Game publishers are implementing metaverse, NFT elements in Asia
Algorand is emerging as favoured blockchain for building games on
sia contributes over $72 billion (roughly Rs. 5,88,229 crore) in annual gaming revenue
Photo Credit: Pixabay
Asia houses the majority share of gamers in the world, because of which the Web3 gaming industry is looking hopefully at expanding the sector in the continent. The gaming community of Asia churns the maximum chunk of revenue. In its latest research report, DappRadar said the Asian nations of India, China, Japan, and South Korea collectively have over 1.7 billion video game players, and this big number has attracted the Web3 gaming community to lay their focus in this market on priority.
Over 55 percent of the global gaming community resides in Asia. The continent contributes over $72 billion (roughly Rs. 5,88,229 crore) in annual gaming revenue. The blockchain gaming market in Japan has specifically garnered major interest of the gaming industry.
“Anime-based NFT collections have recently gained notable traction, comprising 10.73 percent of the top 1000 NFT collections' trading volume,” the report said.
Polygon and Ethereum — both eco-friendly proof-of-stake (PoS) blockchains — have emerged as the top two blockchains most favoured for building Web3 games in Asia. With 30.8 percent market share, Polygon outshines Ethereum, that currently has a 9.2 percent share in terms of supporting Web3 games.
Established game publishers from Asia like Sony, Bandai Namco, and Wemade among others have begun incorporating blockchain-based elements like NFTs and the metaverse in their gaming ecosystems.
“This is a clear indication of the significance 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 shifting towards Web3 and embracing blockchain technology, the adoption of blockchain gaming might come sooner than we expected,” the DappRadar report added.
Earlier this month, Bitget, a Seychelles-based crypto exchange, has decided to provide $100 million (roughly Rs. 819 crore) in the Asian Web3 market.
A recent Chainalysis report also recently highlighted that in the second quarter of 2022, 58 percent of web traffic from Asian nations to crypto services was NFT-related. Another 21 percent traffic was related to play-to-earn blockchain games.
Apart from Ethereum and Polygon, the DappRadar report has said that the Algorand blockchain is also emerging as a popular blockchain among Web3 game developers.
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