USA vs Asia: Web3 Gaming Market Share Disparity

USA vs Asia: Web3 Gaming Market Share Disparity

Play-To-Earn Games News, P2E Games News | 11 Apr 2023 17:43 UTC

Blockchain and Web3 game developers are taking huge steps to revolutionize the video gaming industry with a lot of games being launched every day. Web3 gaming saw sufficient development from the U.S.-region and neighboring countries in the last two years. However, Asia takes the lead in the fast-expanding Web3 gaming market led by Asian Web3 Companies in the U.S. Why is that and what are the challenges? With time, web3 gaming has gained more popularity and passionate gamers in Asia as compared to the Western region.

Web3 Gaming in the U.S. in the Challenges

Some experts believe it's just a matter of time before the new gaming industry establishes itself in the United States. But changes will need to be made before games can be enjoyed by Americans. However, given the regulatory challenges, market barriers, poor quality games, rampant scams, rug pulls, and diminishing goodwill, the Web3 games have a lot of miles to cover to go mainstream in the US market.

According to Francesco Di Ianni, a gaming consultant at FTI Consulting, many existing Web3 games rely on an unsustainable business model that requires an influx of new users to generate value for existing customers. This model has similarities to a pyramid scheme, causing distrust in the gaming community and making it difficult for future games to build an audience.

To attract more gamers, Web3 games should focus on providing fun, engagement, and a community experience while minimizing the friction around buying cryptocurrency and NFTs. Di Ianni believes that consumers should not even be aware that they are playing a Web3 game and should focus on the gaming experience rather than the technology behind it. "When I'm playing Call of Duty, I'm not thinking about the game engine. I'm playing the game," he said.

We all are well aware that crypto and NFTs have a specific role along with the Web3 games. However, both of the assets suffered a massive loss as the marketplace tumbled. NFTs' actual trading volume has reduced by 97% in the last nine months. Cryptocurrencies Terra and Luna crashed in May, wiping out half a trillion dollars' worth of market capitalization.

Blockchain gaming has 1.47 billion gamers just from the Asian region, or over half of the world's video game players, while Western nations question the worth of Web3. Axie Infinity has approximately more than 260,000 active gamers to breed and fight digital pets. Sprinterlands is just another example of a notorious Web3 card trading game. It has around 250,000 active users daily.

Web3 Gaming in Asia

Yat Siu, co-founder of Animoca Brands, a Hong Kong-based software and venture capital company making investments in Web3 games, said: “All the big gaming companies (in Asia) are talking about Web3 and NFTs”.

In 2022, the Web3 marketplace witnessed the highest revenue ever generated from the North America area. However, According to a Grand View Research analysis, the Asia Pacific area is expected to develop at a record pace through 2030. The influence of Asia Pacific is already expanding to Web3 gaming, with Animoca Brands and Sky Mavis the producers of The Sandbox and Axie Infinity leading the way. In the Asian region, China has the largest gaming market, with 744 million users and $45.8 billion in in-game earnings in 2017. South Korea, Japan, and the U.S. are next to it. China alone has approximately 700 million gamers eager to explore blockchain-based games, putting Asia Pacific at the forefront.

Many Asian companies are looking into international markets to increase the worldwide adoption of Web3 gaming. Giant Network has been growing rapidly in Asian markets for nearly two decades.

Barriers to Adopting Web3 in the U.S.

According to Francesco Di Ianni, a gaming analyst at FTI Consulting, many current Web3 games depend on a steady stream of new players to produce value for their existing users, which does not seem like a feasible business model. He claimed that many of them use pyramid-scheme-like mechanics which has caused suspicion among gamers. He also claimed this makes it more difficult for upcoming games to create a fanbase in the U.S gaming diaspora.

Web3 Adoption Beyond Asia

In a bid to expand the popularity of Web3 gaming, many Asian companies are showing interest in foreign markets. ZTimes aims to build a new generation of video games by exploiting Web3 technology. Its mission is to investigate alternative business methods and create games with novel concepts while empowering players.

Tom Wijman, games analyst said:” Web3 gaming has largely been driven by a handful of investors and companies, not by consumer demand. The growth of Web3 gaming will need developers to focus more on gameplay.

Wijman also addressed the situations game developers face throughout the Web3 ecosystem. When they try to create enjoyable Web3 games, developers face a lot of challenges. Blockchain technology makes it more challenging to create complicated games, hence many Web3 games are relatively simplistic.

He claimed that Web3 games also struggle with user acquisition, in part due to the negative perception of earlier games. He claimed "companies who are flourishing are relying on organic traffic" from developing a decent game. Gamers would ultimately favor the brands and communities that they are familiar with.

Asia takes the lead in the fast-expanding Web3 gaming market led by Asian Web3 Companies in the U.S. why is that and what are the challenges?
Asia takes the lead in the fast-expanding Web3 gaming market led by Asian Web3 Companies in the U.S. why is that and what are the challenges?

