East Asian countries, particularly China, Japan, and South Korea, dominate the GameFi industry. In total, Asia is home to about 1.7 billion gamers, and the region’s annual revenue from blockchain gaming is more than $72 billion.
According to a joint study by analysts from DappRadar and Pacific Meta, Asia is home to about 55% of the world’s blockchain gamers, who generate about 52% of global annual revenue in the GameFi sector.
The study found that Asia’s gaming industry is dominated by China, Japan, and South Korea. Analysts revealed that 62 of the 100 largest gaming companies by market cap are located in these countries.
According to DappRadar, Asian GameFi projects generated over $72 billion in revenue in 2019, while blockchain gaming in North America only managed to generate about $16.5 billion, and in Europe — $15 billion. Moreover, analysts predict that the purchasing power of gamers in Asia will grow due to the region’s rising GDP per capita.
Analysts note that the growing performance of GameFi projects in the region is directly related to the increasing popularity of blockchain technology underlying this kind of games. For example, the report found that gaming companies in Asia were actively incorporating blockchain into their existing products, expanding their presence in the market.
The study also found that Japan is the driving force of the gaming industry in the region. A survey of Japanese gamers showed promising prospects for the country’s GameFi sector. Thus, about half of the gamers in Japan expressed their willingness to invest in their gaming experience.
The government of Japan expressed its readiness to invest in the Web3 sector and suggested changing the tax legislation to create a “welcoming atmosphere” for crypto businesses in the country.
