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Key market figures
- Revenue in the Video Games market is projected to reach $384.90Bn in 2023 and is expected to show an annual growth rate (CAGR 2023-2027) of 7.89%, resulting in a projected market volume of $521.60Bn by 2027.
- In the Video Games market, the number of users is expected to amount to 3.10Bn users by 2027.
- The largest market is Mobile Games with a market volume of $286.50Bn in 2023.
- In global comparison, most revenue will be generated in China ($109,200.00M in 2023).
As it could be recap from different reports by Footprint, Messari, The Block, Token Terminal, etc. in 2022 GameFi projects made rebrand attempts from Play-to-Earn to Play-and-Earn, Play-to-Own, and Free-to-Own, which seems to be a new trend as an answer to astatic user retention and token price crashes, however still remains uncertain. The focus on user experience, attracting Web2 gamers, and improving tokenomics will drive the evolution of Web3 gaming in 2023.
Below are several remarkable key points on the Web3 Gaming industry:
- Gaming made up 49% of all blockchain transactions in 2022.
- 2022 saw nearly 500 new games released, and the number of total games stands at 2171, up 39% YoY.
- Blockchain gaming activity in Q1 2023 had an average of 791K daily UAWs, while in 2022 on average there were 1.15M UAWs connected to gaming dApps daily.
- On-chain game transactions reached 7.4Bn in 2022, growing by 37% from the previous year and a staggering 3,260% since 2020.
- Total investment of $739M was pumped into blockchain gaming and metaverse projects in Q1 2023, a 12.95% increase from previous quarter investments with $7.6Bn raised by Web3 gaming and metaverse projects in 2022. Besides $2.54Bn was invested in infrastructure projects.