Web3 gaming: the blockchain effect on the gaming industry

Gaming is often in the vanguard of technological evolution, with the industry witnessing a dramatic change at the crossing point of immersive virtual worlds and blockchain technology. As a result of the emergence of Web3 and the introduction of blockchain-powered platforms, gaming experiences are being revolutionised - showcasing the potential of decentralisation and expanding the adoption of play-to-pay and blockchain-based economic models. Over the years, the global gaming market has increased significantly and is expected to continue the trend. Currently, 3million+ monthly active gaming makes up for approximately 30% of blockchain activity. According to Global Market Insights, the Web3 gaming market was valued at $26.38 billion in 2023 and is projected to experience significant growth, registering a CAGR of over 19.2% from 2024 to 2032. The numbers of gamers is massive, with PlayerUnknown’s Battlegrounds (PUBG) having reached over 100million. And much of this substantial upturn can…