Gaming & Metaverse: How NFTs are driving virtual economies
Global Gaming NFT Market
In 2024, the Global Gaming NFT Market was valued at $470 billion and is expected to grow and reach around $820 billion by 2028, growing at a CAGR of 14.84% during the period 2024-2028.
NFT games are video games that integrate Non-Fungible Tokens (NFTs) as a central feature, serving as blockchain tokens with unique identifiers that enable games to distribute digital assets that players can own, trade, or sell.
NFTs are used to represent characters, items (including both complete and crafting components), weapons, skins, and virtually any other in-game asset that requires the property of non-fungibility. Some popular NFT games include Axie Infinity, Alien Worlds, and The Sandbox.
Global Metaverse NFT Market
In 2024, the Global Metaverse NFT market was valued at $1.02 billion and is expected to grow and reach around $2.44 billion by 2028, growing at a CAGR of 24.35% during the period 2024-2028.
The Metaverse NFT marketplace is an online platform that allows creators to sell their unique digital assets, including virtual land, avatars, and artwork. It provides a way for individuals to monetize their creations, while also allowing buyers to invest in rare and valuable assets.
The Metaverse NFT marketplace is still in its early stages, but it has already attracted the attention of investors, creators, and enthusiasts.
Some popular NFT metaverse platforms are Decentraland, Star Atlas, & Somnium Space.
User-based Statistics
The top 3 NFT Games are- Alien Worlds, Axie Infinity and Splinterlands, which had almost 2 million monthly users, out of which Alien Worlds had 760,000 monthly users, making it the most popular NFT game.
Gaming NFT-Industry Analysis
In August 2023, Jump.trade, the flagship NFT gaming platform of GuardianLink, announced its collaboration with NEAR Protocol, a Layer 1 blockchain that aims to decentralize development. The partnership entails the exclusive drop of 1 million NFTs for the racing game RADDX Racing Metaverse.
In May 2023, The Sandbox partnered with Affyn, a Singapore-based Web3 start-up creating games and metaverses with built-in augmented reality and geolocation features.
Mobile gaming holds the largest market share (40.8%), driven by the widespread adoption of smartphones and blockchain integration.
PC games maintain a significant share (25.90%) due to blockchain-based titles such as Ember Sword, which offer tokenized in-game assets. The appeal of true digital ownership and the ability to trade virtual items has attracted both players and investors.
Console gaming (15.20%) thrives on exclusive titles and subscription services, AR/VR games (6.20%) see accelerated growth with hardware innovations, and Web-based games (11.80%) remain popular for their easy accessibility and cross-platform functionality.
Metaverse NFT-Industry Analysis
In January 2024, Meta announced the launch of Horizon Worlds NFTs, enabling users to create, buy, and sell NFTs within the Horizon Worlds metaverse. This development is part of Meta’s broader strategy to integrate NFTs into its virtual reality ecosystem.
Virtual Real Estate (31%) is leading the market, driven by the increasing value of digital land and demand from investors and businesses for virtual spaces used for events, advertising, and leasing.
Digital Fashion and Avatars (30%) is Popular for personalizing virtual identities, with brands leveraging digital fashion collections to engage users in gaming, social events, and immersive experiences.
Virtual Events and Experiences (23%) offer revenue through ticket sales and sponsorships for concerts, conferences, and brand activations, while Virtual Art and Collectibles (16%) drive monetization via NFT marketplaces, providing collectors with exclusive digital assets, limited editions, and verifiable ownership.
Luxury Brands Tap into NFTs for Metaverse Presence
Luxury brands such as Nike, Gucci, and Dolce & Gabbana earned $260 million through NFT sales. They use NFTs to offer exclusive digital experiences and connect with tech-savvy consumers.
These sales feature digital collectables inspired by their iconic products, such as Nike, which led the sales, generating around $185.3 million from its “Cryptokicks” collection.
In January 2024, Meta announced the launch of Horizon Worlds NFTs, enabling users to create, buy, and sell NFTs within the Horizon Worlds metaverse. This development is part of Meta’s broader strategy to integrate NFTs into its virtual reality ecosystem.
Stay tuned to Innovious Research for ongoing market insights and data-driven analysis to help you navigate the future of Metaverse.
Data Sources: Mordor Intelligence, Focusonbusiness, BusinessWire, and others
Read more on Metaverse
Other Market Insights