The monetisation aspect of gaming sector seems to head for a new direction through blockchain. In 2023, it is believed that blockchain gaming prospects are expected to head for an upward trend, with non-fungible tokens (NFTs) vouched to back decentralised gaming platforms.
According to MarketsandMarkets, a market research company, global blockchain gaming market is expected to reach a $65.7 billion valuation by 2027, at a 70.3% Compound Annual Growth Rate (CAGR). Experts suggest that lack of knowledge around blockchain and NFTs can restrict the sector’s development. “In 2023, we can expect to see a growth in blockchain gaming trends. One trend that is likely to gain momentum is the use of NFTs in gaming. Additionally, we can expect to see more games that use blockchain-based in-game economies,” Rohit Bansal, founder, Super4, an online fantasy gaming platform, told FE Blockchain.
Market research indicates that in 2023, decentralised gaming-based regulations will be important for anti-money laundering (AML) practices and insurance of consumer protection. Insights from World Economic Forum (WEF), an international organisation, mentioned that the introduced Responsible Financial Innovation Act in USA aims to ensure that profit-based GameFi tokens are categorised as security based on regulations. Reportedly, certain countries have launched tax on virtual digital assets’ transactions, for GameFi users to pay tax during in-app purchases.
“For governments, governing bodies and regulatory authorities, they should understand tokenomics and that not every project is the same, and rules and regulations may not apply to each project in that similar mechanism. Rather than targeting decentralised gaming, I think it would be better if the focus is on the blockchain networks and their tokenomics,” Yash Pariani, founder and CEO, House of Gaming, a digital gaming metaverse-based platform, stated.
From an expert’s perspective, decentralised gaming platforms such as Enjin, The Sandbox, Decentraland, Axie Infinity, Splinterlands, among others, will be frontrunners in 2023. As stated by Akt.io, a financial service firm, in 2023, in-game decentralised autonomous organisation (DAO) economies are expected to be a growing trend around blockchain gaming landscape. Furthermore, 2023 is proposed to be the year for solving blockchain gaming’s User Experience (UX) problem.
Moreover, future predictions indicate that 2023 will drive mainstream blockchain gaming adoption, for players to have control over their in-game assets. As reported by Newzoo, a gaming data platform, in-game transactions will produce 9.6% revenue growth on a mobile platform in 2023. “In 2023, we can expect blockchain games to evolve to become as immersive as the usual computer games we play. Beyond 2023, when the gaming world and the utilisation of the advantages of the blockchain are expected to saturate, gaming companies will want to enhance the experience by bringing in more features enabled by blockchain,” Kameshwaran Elangovan, co-founder and COO, GuardianLink, a decentralised platform, concluded.