Introduction

Sports Market Definition

Sports are group games and individual activities that involve physical activity and skills. Sports help to overcome adversities and win.

Playing sports helps release pressure and tension in a healthy and controlled way, and improves mood, and concentration. The main types of sports are spectator sports and participatory sports. Spectator sports include the presentation of sporting events by teams and clubs or independent athletes.

The global sports industry revenue was forecast to grow in the coming years. In 2024, the industry’s revenue amounted to over $506 billion and was expected to grow at a compound annual growth rate of 9.13% between 2022 and 2028. By 2028, the global sports market was expected to be worth over US$ 680 billion.*

Esports Market Definition

Esports, short for electronic sports, refers to competitive video gaming where professional players or teams compete in various multiplayer video games. These competitions are often organized into leagues, tournaments, and events, attracting both online and offline audiences.

Esports has grown into a global industry, with players, sponsors, and spectators contributing to its popularity and economic significance.

The Esports market worldwide is projected to reach a revenue of $4.3 billion in 2024. The esports industry worldwide is expected to reach a projected revenue of $12.1 billion by 2030. A compound annual growth rate of 26.8% is expected of the worldwide esports industry from 2024 to 2030.**

Blockchain Games Market Definition

A blockchain game is a video game with features utilizing cryptography-based blockchain technologies. It uses elements of blockchain, such as Non-Fungible Tokens (NFTs) and cryptocurrency in the games, allowing the players to buy, sell, trade, and earn revenue through the game by making transactions. These platforms provide gamers with a transparent environment to trade in-game assets and create new opportunities.

Blockchain technology has revolutionized the gaming industry by opening new opportunities, allowing secure and transparent transactions, innovative gameplay mechanics, and new ways to play games. Moreover, blockchain technology has become conventional and widely adopted across various gaming industries as more developers are incorporating blockchain features into their games by providing real economic incentives and transforming gaming into a feasible source of income for professional players and streamers.

The global blockchain gaming market size was valued at $154 billion in 2023 and is projected to grow to $614 billion in 2030 at a compound annual growth rate of 21.8%.***

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Blockchain technology, such as cryptocurrencies and NFTs, offers potential revenue streams for video gamers. The blockchain gaming market combines blockchain technology and the gaming industry.

In traditional gaming, participants frequently have limited ownership and control over in-game assets, and transactions are usually not decentralized. However, blockchain technology enables decentralized and transparent platforms that enable players to claim actual ownership of digital assets via non-fungible tokens (NFTs) and smart contracts.

Blockchain gaming is also full of decentralization technology and offers a variety of perks that allow players to earn cryptocurrency while engaging themselves. The growing need for decentralized games and assets is a major driver of the blockchain gaming market. Decentralized games and assets let users have complete ownership and control over their in-game assets. This means that players are able to freely transfer, trade, and even sell their assets, unlike in traditional centralized games, with decreased control and an increase in ownership there is positive growth in the blockchain gaming market. Technological developments in smartphone technology and a growing interest of customers in blockchain gaming are important driving forces in the blockchain gaming industry.

Reference: * https://blog.marketresearch.com/sports-industry-revenue-and-top-trends-for-2024-and-beyond

https://www.statista.com/statistics/370560/worldwide-sports-market-revenue/

** https://www.grandviewresearch.com/horizon/outlook/esports-market-size/global

*** https://www.fortunebusinessinsights.com/blockchain-gaming-market-108683