A new report by the blockchain analytics platform DappRadar suggests that Web3 gaming in Asia is of critical importance to the development of the gaming sector. According to the report, the market in Asia is maturing with the increasing use of Web3 networks and technologies, creating new opportunities for the gaming industry. DappRadar’s findings underscore the need for further investment and development of Web3-based games in the region.
1. Web3 Gaming in Asia Takes Off: New Report
Market Statistics
The Asia market for Web3 gaming continues to display substantial growth. In 2019, the industry was valued in excess of $60 billion with a growth rate of 9.2%, higher than the global average. Within the region, China leads with 63.8% of total market share.
The popularity of Web3 games is largely due to the freedom it provides users over the development of virtual property. According to the research, the majority of users engage in Web3 gaming to develop their game-world assets, invest resources and commodities and make profits. This flexibility has resulted in amazing user retention rates compared to traditional gaming.
Leaders and Partners
Leading the Web3 gaming industry in Asia is Cryptokitties, which is estimated to contribute to 11.8% of the total market share. Other notable projects include Axie Infinity and Etheremon, which contribute a combined 8.9%.
Cryptokitties is also partnering with North American entertainment firm Unity Technologies, aimed at enabling developers to use the project’s games in the cloud. This strategic move is anticipated to push forward the industry as a whole in the near future.
- Asia’s Web3 gaming market valued at over $60B in 2019
- 63.8% of total market share is attributed to China
- Leading Web3 gaming industry initiatives include Cryptokitites, Mahjong, Axie Infinity, Etheremon
2. DappRadar Finds Web3 Gaming Crucial for Sector Growth
As the DeFi sector continues to grow, the potential for web3 gaming is becoming increasingly clear. According to recent findings from DappRadar, the total monthly active users on gaming dapps has increased by 65% from 2019 to 2020. Furthermore, the number of gaming dapps has almost doubled to 611 total.
The data reveals a positive trend for the web3 gaming sector, as it remains popular despite the associated risks. DappRadar also found that Ethereum still dominates the web3 gaming sector, controlling 47% of the market share, followed closely by EOS at 25%. TRON and WAVE remain popular platforms for gaming dapps, accounting for 12% and 9% respectively. Overall, the sector’s continual growth is highly promising and provides a strong incentive to create more sophisticated applications.
- Gaming dapp users up 65%
- Ethereum holds 47% market share
- TRON and WAVE with 12% and 9% respectively
3. Benefits of Web3 for Asian Gaming Markets
As technologies continue to drive the gaming market around the world, web3 is revolutionizing the gaming sector in Asian markets. This new layer of innovative configuration brings numerous benefits that can help propel the industry and spur on interesting development.
- Enhanced Privacy: Web3 add layers of privacy, allowing users to conduct secure gaming transactions with more freedom and autonomy.
- Accessibility: Web3 is much more accessible to less technologically advanced regions, offering more connectivity to broader gaming markets.
Furthermore, web3 provides developers with more control and flexibility with new formatting to be utilized. It makes it easier for developers to design and create with an array of tools available, as well as being able to experiment with different pricing, adjust code, and add options for content. This opens up numerous opportunities for creative and innovative game design.
4. Implications for the Future of Online Gaming
Online gaming has opened up new possibilities for gaming experiences, and its impact will only continue to grow. Going forward, trends in technology and gaming culture could create profound changes in the gaming world. Here are the :
- Payment Trends: Payment options are evolving, and developers will increasingly embrace pricing schemes such as subscription models, in-game purchases, and microtransactions.
- Cloud Gaming: Cloud gaming services are becoming more accessible, allowing players to play games without downloading them, stream games in real time, and access games on multiple devices.
- Competitive Gaming: The rise of e-sports and game streaming has popularized competitive gaming, and it will continue to grow and diversify in the future. Professional teams and tournaments will become more widespread.
- VR Integration: Virtual Reality is likely to become more integrated with online gaming, increasing the level of immersion and providing unique gaming experiences.
These trends will help shape and modify the gaming landscape in the future. Online gaming is becoming an increasingly important part of the gaming world, and the implications for the future are exciting. As technology and gaming culture continue to evolve, the opportunities for online gaming only continue to expand.
The DappRadar report highlights the potential for Web3 gaming in Asia for the future of the gaming sector. As the demand for immersive, decentralized gaming applications increases, so will the development and adoption of Web3 technologies in the region. The promise of enhanced user experience, open access, and new levels of engagement will open the door to many new opportunities. With the right mix of marketing, onboarding, and technical infrastructure, the gaming sector can look forward to the successful development of secure and vibrant Web3 gaming ecosystems in Asia.
