United

Immutable

Read

Epic

<p class="is-style-lead">New research shows that the North American digital gaming market is poised for growth as emerging trends, including the metaverse and blockchain technology, reshape the industry.</p>



<p>The digital gaming market is forecast to experience a surge in the coming years, with North America leading the way in revenue generation, closely following Asia-Pacific. </p>



<p>According to <a href="https://www.businesswire.com/news/home/20230529005115/en/North-America-Digital-Gaming-Market-Report-2023-Metaverse-is-on-the-Rise---Over-Half-of-Surveyed-Gen-Z-Gamers-in-the-U.S.-Intend-to-Make-Money-in-the-Metaverse---ResearchAndMarkets.com" data-type="URL" data-id="https://www.businesswire.com/news/home/20230529005115/en/North-America-Digital-Gaming-Market-Report-2023-Metaverse-is-on-the-Rise---Over-Half-of-Surveyed-Gen-Z-Gamers-in-the-U.S.-Intend-to-Make-Money-in-the-Metaverse---ResearchAndMarkets.com" target="_blank" rel="noopener">a new report</a> on the North American digital gaming market for 2023, the industry is undergoing a remarkable boom, driven by the advent of the metaverse and the integration of blockchain technology, the building blocks of bitcoin (<a href="https://crypto.news/bitcoin-price/">BTC</a>) and other cryptocurrencies, into gaming.</p>



<p>The report highlights how the gaming landscape is being reshaped by technological advancements and emerging trends, including advanced gaming technologies, socializing within games, cloud gaming, and gaming within the metaverse.&nbsp;</p>



<p>Beyond the traditional concept of playing games, these trends have <a href="http://www.businesswire.com/news/home/20230529005115/en/North-America-Digital-Gaming-Market-Report-2023-Metaverse-is-on-the-Rise---Over-Half-of-Surveyed-Gen-Z-Gamers-in-the-U.S.-Intend-to-Make-Money-in-the-Metaverse---ResearchAndMarkets.com" target="_blank" rel="noreferrer noopener">transformed</a> the gaming market into a comprehensive ecosystem that encompasses viewing, attending virtual events, and content creation. </p>



<p>For instance, famous brands like Minecraft and Fortnite have started incorporating metaverse elements, allowing players to explore virtual worlds for in-game socialization.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/ralph-lauren-epic-games-launch-new-digital-apparel-accessories-in-fortnite/" class="cn-block-related-link__link">
            Ralph Lauren, Epic Games, Launch New Digital Apparel Accessories in Fortnite        </a>

    
</div>


<p>Globally, the adoption of gaming within the metaverse is on the rise. A February 2022 <a href="https://crypto.news/research-7-out-of-10-gen-zs-are-drawn-to-the-metaverse/">study</a> finds that over half of Gen Z gamers in the United States intend to make money in the metaverse.</p>



<p>This shift in consumer expectations has led to a growing demand for virtual stores within the metaverse, where gamers can browse and purchase products. </p>



<p>Another noteworthy trend is the momentum gained by blockchain gaming, which enables using non-fungible tokens (<a href="https://crypto.news/there-are-now-nearly-10-million-holders-of-reddit-nfts/">NFTs)</a> and distributed ledger technology (DLT) for in-game character sales and virtual goods trading.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Who Cares About the Metaverse?" width="1020" height="574" src="https://www.youtube.com/embed/CqkhjL3WvWQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="active-gamers-count-increasing">Active gamers count increasing&nbsp;</h2>



<p>While the number of players has been steadily increasing, the United States has experienced a decline in consumer spending on video game products. </p>



<p>The global gaming industry is gradually growing, propelled by evolving consumer expectations, technological advancements, and new monetization models. The pandemic-induced digital and online gaming surge created recent trends, such as gaming in the metaverse. </p>



<p>Gaming companies have introduced new business models, including subscriptions, in-game purchases, multiplayer games, and virtual goods.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/immutable-and-metastudio-partner-to-enhance-gaming-metaverse/" class="cn-block-related-link__link">
            Immutable and MetaStudio partner to enhance gaming metaverse        </a>

    
</div>


<p>North America, a leader in gaming revenue second only to Asia-Pacific, witnessed billions of dollars in revenue in 2022. However, the report reveals decreased consumer spending on video game products in the United States. </p>



<p>The peak in consumer spending experienced in 2021 during the pandemic subsided in 2022 due to various factors, including the rising cost of everyday products globally, which led consumers to shift away from purchasing video game products.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="The Metaverse: What Does it Mean For Gamers?" width="1020" height="574" src="https://www.youtube.com/embed/5UCPfPt5ihM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Notably, gaming companies such as <a href="https://crypto.news/sony-patent-reveals-playstation-exploring-nfts-and-blockchain/">Sony</a> and Microsoft observed a decline in the sale of gaming consoles, indicating reduced expenditure on video game products. The limited supply of new technologically advanced console hardware and a slow release of new gaming titles further contributed to the decline in consumer spending.</p>



<p>In another recent development, Nanjing City in China has taken a significant step towards establishing itself as a <a href="https://crypto.news/nanjing-unveils-metaverse-platform-for-local-web3-development/">hub for metaverse technology.</a> The city introduced the China Blockchain Technology and Application Innovation Platform to foster innovation and development in the metaverse space. </p>



<p>The platform seeks to leverage blockchain technology to drive the growth of the metaverse in China. By creating an environment that encourages collaboration and experimentation, Nanjing City aims to attract local and international companies to contribute to developing metaverse applications and technologies.</p>



<p>The metaverse can potentially <a href="https://www.alibabacloud.com/topic-center/a1/0-the-metaverse-and-how-it-will-revolutionize-everything-alibaba-cloud" target="_blank" rel="noreferrer noopener">revolutionize</a> various industries, including gaming, entertainment, e-commerce, and social networking. </p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/5-ways-the-metaverse-can-change-the-world/" class="cn-block-related-link__link">
            Five ways the metaverse can change the world        </a>

    
</div>

Metaverse and blockchain boost North American digital gaming markets

Table of Contents

crypto.news

Other articles published on May 30, 2023

Binance Australia Fiat Ramp Closure Leads to Bitcoin Selling $5K Cheaper

Five Ways to Reduce Annual Crypto Taxes in the US

US debt ceiling deal cancels 30% bitcoin mining tax

Temasek Reduces Compensation for Execs Linked to $275M FTX Investment

Introducing the SKALE Metaport Bridge: Easily Transfer Tokens Between SKALE Chains and Ethereum

Optimism and Sui to Unlock Tokens Worth $650 Million

Join our free newsletter for daily crypto updates!