12 Oct 2018 Arjun Agarwal
The Blockchain Market Set to Reach $16 Billion in 2024 with Video Game Industry Expansion
Thanks to the broad adoption of the blockchain technology by large institutions, Initial Coin Offerings (ICOs) and the ever-increasing investments, the market continues to expand significantly.
In 2017, 250 global ICOs brought blockchain companies over $2 billion. Many businesses such as Amazon, NASDAQ, and Electronic Arts have invested more than $1 billion in the technology.
The blockchain has spread to almost every industry, including gaming. The blockchain manages to establish itself because of the decentralization, transparency, and security it offers. Currently, the video game market is the most significant business regarding volume and has grown to $100 billion.
According to an analysis made by Newzoo in 2018, gamers will pay 137.9 billion for games, which is 13.3 % more than last year. By 2021, the growth is expected to rise to 10.3% and the market to reach $180.1 billion.
Recently Global Blockchain Technologies Corp. published that it would create a subsidiary for its cooperative and exchange activities by integrating its projects and entertainment ventures with X2 Games Corporation. More details will be put up on November 1st.
X2 Games is a global leader in innovative technologies. The company builds unique multiplayer gaming experiences, designs, and animation.
Amazon also jumped on the bandwagon and said in a blog post that blockchain provides opportunities that were inaccessible in the past and allows decentralized and secure processes and transactions to take place.
ConsenSys gives the ability to two or more organizations to form blockchain networks on Amazon web services (AWS) by speeding up their actions and allowing greater customer reach.
Activation Blizzard announced it is returning to Brand Licensing Europe 2018 and will resume its international expansion. In addition to offering some of its most famous titles such as Call of Duty: Black Ops 4, Spyro Reignited Trilogy and World of Warcraft, it will present new products by Nerf, New Era, and McFarlane.
Electronic Arts, another leader in the global entertainment industry, published its financial results for the first fiscal quarter that ended on June 30th. The company has gained $3.550 billion which is 13 % more from last year. By offering distinct games and new platforms and expanding in more regions, EA gathers members from around the world to play.Blockchain