Global Play-to-Earn NFT Games Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Play-to-Earn NFT Games Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Play-to-earn NFT game is a new type of game that allows players to experience the combination of gaming and blockchain. In NFT games, NFTs can be in-game currency, characters, maps, or any other game item. NFTs in NFT games have value in the market, and players can make money by selling these NFTs.

Market Overview:

The latest research study on the global Play-to-Earn NFT Games market finds that the global Play-to-Earn NFT Games market reached a value of USD 3292.73 million in 2022. It’s expected that the market will achieve USD 8856.95 million by 2028, exhibiting a CAGR of 17.93% during the forecast period.

Video games have changed the way a generation is entertained. Since Tennis for Two was introduced in 1958, the gaming industry has taken the world by storm. Games like League of Legends, Fortnite, and Minecraft are played by millions of players around the world. For example, the Entertainment Software Association (ESA) predicts that 227 million Americans play video games or about 66 percent of the U.S. population. Covering a wide variety of genres and devices, video games have become a major force in culture and entertainment.

In the past few years, a new game mode has gradually emerged in the blockchain ecosystem, that is, play to earn. This new game type uses crypto-assets and NFTs to secure ownership of in-game currency and items for players. And NFT directly connects the digital economy outside the game and realizes value in the real world. At the same time, with the rise of the metaverse concept and the increase in player demand, major game development companies are also gradually deploying the Play-to-Earn NFT Games field. Companies such as Good Player Entertainment recently signed an agreement with Fork Gaming to develop and launch the game-as-a-money NFT game Chosen Ones. Microsoft plans to acquire Activision Blizzard, as well as companies like Zynga and Coinbase to build NFT marketplaces and integrate NFTs into games. It can be seen that the market size of Play-to-Earn NFT Games will continue to expand during the forecast period.

The metaverse space of games is constantly being discovered during the epidemic

In 2020, traditional offline activities have been significantly affected by the epidemic. The virtual world has begun to accelerate its penetration into social life as a replacement for real scenes and even an upgrade. The metaverse may become the next form of the virtual world. The current game already has the characteristics of virtual identity, friends, economic system, and so on that the metaverse has. With the accelerated development of underlying AR/VR and other device technologies, games may be one of the earliest entrances to the metaverse. As the entrance and carrier of the metaverse, games usually involve multiple key elements such as new social methods, integration of the game world and IP, innovation of content design and technology, popularization of NFT, and definition of game identity.

The importance of Play-to-Earn NFT Games' R&D capabilities is highlighted

The development process of Play-to-Earn NFT Games is a process from creativity to product. Creative ability cannot be obtained by accumulation, but productization ability can be obtained. The core production factor of productization is people. Planning, art, and algorithm personnel will accumulate experience in the project, which will improve the quality and efficiency of the next development, but the category and art style will limit the reuse of the experience. In the production process, R&D, planning, and algorithms do not work in a non-linear sequence, but in parallel. Therefore, process management will greatly affect the speed of development, which in turn affects the level of development costs (mainly the wages of R&D personnel). But going further, the core of process management is to formulate clearance standards for each stage of parallel production lines, so there is also a process of accumulating experience in the same category and exploring new categories. Therefore, in recent years, Play-to-Earn NFT Games market research and development investment has continued to increase. Benefiting from the R&D of high-quality and innovative game products, higher income has also been achieved, driving the enthusiasm of enterprises to continue to increase R&D investment. R&D investment has become one of the barriers to entering the industry.

Region Overview:

Geographically, Asia Pacific held the largest market share-39.65% in 2021.

Company Overview:

Sky Mavis is one of the major players operating in the Play-to-Earn NFT Games market, holding a share of 72.17% in 2022.

Sky Mavis

Sky Mavis is a game studio focused on technology. Sky Mavis' flagship product, Axie Infinity, is the 1 game on Ethereum with daily, weekly, and monthly active players. Through the use of blockchain technology and incentive design, Axie Infinity has transcended traditional games and evolved into a complex digital nation.

Animoca Brands

Animoca Brands, a Deloitte Tech Fast winner that is ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification.

Segmentation Overview:

By type, CAG segment accounted for the largest share of market in 2021.

CAG

CAG games are also known as TCG (Trading Card Game) trading card games. A game in which the player controls the character through the card battle mode. The rich card types make the game rich in variety and give players unlimited fun.

RPG

RPGs are role-playing games. Players progress through story quests, often with a number of side quests, where their character or team of characters gain experience, improving various stats and abilities.

Sandbox Games

Sandbox games are a type of video game, usually with large game maps, strong interaction with NPCs or the environment, and a lot of content. The extremely high degree of freedom is the biggest selling point of sandbox games, which can explore, create and change the content in the game more freely.

Others

Other types of games include SLG, EDU, and more.

Application Overview:

The market's largest segment by application is the segment Phone, with a market share of 48.74% in 2021.

The products are divided into computers, Phones, and Tablets according to the different game devices used by players.

Key Companies in the global Play-to-Earn NFT Games market covered in Chapter 3:

Gala Games
Decentraland
Sky Mavis
Animoca Brands
Defi Kingdoms
Illuvium Labs
MOBOX
Radio Caca

In Chapter 4 and Chapter 14.2, on the basis of types, the Play-to-Earn NFT Games market from 2018 to 2029 is primarily split into:

CAG
RPG
Sandbox Games
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Play-to-Earn NFT Games market from 2018 to 2029 covers:

Computer
Phone
Tablets

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)