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As the home to more than 1.7 billion gamers, Asia drives the majority of the global gaming market, with China, South Korea and Japan hosting more than half of the top gaming developers worldwide. With over 600 blockchain companies already building in the region, Asia is primed to lead a transformation of the gaming industry and become the epicenter for blockchain gaming.
Asia has been a kingmaker in the gaming industry for some time. The region is home to more than 55% of the global gaming market. It also generates 52% of the world’s gaming revenue — or US$72 billion annually. Stage is set for Web3 gaming Mobile gaming is primed for the benefits that Web3 can offer. Free-to-play models have traditionally dominated mobile gaming, but increasingly, the industry is awakening to the exploitation that these models pose to players. Microtransactions or loot crates entice gamers to spend money. But this represents a one-way economy; user money goes to the developer, and the player gets an item that only works on a specific account in a specific game. In this paradigm, gamers have no real claim to their digital assets and lose all that value when the title shuts down, or the player migrates to a new game. Web3 offers another way, allowing users to truly own and trade the assets they buy while unlocking new revenue streams to developers, such as through greater transaction volume in-game and royalties on all secondary sales. Governments embracing Web3 Hong Kong is increasingly positioning itself towards the crypto sector, opening up asset trades to retail investors, legalizing stablecoins, and creating a dedicated Web3 marketing fund. Japanese Prime Minister Fumio Kishida’s “Cool Japan” tech strategy represents a top-down sovereign mandate embracing decentralized technologies, including the metaverse and NFTs, as a core area of business interest for the country. And Beijing just released a white paper on the metaverse and “internet 3.0.” The race is on, and Web3 gaming is in pole position. Giants making moves Blockchain gaming companies are starting to explore Web3 gaming opportunities in Asia. The region already has the biggest gaming markets on earth, and traditional Web2 giants are increasingly showing interest in and experimenting with adopting Web3 components. Sony has filed a patent for NFT transfers between games and consoles. Square Enix is pushing into Web3 with Symbiogenesis, a gamified collectible experience, and the former CEO of Riot Asia is building a blockchain-powered MOBA game. Source: Forkast
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