Global Play-To-Earn NFT Games Market Size Expected to Reach $8.85 Billion In 2028

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Sep 12, 2023, 08:50 ET

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Sept. 12, 2023 /PRNewswire/ -- Play-to-earn NFT game is a new type of game that allows players to experience the combination of gaming and blockchain. In NFT games, NFTs can be in-game currency, characters, maps, or any other game item. NFTs in NFT games have value in the market, and players can make money by selling these NFTs. Video games have changed the way a generation is entertained. Since Tennis for Two was introduced in 1958, the gaming industry has taken the world by storm. Games like League of Legends, Fortnite, and Minecraft are played by millions of players around the world. For example, the Entertainment Software Association (ESA) predicts that 227 million Americans play video games or about 66 percent of the U.S. population. Covering a wide variety of genres and devices, video games have become a major force in culture and entertainment. A report from 360 Market Updates projected that the global Play-to-Earn NFT Games market size was valued at USD 3292.73 Million in 2022 and will reach USD 8856.95 Million in 2028, with a CAGR of 17.93% during 2022-2028. Active Tech Companies from around the markets with current developments this week include: The NFT Gaming Company, Inc. (NASDAQ: NFTG), Roblox Corporation (NYSE: RBLX), Take-Two Interactive Software, Inc. (NASDAQ: TTWO), Electronic Arts Inc. (NASDAQ: EA), Funko, Inc. (NASDAQ: FNKO).

The 360 Market Updates report said: "In the past few years, a new game mode has gradually emerged in the blockchain ecosystem, that is, "play to earn". This new game type uses crypto-assets and NFTs to secure ownership of in-game currency and items for players. And NFT directly connects the digital economy outside the game and realizes value in the real world. At the same time, with the rise of the "metaverse" concept and the increase in player demand, major game development companies are also gradually deploying the Play-to-Earn NFT Games field. Companies such as Good Player Entertainment recently signed an agreement with Fork Gaming to develop and launch the game-as-a-money NFT game Chosen Ones. Microsoft plans to acquire Activision Blizzard, as well as companies like Zynga and Coinbase to build NFT marketplaces and integrate NFTs into games. It can be seen that the market size of Play-to-Earn NFT Games will continue to expand during the forecast period."

The NFT Gaming Company, Inc. (NASDAQ: NFTG) BREAKING NEWS: NFT Gaming Company Announces Commercial Launch with Space Striker AI - Game is available on iOS and Android platforms - The NFT Gaming Company, Inc. ("NFTG" or the "Company"), a company developing a digital gaming platform and community that will offer users the ability to create unique avatars playable in all of the games on the platform in the form of non-fungible tokens, or "NFTs," announced that the company has launched its first game, Space Striker AI for Android and iOS. The game is available to download in the Google Play Store and Apple App Store. To download the game, click here: Space Striker AI

"The NFT Gaming Company is extremely pleased to begin commercialization with our first game as we continue to develop an exciting catalogue of casual games that bridge the gap between traditional gaming and Web 3.0," said Vadim Mats, CEO of NFT Gaming Company. "This is the first major milestone for NFTG and the Gaxos vision. Going forward, we anticipate releasing additional games and revenue producing applications in the near future."

Space Striker AI allows players to engage in a captivating storyline and exciting retro shooting space action in your AI-generated spaceship. Fuse crystals to upgrade your ship parts to craft, clash and conquer the galaxy all within a dynamic free-to-play economy with optional NFT elements for an expanded experience. Read this and more news for NFTG at: https://ir.nftgco.com/news-releases/

In other industry developments and happenings in the market this week include:

Take-Two Interactive Software, Inc. (NASDAQ: TTWO) recently reported results for the first quarter of its fiscal year 2024, ended June 30, 2023. First quarter results include the Company's combination with Zynga, which closed on May 23, 2022, and affects the comparability of its results relative to last year. For further information, please see the first quarter fiscal 2024 results slide deck posted to the Company's investor relations website at www.take2games.com/ir.

