GameFi Industry To See $2.8 Billion Valuation In 6 Years

GameFi sector, within the next six years, is expected to experience enormous development, according to a recent analysis by Absolute Reports.

iexclusivenews reports that according to the analysis, the play-to-earn nonfungible token (NFT) game market would be worth $2.8 billion between 2022 and 2028.

Additionally, throughout the same six-year period, the industry’s compound annual growth rate was 20.4 percent.

This prognosis is being made in the middle of a fierce bear market for cryptocurrencies, which leaves little place for nonsensical initiatives and businesses.

The leaders in the play-to-earn game industry, such as Sky Mavis, Dapper Labs, Decentraland, Immutable, and The Sandbox, are highlighted in the report.

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Additionally, it categorizes GameFi by console type, market location, and category.

However, the survey is not the only indicator of a bright future for the Web3 gaming sector.

What You Need To Know 

This online news outlet understands that research from Cointelegraph also reveals interest from investors in venture capital during the lean period.

For instance, Animoca Brands recently purchased three GameFi-related businesses.

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A different analysis reveals that despite the state of the business, consumers of blockchain-based games are increasing.

With 2.94 million and 2.49 million users, respectively, WAX and Binance Smart Chain both had constant community numbers.

Projects that are still ongoing during a market slump have a certain level of apparent utility.

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Blockchain-based games are a straightforward, approachable, and entertaining way to demonstrate this.

Because of this, gaming has traditionally served as an entry point for new people to engage with the cryptocurrency ecosystem.

However, iexclusivenews Nigeria reports that analysts point out that GameFi will also need to adapt as Web3 continues to evolve.

In a recent conversation, the creators of Crypto Raiders urged platform developers to put enjoyment ahead of “financialization” while creating new games.