Web3 gaming in Asia is ‘crucial’ for the development of the sector, according to new DappRadar report

Web3 gaming in Asia is ‘crucial’ for the development of the sector, according to new DappRadar report

Web3 gaming in Asia is 'crucial' for the development of the sector, according to new DappRadar report

Asia is home to the majority of gamers in the world, whereby the Web3 gaming industry is hopefully looking to expand the sector in the continent. The Asian gaming community generates the maximum revenue. In its latest research report, DappRadar said the Asian nations of India, China, Japan, and South Korea collectively have more than 1.7 billion video game players, and this large number has encouraged the Web3 gaming community to focus on this market as a priority.

Over 55% of the global gaming community resides in Asia. The continent contributes over $72 billion (about Rs. 5,88,229 crore) in annual gambling revenue. The blockchain game market in Japan has specifically attracted major interest from the gaming industry.

“Anime-based NFT collections have recently grown in popularity, accounting for 10.73% of the trading volume of the top 1000 NFT collections,” the report said.

Polygon and Ethereum, two eco-friendly proof-of-stake (PoS) blockchains, have become the top two most popular blockchains for building Web3 games in Asia. With 30.8% market share, Polygon surpasses Ethereum, which currently holds a 9.2% share in terms of Web3 game support.

Established Asian game publishers like Sony, Bandai Namco, and Wemade, among others, have started incorporating blockchain-based elements like NFTs and the Metaverse into their gaming ecosystems.

“This is a clear indication of the importance of the Asia region in the gaming industry. Blockchain gaming is still a nascent industry and has yet to become mainstream. However, this presents a significant opportunity for growth in the region, and with the rise of Asian gaming companies turning to Web3 and embracing blockchain technology, blockchain gaming adoption may come sooner than expected,” the DappRadar report added.

Earlier this month, Bitget, a Seychelles-based crypto exchange, decided to provide $100 million (roughly Rs. 819 crore) to the Asian Web3 market.

A recent report by Chainalysis also recently highlighted that in the second quarter of 2022, 58% of web traffic from Asian countries to crypto services was related to NFT. Another 21% traffic was related to play-to-earn blockchain games.

Besides Ethereum and Polygon, the DappRadar report said that the Algorand blockchain is also becoming a popular blockchain among Web3 game developers.

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