or NFT reward. This technology is used to make the relationship between players and game developers more equitable and transparent. The need for a secure, transparent, and decentralized gaming ecosystem is one of the factors that has led to market growth. By providing a publicly available ledger of all transactions, blockchain technology can ensure transparency in the GameFi market. According to the report from Binance on its Half Yearly Report in 2022, a total of 1,551 games had been created by GameFi projects till June 2022.

Increased demand for high value transactions to attract visitors, as well as the potential of decentralization gaming to provide unique game experiences and opportunities, has led to a marked increase in investment and funding within the GameFi sector. For instance,

• In October 2022, Horizon Blockchain Games, a firm that creates games and practices on the Ethereum blockchain, raised USD 40 million to develop its product line and expand operations.

Impact of COVID-19 on the GameFi Market:

The COVID-19 pandemic had a positive impact on the gaming industry. Due to lockdowns and social isolation measures requiring people to stay at home, demand for online gaming has increased. During the pandemic, GameFi offered novel gameplay mechanics and monetization models. This has resulted in an increased number of players and a higher level of time spent playing games. Also, the pandemic led to an increase in demand for digital assets and collectibles, which has additionally supported the growth of the market. For instance,

• According to a report from Animoca Brands, the company behind the blockchain-controlled games The Sandbox, F1 Delta Time, and Crazy Defense Heroes, reported the sales totaled USD 7.43 million in the first quarter of 2020, during the COVID-19 pandemic.

Segmentation:

Key Insights:

The report will cover the following key insights:

• Micro Macro Economic Indicators

• Drivers, Restraints, Trends, and Opportunities        

• Business Strategies Adopted by the Players

• Impact of COVID-19 on the GameFi Market

Analysis by Game Type:

GameFi technology is being used by various game types, including NFT games and crypto games.

In 2022, the market was dominated by NFT games. The segment's growth has been facilitated by the innovative and engaging game experience they offer. Also, the emerging need for a play-to-earn model in NFT games is driving market growth. Moreover, it is capable of offering valuable gameplay features that encourage players to spend time and resources on the game.

Regional Analysis:

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The GameFi market is divided into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Due to the growing interest in cryptocurrencies, online gaming, and high internet and mobile penetration, North America accounted for the largest share of the market in 2022. The region is seeing increasing interest from users and investors in cryptocurrencies, which has led to an increased number of participants in the market. This provides a promising environment for blockchain games, which use cryptocurrencies and other digital assets to fuel the region's progress in the market. For instance,

• In December 2021, Forte, Solana Ventures, and Griffin's Gaming Partners announced investments of USD 150.0 million in games based on blockchain technology. The objective was to invest in Web3 game developers who are producing decentralized games on the Solana blockchain.

The distribution of GameFi by region is as follows:

• North America – 35%


• South America – 12%


• Europe – 19%


• The Middle East and Africa – 9%


• Asia-Pacific – 25%

Key Players:

The report comprises key players such as Gala, Sky Mavis, Decentraland, Animoca Brands Corporation Limited, WEMIX PTE. LTD., Dapper Labs, Inc., Radio Caca, Illuvium, Sorare, SAS., Forte Labs Inc, and others. 

Key Industry Developments:

• July 2023 - GameFi.org & Klaytn Foundation collaborated to expand their ecosystems. Klaytn's advanced wallet and blockchain technology have been integrated into the GameFi.org platform. This makes it easier for users to access Klaytn's ecosystem, explore its features and play a wide selection of games across the network with GameFi.org.


• March 2023 - Op3N announced that it has completed a USD 28.0 million series, a financing round led by Animoca Brands to bridge the gap between Web3 and Web2 technologies through its web3.AI chat Superapp which uses decentralization and blockchain technology to build a unified consumer-friendly Web3 platform.