Asia, home to 55% of the world’s gaming population or roughly 1.7 billion players, is poised to dominate 80% of the burgeoning Web3 gaming sector, a recent report by DappRadar and Japanese crypto firm Pacific Meta indicates. This impressive prediction comes despite significant legal hurdles and restrictions on gaming in several Asian countries.
The Eastern Hemisphere’s Gaming Revolution
This new wave in the gaming industry is a stark contrast to the restrictive gaming regulations that currently exist in many Asian countries. For instance, China allows gamers under 18 to play for only an hour per day. South Korea has come down hard on blockchain games, virtually banning them. However, these restrictions have not dampened the spirit of innovation in the region, as demonstrated by the growing interest in Web3 gaming.
Asian video game publishers Nexon and Square Enix are leading the charge, with their respective ventures into Web3 gaming through MapleStory Universe and the upcoming game Symbiogenesis. Intriguingly, both games will utilise Polygon, widely recognised as the most preferred network for Web3 gaming.
The study further reveals that role-playing games (RPGs) such as Final Fantasy, Phantasy Star Online, and Genshin Impact are particularly popular in the Asian market.
Powering Up: Web3 Gaming’s Asian Surge
This enthusiasm for Web3 gaming was on full display at the recent Game Developer’s Conference (GDC) in San Francisco. Korean game publisher WeMade, for instance, boasted one of the largest booths. According to a representative on-site, WeMade plans to release its games within Korea first, sans Web3 elements, before launching them globally with NFTs and Web3 integrations through its WeMix platform.
Sky Mavis Cofounder Trung Nguyen, another industry insider, believes that Web3 gaming is a “natural” fit for the Asian market due to the types of games the market favours. Nguyen stated, “They find it very natural to get into Web3 gaming because in the early days of Web3 gaming, it’s all about rolling, gatcha, having the best characters that you can find, and then [trading] it on the market.”
Implications for the iGaming industry
The rise of Web3 gaming in Asia has significant implications for the global iGaming industry.
- Market Evolution: The increasing popularity of Web3 gaming in Asia could result in a shift in focus from traditional gaming markets. This could push game developers to innovate and adapt their offerings to cater to the rising demand.
- Regulatory Challenges: The current gaming restrictions in Asian countries could pose challenges to global growth. Overcoming these regulatory hurdles will be critical for the continued expansion of Web3 gaming.
- Network Preference: The preference for Polygon as the network for Web3 gaming could lead to its dominance, potentially sidelining other networks. This shift could shape the technological infrastructure and development of future Web3 games.
