Asia is home to 1.7 billion gamers and contributes over $72 billion in annual gaming revenue, making it a critical market, according to DappRadar.
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Asia is “crucial” to the Web3 gaming industry, as it already boasts the majority share of gamers and gaming revenue, and has a high interest in blockchain technology, according to a new report.
An April 13 report from analytics platform DappRadar emphasized the Asian market has over 1.7 billion video game players, accounting for 55% of the world’s tot.
It also houses over half of the global gaming revenue and has long been “the driving force” behind the global gaming industry, according to the report.
Due to these factors, DappRadar claims the Asia region “plays a crucial role in the adoption of blockchain gaming.”
China, Japan and South Korea dominate the gaming industry in Asia and are home to 62 of the world’s top 100 gaming companies by market capitalization.
China has banned crypto and prohibits gaming companies from integrating blockchain technology into their games, DappRadar reported.
Meanwhile, gaming companies in Japan and South Korea are “leading the way in the adoption of blockchain technology in gaming,” the report says, pointing to Sony’s recent NFT-related patents and gaming firm Sega’s announcement of its upcoming blockchain game.
A survey of 1,030 Japanese men and women ranging in age from their 20s to 70s cited in the report revealed a promising outlook for the Japanese blockchain gaming industry.
Related: Asia’s gaming giants bet on Web3 to transform the global gaming landscape
It revealed just over 40% of respondents were familiar with blockchain games and over half of those familiar had a favorable impression of them.
The Web3 industry on a global scale was also addressed, with the report highlighting that “visual quality and game experience” are “slightly” more important factors for gamers when evaluating a new game over other aspects such as entry price, the number of active users and game economies.
The report also emphasized the significance of airdrops in motivating gamers to try out new games.
It was stated that airdrops are considered “an essential factor,” with gamers still expecting to receive them before starting a new game.
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