Web3 Gaming is Asia’s Opportunity for Market Domination According to DappRadar
The gaming industry has always been a force to reckon with, and in the constantly evolving landscape of web3 gaming, Asia’s dominance is critical, according to a recent report by DappRadar.
The Same Old Trend
Home to 1.7 billion gamers, Asia is responsible for contributing over $72 billion in annual gaming revenue, making it a significant market for the gaming industry.
The report highlights the factors driving gaming adoption and emphasizes Asia’s domination of the global gaming market. It also sheds light on the nascent state of blockchain gaming in Japan, indicating the industry’s early stages and limited mainstream acceptance.
Despite this, game companies in Japan and South Korea are leading the way in the adoption of blockchain technology in gaming.
The interest in blockchain technology is so high that game companies are incorporating it into their game IP. Blockchain technology offers a new way for game companies to create and distribute in-game assets that players can buy and sell. It also offers a way to ensure the security and transparency of these transactions, making it an attractive option for game companies.
The report further highlights that since the emergence of games like Final Fantasy and Dragon Quest in the late 80s and early 90s, RPG games have been the dominant genre in Asia’s gaming market. Unlike the US market, where strategy and action games prevail, RPG games have become a cultural aspect of Asia.
This genre is ideal for incorporating blockchain technology as they involve the creation and exchange of in-game assets, making them an ideal fit for blockchain technology and open worlds.
The DappRadar gaming survey provides valuable insights into the latest trends in web3 gaming. The survey highlights that Twitter is the top platform for gamers to discover new games, and airdrops remain a crucial factor in motivating them to try new games, even before experiencing the game’s visuals or quality.
The survey also reveals that Polygon is the blockchain of choice for 30.8% of the web3 games surveyed, with Ethereum and Algorand coming in at a close second with 9.2% each.
The potential of blockchain gaming has been a topic of interest for quite some time, and the report sheds light on how the shift from web2 companies towards web3 is expected to impact the industry. The rise of Asian gaming companies embracing blockchain technology and shifting towards web3 presents a significant opportunity for growth in the region.
As the gaming industry continues to evolve, it will be interesting to see how blockchain technology and NFTs will transform the gaming experience and drive the adoption of web3 gaming.
With Asia’s dominance in the gaming industry, the region is poised to take a significant role in the adoption of blockchain gaming, paving the way for innovation and growth.