Web3 Gaming in Asia ‘Crucial’ For Sector Development, Says New DappRadar Report

Over 55 percent of the global gaming community resides in Asia.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 14 April 2023 15:47 IST

Web3 Gaming in Asia ‘Crucial’ For Sector Development, Says New DappRadar Report

Photo Credit: Pixabay

sia contributes over $72 billion (roughly Rs. 5,88,229 crore) in annual gaming revenue

Highlights

Japan has the most robust Web3 gaming potential
Game publishers are implementing metaverse, NFT elements in Asia
Algorand is emerging as favoured blockchain for building games on

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.

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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.

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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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Further reading: Cryptocurrency, Web3 Gaming, Blockchain, Asia

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More