In today’s PlaytoEarnGames article, let’s talk about Asia. Asia is home to billions of gamers, businesses, and popular game IPs. The region dominates the gaming world and controls the global gaming market.
Furthermore, when it comes to adopting new technology, Asia was and still is all-in. As a result, all of Asia’s major gaming companies are now discussing blockchain and NFTs in gaming.
Web3 gaming companies such as Animoca Brands and Sky Mavis are setting the standard. China, South Korea, and Japan are Asia’s leading countries, with top gaming developers from all over the world.
The region has over 1.7 billion gamers, accounting for 55% of the global market. To top it all off, the region generates a whopping $72 billion in revenue per year. The figures are insane, implying that Asia will become a hub for Web3 games.
Some of the biggest names in traditional gaming are venturing into Web3 gaming and looking for opportunities in the region. Some noteworthy examples include Sony’s patent for NFT transfers, Square Enix’s upcoming NFT game Symbiogenesis, and a promising web3 MOBA game by the former CEO of Riot Asia.
Crypto and Blockchain Legislation Clarity in Asia
When it comes to the legislation of NFTs and other web3 technology, the crypto sector is befuddled. Hong Kong, on the other hand, is a pioneer in crypto-friendly legislation, allowing retail investors to trade digital assets, allowing stablecoins, and supporting Web3 with a dedicated marketing fund.
Furthermore, Japan’s Prime Minister Fumio Kishida’s efforts to legalize decentralized technologies contribute to Web3’s mainstreaming in Asia. The top-down approach is visible in Japan and its “Cool Japan” strategy, which includes NFTs and the metaverse as business interests.
China, on the other hand, has officially launched its whitepaper for Internet 3.0, escalating the race in Asia. The realm of Web3 gaming has emerged as a highly favored investment sector, witnessing an unprecedented surge in recent history.
Financial backing has flooded into this vertical, leading to estimations that a staggering 40% of all Web3 games ever developed will be unveiled within the next 12 to 18 months. This eagerly anticipated wave includes several highly-anticipated AAA titles that have undergone years of meticulous production.
Mobile Gaming in Asia
Asian gamers love playing games on their phones, and the number of mobile gamers is growing so quickly that it has already passed the number of PC and console gamers. Also, most of the world’s best mobile game developers come from China, Japan, or Singapore.
This shows that Asia is already the most popular place for mobile gamers and companies that make mobile games. It also says again that Asia is way ahead of the rest of the world when it comes to using mobile gaming technology.
If we look back in time, South Korea was the first country to use free-to-play games on a large scale. So, Asia is the leader in the gaming industry when it comes to using new technology and ideas.
Moreover, the prevalence of mobile devices is experiencing a remarkable upswing, and this upward trend is expected to persist, fueled by the relentless expansion of 5G networks.
These cutting-edge networks promise unparalleled access to cloud gaming services, revolutionizing the gaming experience. By eliminating the limitations imposed by traditional hardware constraints, mobile gaming is now poised to attract an even more extensive and diverse audience in the foreseeable future.
The convergence of 5G and cloud gaming is set to reshape the landscape of the gaming industry.
Free-to-Play on Mobile will Transcend to Play and Own
With Asia already having a large number of mobile gamers, the stage is set for the widespread adoption of Web3 games. The old concept of free-to-play will fade as gamers become more aware of the system’s exploitability.
In-game microtransactions and loot crates take money from players in exchange for digital assets with limited utility. When the game is shut down or a player’s account is deleted, they lose their digital assets.
As a result, players do not own or have legitimate claims to the in-game assets they have purchased. This is where Web3 games will benefit mobile gamers the most by allowing users to truly own and trade their digital assets.
Furthermore, decentralization and blockchain will allow these digital items to be transferred from one game to another. This will create new revenue streams for both developers and gamers, creating a win-win situation.
Although Asia is leading in web3 gaming and may as well become the epicenter for it, there is still a long way to go. Web3 game developers need to focus on the fun element rather than solely on economics.
The success of Web3 gaming hinges on prioritizing engaging and entertaining experiences for gamers, regardless of NFTs or blockchain awareness. Games that prioritize fun and player experience will drive greater adoption of NFT technology.
While challenges exist, Asia is well-positioned to become a leading force in Web3 gaming, with increasing investment and developer interest in the region. Overall, the industry is optimistic about the future of Web3 gaming and its potential impact on consumer technology.
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