Web3 Gaming Market to grow to $614 billion by 2030: Report

North America currently holds the largest share of the blockchain gaming market but the Asia Pacific (APAC) is not far behind. (Representative Image)

The NFT-based Web3 gaming ecosystem is set to account for nearly $614 billion in revenue by 2030, according to a new insights report.

The Fortune Business Insights report says that the blockchain gaming ecosystem will grow by nearly 300 percent from its current valuation of $154 billion in the next seven years.

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Players will be able to earn passive income by trading NFT's, and in-game asset sales have grown at a rate of 21.8 percent between 2017 and 2021.

"The convergence of blockchain technology and NFTs has led to the evolution of the gaming industry,” the report says. "With the adoption of NFTs in blockchain technologies, gamers can have more ownership and productive making opportunities. This also helps generate economic returns on their time invested in gaming sessions, fueling the growth of the market."

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North America currently holds the largest share of the blockchain gaming market but the Asia Pacific (APAC) is not far behind. The APAC region will drive the maximum growth for blockchain games, with nearly 55 percent of the global gaming community based in Asia.