Gaming

Cryptocurrency in the Gaming industry

Cryptocurrency gaming

Gamers make up almost 1/3 of the world’s population today. It is undeniable that cryptocurrency has made a difference to the gaming industry. Here we will explore the demographics of crypto gamers and how major gaming companies leverage crypto to unlock more market opportunities.

Potential of crypto in the Gaming industry

The crypto gaming industry had market revenue of US$321 million in 2020 with around 41.9 million gamers owning crypto. According to Newswagg’s research, 38% of them are Millennials aged between 21-38 years old, and they are the biggest age group.

Gamers are also much more likely to own crypto as compared to others— 55% of the Millennials gamers own crypto as compared to just 5% of all Millennials.

There’s an immense potential for crypto to be more involved in the gaming industry. Among gamers who own crypto, 80% of them are interested in using cryptocurrency for gaming purchases, and 67% hope there are more opportunities for using cryptocurrency in gaming.

Global gaming and crypto owners

The APAC region has the highest ownership rate with 22.6 million gamers that hold cryptocurrency, followed by Europe with 5.9 million gamers, Middle East & Africa, Latin America, and North America regions.

Global gaming and crypto revenue

Crypto gamers in the Asia-Pacific region generated the highest revenue of US$157.3 million (49%), followed by North Americans with US$80.3 million (25%), Europe, Latin America, as well as Middle East & Africa.

Crypto gaming platform revenue

Mobile games generated the highest revenue of US$128.4 million (40%), followed by Console games with US$89.9 million (28%), along with Downloaded/Boxed PC games, Tablet games, and Browser PC games.

News of global gaming companies leveraging crypto

The Daily Gazette: Is Cryptocurrency the Future of Online Gaming? – Sept 2021
Cryptocurrencies enable players to collect and trade in virtual assets, which they can exchange and trade across anywhere in the world. Hence, it offers the gaming industry a safe and easy medium to make money.

Financial Express: How Crypto gaming (GameFi) is emerging as the new way to make money – Sept 2021
Online gaming, in particular, has become a breeding ground for exciting innovation in this space. Developers are inventing new methods to leverage cryptos to purchase and trade in-game products, cosmetics, unlock characters, and much more.

TripleA: Leading game publisher in South East Asia now accepts cryptocurrency – June 2021
Cherry Credits, the leading game publisher and micropayment solutions provider for digital content and game channeling, is partnering TripleA to offer cryptocurrency as a new payment method.

Future of crypto in gaming

Cryptocurrency has gained popularity in the gaming industry, with top gaming companies like Microsoft Xbox, Twitch, and G2A entering the cryptocurrency space.

Crypto games are now transforming the games market by letting players earn while playing. As more gamers accept crypto, gaming companies have a vast market opportunity to reach crypto gamers worldwide.

References:
1. https://triple-a.io/crypto-ownership/
2. https://newzoo.com/insights/trend-reports/newzoo-global-games-market-report-2020-light-version/
3. https://medium.com/wax-io/cryptocurrencies-are-on-track-to-dominate-online-video-gaming-and-here-are-the-numbers-that-show-cbe81dc397b0
4. https://www.theesa.com/esa-research/2020-essential-facts-about-the-video-game-industry/
5. https://www.wired.co.uk/article/worldwide-gamers-billion-players
6. https://www.fca.org.uk/publication/research/research-note-cryptoasset-consumer-research-2020.pdf

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