Web3 Gaming in Asia ‘Crucial’ For Sector Development

Asia is home to the majority of the world's enthusiasts; consequently, the Web3 gaming industry is optimistic about expanding in the continent. Asia's gaming community generates the greatest amount of revenue. According to DappRadar's most recent research report, India, China, Japan, and South Korea collectively have more than 1.7 billion video game participants, and this large number has prompted the Web3 gaming community to prioritize this market.

Asia is home to more than 55 percent of the global gaming community. The continent contributes more than $72 billion (approximately Rs. 5,88,229 crore) annually to the gaming industry. Japan's blockchain gaming market has garnered significant interest from the gaming industry.

"Anime-based NFT collections have recently gained significant traction, accounting for 10.73 percent of the trading volume of the top 1000 NFT collections," the report stated.

Polygon and Ethereum, both eco-friendly proof-of-stake (PoS) blockchains, have emerged as the two most popular blockchains for Web3 game development in Asia. In terms of Web3 game support, Polygon surpasses Ethereum, which presently holds a 9.2 percent market share, with a market share of 30,8 percent.

Sony, Bandai Namco, and Wemade, among others, have begun integrating blockchain-based elements such as NFTs and the metaverse into their respective gaming ecosystems.

This clearly demonstrates the importance of Asia to the gaming industry. Blockchain gaming is still in its infancy and has not yet achieved mainstream acceptance. However, this presents a significant opportunity for development in the region, and with the rise of Asian gaming companies shifting towards Web3 and embracing blockchain technology, the adoption of blockchain gaming could occur sooner than anticipated, according to a report by DappRadar.

Bitget, a Seychelles-based cryptocurrency exchange, resolved earlier this month to invest $100 million (roughly Rs. 819 crore) in the Asian Web3 market.

In the second quarter of 2022, 58 percent of web traffic from Asian nations to crypto services will be related to non-fungible tokens, according to a recent report by Chainalysis. A further 21% of traffic was attributable to play-to-earn blockchain activities.

In addition to Ethereum and Polygon, the DappRadar report indicates that the Algorand blockchain is gaining traction among Web3 game developers.