Absolute Reports recently reported that the GameFi industry is expected to experience a massive growth in the next six years.
According to the research, the play-to-earn (P2E) nonfungible token (NFT) game industry is estimated to be valued at $2.8 billion within the time span from 2022 to 2028. Furthermore, in the same six-year period, the industry’s compound annual growth rate is 20.4%.
This forecast came in the midst of a fierce crypto bear market, which provides little-to-no chances for projects and industries without substance to survive.
The report drew special attention to leading P2E game developers such as Dapper Labs, Decentraland, Immutable, Sky Mavis, and The Sandbox. Moreover, GameFi has been broken down by type, console and market region.
Although the market is underperforming, there is an increase in users of blockchain-based games —based on another analysis. Binance Smart Chain and WAX have steady user bases of 2.94 million and 2.49 million users respectively.
Experts believe that GameFi would need to adapt to new changes that every new iteration of Web3 development brings as well. Crypto Raiders founders urged developers to prioritise fun over monetisation when building platforms.
