Asia’s $72B Gaming Industry Crucial for Web3 Games: DappRadar15. April 2023
• Asia is a key market for the Web3 gaming industry, boasting 1.7 billion players and $72 billion in annual revenue.
• Japan and South Korea are leading the way when it comes to blockchain technology adoption, while China has been more hesitant.
• Visual quality, game experience and entry price are important factors for gamers when evaluating a new game.
Asia’s Dominance in Gaming
Asia is home to over 1.7 billion gamers, contributing over $72 billion in annual gaming revenue — making it a critical market for the Web3 gaming industry. 62 of the world’s top 100 gaming companies by market capitalization are located in China, Japan, and South Korea — all three countries dominating the Asian gaming industry with their respective tech advancements in blockchain technology-based games and platforms.
Japan & South Korea’s Blockchain Adoption
Japan and South Korea have taken positive strides towards embracing blockchain-based games as Sony recently patented NFTs related technologies and Sega announced its upcoming blockchain game release. In addition, survey results from 1,030 Japanese men and women ranging from 20s to 70s revealed that 40% of respondents were familiar with blockchain games with half of those having a favorable impression of them.
Main Factors For Gamers
When evaluating new games, visual quality and game experience are “slightly” more important factors for gamers than entry price, active users or game economies according to DappRadar’s report. This emphasizes how important user experience is for the successful adoption of blockchain games by mainstream gamers.
China: Banning Crypto & Prohibiting Blockchain Integration
Although Asia as a whole has seen tremendous growth within the gaming sector due to its large population base; China remains hesitant towards crypto integration into its video games as they have imposed bans on crypto assets while prohibiting its gaming companies from integrating any form of blockchain technology into their existing titles or upcoming ones.
It’s clear that Asia plays an integral role in terms of driving global growth within the Web3 gaming space due to its huge population base which is largely engaged with video games across multiple devices including PCs, consoles and mobiles devices such as smartphones & tablets; however each country within this vast region carries different attitudes towards cryptocurrencies/blockchain technology integration which could affect overall adoption rates in different ways depending on individual policies enacted by each country’s respective government bodies .