NFT Game Market Update Know Whose Market Share Is Getting Bigger And Bigger: Sorare, Alien Worlds, Illuvium
Updated · May 08, 2023
Published Via 11Press : According to HTF MI, the Global NFT Game Market is expected to see a growth rate of 32.5% and may see a market size of USD 5.1 Billion by 2028, currently pegged at USD 1.6 Billion.
NFT games are a subcategory of online games that heavily rely on non-fungible tokens (NFTs) for gameplay. NFTs are distinct digital assets that are kept on a blockchain and enable the tracking and verification of ownership and provenance. Players can buy, sell, and utilize NFTs in NFT games to improve their gameplay. Blockchain-enabled games are more focused on creating value and improving user understanding of the utility and worth of in-game purchases, common gameplay, or promotional event-obtained goods. When players buy an item in a conventional video game, for instance, the only benefit is that the item makes the game better. In contrast, the bought item becomes transferrable in cross-platform non-fungible token (NFT) video games and may be exchanged for money, other goods, or advantages. NFT games provide players the option to trade their winnings for cryptocurrencies or to move them to another game.
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NFT Game Market Key Players
Below are the most prominent enterprise NFT Game industry players.
- Axie Infinity (Philippines)
- Gods Unchained (United States)
- Splinterlands (United States)
- The Sandbox (Hong Kong)
- Alien Worlds (Switzerland)
- Battle Racers (United States)
- Sorare (France)
- Star Atlas (United States)
- Illuvium (Australia)
- NFT Champions (United States)
NFT Game Market Key Business Segments
By Product Type
- Casual games
- Card NFT games
- Battle royal
- Auto battler NFT
By End Use Application
NFT Game Market Regional Analysis
- North American [United States, Canada]
- South American [Brazil, Argentina, Chile, Colombia]
- Europe [Germany, UK, France, Switzerland, the Nordics, Benelux, Spain, Italy]
- Southeast Asia
- APAC Asia [China, Japan, India, Australia, Others]
- MEA [South Africa, Egypt, Turkey, Saudi Arabia, UAE, Israel, Nigeria, Other]
North American region held the largest NFT Game market share in the year 2023. USA on the other hand stood as the second largest NFT Game market due to the presence of key companies in the region and high technological advancement.
- North America is projected to lead the NFT Game market. The United States would contribute the highest in this region.
- Europe is a shining marketplace in NFT Game Market during the projected year of 2023-2029. UK, Germany & France to hold maximum market share.
- The NFT Game market study also provides a breakdown by Southeast Asian (ASEAN) countries. It is anticipated to see the fastest-growing territory in NFT Game Industry.
- Rest of the Major Asian Economies that are considered in the study are China, Japan, India, and Australia.
- Central & South American market is experiencing Investors’ attention. Brazil, Mexico, and Argentina are seen as the ‘Red Hot’ Market in NFT Game Market.
- Middle East region is projected to have explosive growth in the NFT Game market. Mainly dominated by the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), and Turkey.
- Africa: This region still gaining traction. South Africa would play a major role followed by Nigeria.
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Market Growth Drivers
- The global gaming business is still structured in a way that largely favors game creators and maintains a one-way flow of value, in which players pay to access in-game content and gameplay customizations, even as it continues to grow across all regions.
- Decentralised apps (dApps), many of which are blockchain-enabled games, focus more on giving players value. Through a paradigm shift brought about by this dynamic, players can now better understand the value and utility of assets they have obtained through in-game purchases, regular gameplay, or marketing campaigns.
- When a player purchases an armor upgrade in a conventional game, for instance, the only benefit is better gameplay inside the confines of that specific game.
- Global demand for digital art is one of the primary drivers propelling the expansion of the NFT (non-fungible token) sector. It is also anticipated that rising Bitcoin adoption would spur market expansion. It is also anticipated that rising Bitcoin adoption would spur market expansion.
- The processing of NFTs through Security Token Offerings (STO) helps the firm stay in compliance with US securities laws and regulations. It is anticipated that businesses creating NFTs would register with US securities regulators.
- For instance, Dapper Labs, the company behind NBA Top Shot NFTs, was accused of marketing NFTs as unregistered securities and was consequently sued. A blockchain-based digital collectibles marketplace called NBA Top Shot allows users to buy, sell, and trade NBA video highlights.
- NBA Top Shot moments, according to the paperwork submitted to the Supreme Court, are securities because their worth increases as a project succeeds.
- The market for video games is hampered by several NFT game rules, game piracy, and lack of revenue generation. Just because a digital item has an NFT does not mean it is automatically governed.
- A digital item can be compared to a piece of art. Videos and GIFs may both be posted on a variety of websites and copied and pasted countless times. The digital file is vulnerable to modification and theft using any trick in the book.
- Despite the security of NFT technology, many exchanges and websites are vulnerable to hacks. NFTs have been reported as stolen in many cyber-attacks.
- even though we relate financial gains and losses to NFTs, the tokens themselves have no economic value. They bear no resemblance to any of the more widely used financial instruments, like stocks, bonds, securities, real estate, or even cryptocurrencies.
Major Development in the NFT Game Market
|Market Forecast (2029)||USD 5.1 Billion|
|Current Market Size (2022)||USD 1.6 Billion|
|Major Players Profiled||Axie Infinity (Philippines), Gods Unchained (United States), Splinterlands (United States), The Sandbox (Hong Kong), Alien Worlds (Switzerland), Battle Racers (United States), Sorare (France), Star Atlas (United States), Illuvium (Australia), NFT Champions (United States)|
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Frequently Asked Question
Q1: What is the current market size for the NFT Game Market?
A: According to a report by Market.us, the NFT Game Market was valued at USD 1.6 Billion in 2022 and is expected to reach USD 5.1 Billion by 2032, growing at a CAGR of 32.5% during the forecast period.
Q2: Name Major Players in the NFT Game Market.
A: Some of the key players in the NFT Game Market include Axie Infinity (Philippines), Gods Unchained, Splinterlands (United States), The Sandbox (Hong Kong), Alien Worlds, Battle Racers (US), Sorare (France), Star Atlas (USA), Illuvium (Australia), NFT Champions (US).
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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