“Game Fi” market expected to grow rapidly and reach 90 trillion yen in 2030 = Report

Potential to grow into a huge market

Fortune Business Insights, a US market analysis company, announced the results of a market survey on the blockchain game (Game Fi) market. It is predicted that the market will grow to 90 trillion yen in 2030.

According to the report, the global blockchain gaming (BCG) market size in 2022 is valued at approximately 18,785 billion yen ($128,620 million). The market size in 2023 is estimated to be 22,559 billion yen ($154,460 million), and the company predicts that the market will expand at a compound annual growth rate (CAGR) of 21.8% until 2030. is expected to reach approximately 89.8 trillion yen ($614.91 billion).

Fortune analyzes that the increasing demand for crypto assets (virtual currencies) across the gaming industry will be a factor driving the growth of such a large market.

The company claims that the advent of decentralized gaming has revolutionized the gaming industry. Among these, the “fusion of blockchain technology and NFTs (non-fungible tokens)” will not only provide gamers with new gaming experiences, but will also provide opportunities to monetize in-game items, adding ownership and value to the gaming ecosystem. “It brought about this,” he said.

What inhibits growth

On the other hand, there are concerns that the regulatory framework surrounding virtual currencies and NFTs will hinder BCG developers and players from fully pursuing their potential.

Various regulatory authorities around the world have introduced regulations for the virtual currency industry, but not at the same pace. As blockchain technology evolves and matures, regulatory frameworks are also expected to evolve, but this can also be a source of concern for developers and players.

connection:National Tax Agency presents important guidelines regarding taxation of NFT transactions such as blockchain games

BGC market by region

The report categorizes the market into five regions: North America, South America, Europe, Middle East/Africa, and Asia Pacific, and analyzes the potential in each region.

• North America: 4.47 trillion yen ($30.7 billion = 2022), boasting the largest share of the BCG market.
  This advantage will continue due to BC gamers’ ownership of virtual currency (50%) and high interest in using it in games (80%).
• Europe: Significant growth is expected due to active support and investment by the region’s governments and major tech companies in game development.
• Asia-Pacific: China, Japan, and South Korea will continue to maintain high growth rates due to their large player populations and game developers.
  Web2 gaming companies are investing heavily in adopting Web3 gaming technology.
• South America, the Middle East and Africa: Promote the growth of the BCG market through the growth of the game industry, Web3 development, and strengthening regional investment. The spread of smartphones is leading to an increase in the gaming population.

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A force to be reckoned with in games

The report categorizes BCG games into role-playing games (RPGs), multiplayer games, and collector games. Among them, RPGs are the most suitable for implementing blockchain functions because they have features such as “special characters, themes, additional weapons, and accessories” and are expected to have the highest growth in the future. That’s what I said.

NFT has made it possible to trade items and characters acquired in-game outside of the game, but Noritaka Okabe, director of the Blockchain Promotion Association, believes that BCG, which introduced NFT, will play a major role in the spread of blockchain technology. He seems to think he will do it.

Mr. Okabe points out that in the early days of the Internet, lack of content was seen as a problem, but games have completely changed that situation. He said that similar developments can be expected with blockchain technology, which is currently mainly used in the financial sector.

Last year, the total number of gamers in the world exceeded 3 billion.

Blockchain technology is reaping the benefits of “revolutionizing the gaming industry” by enabling “secure and transparent transactions and innovative gameplay mechanics” and opening up new opportunities. We will keep an eye on future developments to see if a “positive chain” will be created in which games promote recruitment.

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