III. Industry Analysis

The ever-increasing number of users and changing consumer preferences make it imperative for a business to embrace its platform. Blockchain technology has gained significant popularity in the last few years for various business applications, such as payments, exchanges, smart contracts, documentation, and digital identity. The technology is being used to create a decentralized network of IoT devices, which eliminates the need for a central location to handle communication. The gaming industry has been revolutionized by blockchain technology, with its market size growing from zero to $3 billion in 2021 and projected to reach $39.7 billion by 2025. The industry's growth has been driven by NFT generation capabilities and free-to-play and play-to-earn models, attracting over 1.5 million diverse gamers worldwide¹. As more game studios and developers partner with blockchain platforms, billion-dollar valuations have been received by blockchain gaming platforms globally. Some of the world’s biggest gaming companies, such as Microsoft and Ubisoft, have invested in blockchain gaming platforms, wherein Microsoft has acquired Activision in a $68 billion deal².  

1.https://timesofindia.indiatimes.com/blogs/voices/how-blockchain-gaming-industry-is-booming-despite-challenges/ 2.https://timesofindia.indiatimes.com/blogs/voices/how-blockchain-gaming-industry-is-booming-despite-challenges/