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 Millennial 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.
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.
Analyzing similarly situated ventures to Andrometa, the industry has seen exponential user growth and profitability in just this past year from play to earn games and Metaverse related content. As quoted by a recent Morgan Stanley Analytics Report, the Metaverse industry is forecasted to be an 8 Trillion dollar industry.
According to a recent analyst note from Jefferries investment bank led by Stephanie Wissink:
- The NFT market size was nearly $25 billion in 2021.
- In 2022 the NFT market is expected reach as much as $35 billion in net sales volume.
- Based on its current growth rate, sources forecast the NFT market to grow to about $80 billion by 2025 and 350 billion by 2030.
- Total net sales volume from NFTs was nearly $25 billion in 2021 and about 28.6 million different wallets traded NFTs in 2021. The overall market grew by more than 26,000% versus 2020.
NFTs are considered a unique digital product, which is different from tokens that can be exchanged equivalently, such as Bitcoin and Ethereum. At the beginning of 2021, the token prices of NFT concept projects, such as ENJ, NFTX, REHAB, MASK, MEME, etc., have increased by dozens and hundreds of times. A number of celebrities and investment institutions and designer brands have began to embrace NFTs. Most recently Victoria Secret applying for 10 patents for digital wearable accessories, and McDonalds for inter-metaverse food delivery services that blur the lines between digital and tangible business to consumer sales.
At present, a huge ecosystem has been formed in the NFT field. In terms of functions and roles, NFT ecology can be subdivided into many different racetracks, such as public blockchains focusing on building NFT infrastructure, trading platforms providing NFT liquidity, and NFT platforms providing different application scenarios (such as entertainment, games, fashion collections, etc.).
The metaverse is a new world brought about by the era of technological explosion, and the digitalization process of the real world will be greatly accelerated in the next decade; hence, the migration of human beings into metaverse applications has been greatly expedited. During the pandemic, it was remarkable to see how quickly society adopted digital alternatives that still allowed people to feel connected even as normal routines were upended. As offices closed, millions of people flocked to Zoom, recording over 3.3 trillion hours of virtual meetings in 2020—33 times more than the year before. With gyms closed, virtual classes took off, as companies like Peloton saw their membership and engagement surge. With schools going remote and many kids unable to go out and see their friends, society discovered a newfound appreciation for video games, with virtual worlds becoming safe and preferable space for social interaction.
In the future, the popularization of metaverse will advance the deep integration of real economy and digital economy. Moreover, the technical value of blockchain will gradually appear in this process. Specifically, it will bring new business models, and reconstruct distribution models, market structures, organizational forms and industrial relations, and push mankind towards a new era of digital civilization.