Where does Africa stand as global blockchain gaming could be worth $300 billion by 2030?

The global blockchain gaming market, as viewed by experts and industry analysts, is expected to be worth $300 billion in the next seven years. As reported by market and intelligence firm Grand View Research, the significant growth will be galvanized by the adaptation of blockchain gaming by traditional gamers.

The report discusses the shift from traditional gaming to alternatives that offer Web3-esque traits, some of which are ownership of assets, transparency, and gaming monetization. Predictions are that the market cap will reach $301.53 billion by 2030. The sector can rise at a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.

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With the rise of gaming metaverses, more players are expected to transition to these alternatives. Per the report, integrating decentralized finance (defi) elements is the rising charm of the blockchain gaming industry. Players can monetize their gaming sessions and put these earnings into DEFI protocols.

However, the blockchain gaming market has a long way to go compared to the traditional gaming market. In 2022, the gaming market was valued at almost $92 billion. In the past few months, traditional AAA game companies have had little experience with and experimented with blockchain gaming, while their counterparts with an intense inclination toward blockchain elements are taking the lead.

In 2021, Square Enix included blockchain in its business program. This year, the company plans to release several blockchain-related experiences. Symbiogenesis, a narrative-driven non-fungible token (NFT) experience, is one of them. NFTs were also added by Ubisoft to some of its products, with varied results.

According to recent rumours, the popular PC gaming retailer Epic Titles has almost 20 blockchain titles set to launch in 2023, many of which are currently accessible to early testers. Additionally, according to Axios, Epic executive Steve Allison said some of these games had “done pretty well.”

The state of blockchain gaming in Africa

The gaming industry in Africa has expanded widely. Millions of Africans are investing more in gaming, propelled by easy access to high-speed internet and internet-enabled gadgets.

Recently, a group of Nigerian game developers launched the Aki and Paw Paw running game, the first such Nollywood adaptation. On the back of several divergent comments, launching a Nollywood adaptation game is a major step in capturing momentum in the global gaming industry.

Besides this launch, Africa’s gaming sector has improved massively, gaining the attention of many and catapulting it into a pivotal international player in the demonstration of innovation in the global gaming ecosystem. With the predictions of Grand View Research, Africa must have to ensure it does not lose grip on the exciting contribution of blockchain elements to the gaming industry.

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In 2022, Binance published an article titled “How Africa Can Lead the Blockchain Gaming Revolution.” Per the article, 38 per cent of the 41.9 million world’s crypto-holding gamers (aged between 21 and 38) are the reason behind the increasing interest in trading in gaming, utilizing crypto and digital currency. This age range holds many Africans interested in and passionate about technology, blockchain, innovation, and gaming.

The report shows that cryptocurrency has tremendous potential to get involved in the gaming sector. And it was reported that 80 per cent of gamers with blockchain wallets are willing to purchase gaming tokens with their digital currencies. With an estimated 5.9 million gamers with cryptocurrencies across Africa and the Middle East, Africa’s numbers could increase, considering the predictions that the continent will have the biggest youth population by 2050.

By developing games with blockchain elements, Africa might add to the industry’s market cap in the coming years. The excitement is here. The future might belong to Africans who swiftly adapt and ride on trendy trends.