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The current market is growing by a 21.8% CAGR, according to a report from Fortune researchers. The global blockchain gaming market will grow to an estimated $614 billion over the next seven years, according to an analysis from Fortune Business Insights released on December 11. The market currently accounts for an estimated $154 billion in spending. The report analyzed global sales data for blockchain game products from 2017-2021. It found that sales were increasing by a compound annual growth rate (CAGR) of 21.8%, implying that by 2030 the market will have reached $600 billion. This implies an absolute growth rate over the six year period of nearly 299%. Fortune's researchers divided the world into five regions: North America, South America, MiddleEast/Africa, Europe, and Asia Pacific. North America posted the largest share of blockchain game item purchases for any single region in 2022, as it accounted for over $30 billion or approximately 24% of the total. The researchers stated that they expect this North American dominance to continue over the period. When it comes to the category of games offered, the report stated that it expects role-playing games to have the highest growth rate when compared to other categories. These games have "special characters, themes, additional weapons, accessories, and other features" that make them especially suited to implement blockchain features. Role-playing games represented over 33% of the market in 2022, it stated. Web-based blockchain games currently represent the largest segment of blockchain games, which the researchers expect to continue to dominate in the future, although they also stated Android-based games are becoming more prevalent. Related: Enjin migrates over 200M NFTs from Ethereum to its blockchain Blockchain gaming companies have implemented new features recently to make onboarding easier. For example, Immutable added Transak as an additional option for purchases on December 11. Not all blockchain gaming news is positive though. A November 30 CoinGecko study found that over 75% of blockchain games launched between 2018 and 2023 have failed.

Sentiment

Bearish/Bullish

18.12.23 07:48

by cointelegraph.com

Revolut Business reportedly cuts crypto services ahead of new rules

The neobank will halt crypto purchases by businesses while it sorts out new ad requirements. Neobank Revolut will temporarily halt cryptocurrency purchases on its business platform in the United Kingdom at the beginning of the new year, according to a media report. An email informing customers of the decision mentioned only purchasing, implying holding crypto and selling it could go on uninterrupted. Revolut said the pause was needed to give it more time to comply with new Financial Conduct Authority (FCA) rules on promoting crypto that come into force on Jan. 8, 2024. Revolut Business will halt crypto purchases on Jan. 3, it said. In a message reproduced in an X (formerly Twitter) post, Revolut Business told customers: "We'll need to adjust our current Business crypto offering to make sure all of the new requirements are met." Revolut is the latest of several firms that have been impacted by the FCA rules, which the regulator itself described as "tough." The rules were announced in June and were intended to bring crypto advertising into line with other high-risk investment products. Among the new requirements were customer warnings of the risky nature of crypto investments, a ban on bonuses for referring new customers and a "cooling-off period" delaying the placing of orders from first-time investors. Related: Binance, OKX to comply with new financial promotions rules in UK The Jan. 8 deadline is an extension from Oct. 8 provided after it became apparent that there would be hitches with compliance. The FCA was already noticing in September that engagement from many crypto firms had been low. By Oct. 25, the FCA had recorded over 200 breaches of the rules and it issued additional guidance on the rules in November. In September, Bybit announced it was leaving the U.K. market and Solana-based NMarinade Finance began blocking U.K. users. Binance halted customer onboarding in the country in October after its compliance partner, Rebuildoingsociety.com, ran afoul of the rules.