"We had a strong start to the fiscal year and achieved Net Bookings of $1.2 billion, which was at the high end of our expectations. Our performance was led by our catalog of iconic, industry-leading intellectual properties, which continues to resonate with our player communities worldwide," said Strauss Zelnick, Chairman and CEO of Take-Two. "Our core business trends remain healthy, and we are reiterating our prior guidance of $5.45 to $5.55 billion in Net Bookings for Fiscal 2024. Our teams are making excellent progress on our strategic focus areas, including the advancement of our eagerly-anticipated development pipeline and capitalizing on our revenue-driven opportunities and synergies, all while maintaining a deep focus on efficiency."

Electronic Arts Inc. (NASDAQ: EA) celebrated the 2023 NFL Season kickoff by inviting football fans everywhere to play EA SPORTS™ Madden NFL 24 via a global trial, during a Free Play Weekend, September 7 through September 10 on Xbox One, Xbox Series X|S, PlayStation®4 and PlayStation®5. Players on Xbox Series X|S and PS5™ platforms experienced the new levels of control and realism delivered through elevated gameplay along with the fun of mini-games and depth of Superstar Mode, Franchise Mode and more. NFL fans looking to jump headfirst into the season kickoff can enjoy the new Madden NFL 24 NFL+ Edition** (available until October 10), which gives fans a unique opportunity to play and watch all of the NFL action by accessing Madden NFL 24 and 3 months of NFL+ Premium, the NFL's direct-to-consumer service

"We love seeing more players enjoying Madden NFL 24, and looking at all the ways they are exploring the new gameplay, new modes, and everything about this year's experience," said Mike Mahar, Senior Production Director, EA SPORTS Madden NFL. "NFL Kickoff means a brand new season of world class football competition is upon us, and alongside the big hits and game changing plays each week, our team will be hard at work bringing new content, experiences and improvements based on player feedback via live service updates all season long."

Roblox Corporation (NYSE: RBLX), a global platform bringing millions of people together through shared experiences, recently released its second quarter 2023 financial and operational results. Separately, Roblox posted a letter to shareholders and supplemental materials on the Roblox investor relations website at ir.roblox.com.

Second Quarter 2023 Financial and Operational Highlights Were: Revenue was $680.8 million, up 15% year-over-year, and up 17% year-over-year on a constant currency basis; Bookings were $780.7 million, up 22% year-over-year, and also up 22% year-over-year on a constant currency basis¹; Net loss attributable to common stockholders was $282.8 million; Net cash provided by operating activities was $28.4 million; Average Daily Active Users ("DAUs") were 65.5 million, up 25% year-over-year; Average monthly unique payers were 13.5 million, up 19% year-over-year; Hours engaged were 14.0 billion, up 24% year-over-year; and Average bookings per DAU ("ABPDAU") was $11.92, down 3% year-over-year, and down 2% year-over-year on a constant currency basis. Average bookings per monthly unique payer was $19.32, up 3% year-over-year, and also up 3% year-over-year on a constant currency basis.

"We continue to drive high rates of organic growth in DAUs, Hours, and Bookings. We are growing among users of all ages and across all geographies. We remain focused on extending our product leadership to drive value for creators and brands, and even more innovative and immersive avatars and experiences for our users," said David Baszucki, founder and CEO of Roblox.

Funko, Inc. (NASDAQ: FNKO), a leading pop culture lifestyle brand, recently reported consolidated financial results for its second quarter ended June 30, 2023.

"For the 2023 second quarter, net sales and adjusted EBITDA loss were within our guidance, and SG&A expenses were better than expected and an improvement over the preceding quarter," said Michael Lunsford, recently appointed Interim Chief Executive Officer of Funko. "Ongoing inventory de-stocking by some of our larger U.S. wholesale customers impacted our topline and profitability. We anticipate that this softness will continue in the second half of this year and, as a result, we have lowered our full-year guidance.

"We have also begun re-shaping the company to focus our energies and resources on Funko's core products. To that end, we are implementing a strategic plan to reduce the number of product lines and complexity in our business. Putting our fans and brand first, running the business like a lean startup and investing in areas where we can grow profitably, will guide and inform every decision we make."

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