Play to Earn Gaming News

Want to know the most profitable (P2E) web3 games to play? We provide reviews of video games on our website. Our large collection of P2E games was carefully put together to give you all the information you need.

Add details on the game's kind, platform, tokens, white papers, and social media links. On our website, you can find the latest gaming news as well as game trailers and in-depth reviews. We are pleased to provide you with daily news updates on the most recent play-to-earn, P2E, blockchain, non-fungible tokens (NFTs), crypto, Web3, and metaverse games.

Find the top P2E games and developers by browsing our "Best Games" and "Game Lists" sections. If you want to know what's going on in the gaming industry, check out our "Video Game News" section daily.

If you are launching a game or have news regarding PlayToEarn games, please send us a press release. Our PlayToEarn Game news reporters will cover the event. Our website with video game reviews will assist you in locating the top play-to-earn (P2E) games.

Tags

web3, play to earn, Blockchain games, NFTs, game news
See All
Find Play To Earn Games - 51-100 Games

Find Play To Earn Games - 51-100 Games

Part 2 of our series has 50 fun P2E games. We'll write more about exciting play-to-earn games as we learn more. Check the games list! In this series of articles, we take a look at 50 play-to-earn games from different genres and platforms. There's something for everyone, whether they like RPGs, strategy games, shooters, or simulations. We've put together a list of games with different kinds of rewards, such as in-game assets and currencies, cryptocurrency, and non-fungible tokens (NFTs). Our goal...Read more

Find Play To Earn Games - First 50 Games

Find Play To Earn Games - First 50 Games

Part 1 of our series has 50 fun P2E games. We'll write more about exciting play-to-earn games as we learn more. Check the games list! In this series of articles, we take a look at 50 play-to-earn games from different genres and platforms. There's something for everyone, whether they like RPGs, strategy games, shooters, or simulations. We've put together a list of games with different kinds of rewards, such as in-game assets and currencies, cryptocurrency, and non-fungible tokens (NFTs). Our goal...Read more

Top 5 Crypto News Websites for Gamers to Learn More

Top 5 Crypto News Websites for Gamers to Learn More

Staying up to date on the latest news in the volatile world of cryptocurrencies is important for gamers who want to learn more about how gaming and crypto can work together. If you're interested in blockchain-powered games, gaming tokens, or how cryptocurrencies will change the gaming industry, you need a reliable source of crypto news. In this article, we put together a list of the best websites for gamers who want to learn more about the crypto world. Exploring the world of crypto news is impo...Read more

Web3 Gaming: GamesBeat, GRIT, Gala Games, Openfort, Gods Unchained

Web3 Gaming: GamesBeat, GRIT, Gala Games, Openfort, Gods Unchained

Web3 gaming: Gala Games token burn, Openfort's wallet-as-a-service, Illuvium Zero's Alpha test, and Gods Unchained's roadmap. Another week has passed, and there have been many new and exciting updates and games for Web3 gaming. This week, the Gamesbeat Summit 2023 came to an end with awards for big ideas and new talent. Gala Games also officially starts GRIT and burns 21 billion tokens to get ready for the future. New content is always being added to the game Eternal Dragons. Gods Unchained and ...Read more

Exploring Thrilling Galaxy Of NFT, Crypto, and Blockchain Games

Exploring Thrilling Galaxy Of NFT, Crypto, and Blockchain Games

Some games you should check out: Secondlive, Army of Fortune, Valhalla - Floki Inu, Pirates of the Arrland. Read game reviews for details. Welcome to the exciting world where NFTs, cryptocurrencies, and the blockchain come together to make gaming experiences you'll never forget. In this article, we'll take you on an exciting trip through a variety of games in this new space. Find out what makes them different and why you should dive into their fascinating worlds. These games are a thrilling mix ...Read more

Hong Kong Must Outperform Becoming Web3 hub

Hong Kong Must Outperform Becoming Web3 hub

With the rise of crypto-based games, Asian crypto companies are becoming more well-known. Singapore is one of these Asian economies, and there are well-known web3 gaming companies there. Singapore is an important financial and technology center in Asia. It has rules that make it easy for cryptocurrencies and blockchain technologies to work. The government has shown that it wants to encourage new ideas. They have made rules to help businesses in the cryptocurrency market. But we have seen a big r...Read more

PlayToEarnGames.com

Looking for the best play-to-earn games? Look no further than our video game review site. Our large collection of P2E games has been looked over and has all the information you need. From genre and game platform to tokens, whitepapers, and Discord and Twitter social media links, we have it all. In addition, we offer game trailers for each game, as well as game videos where we provide in-depth reviews. We pride ourselves on being up-to-date, and offer daily updates on the latest news in the world of video gaming. You'll find everything you need to stay informed about your favorite play-to-earn, blockchain, NFT, crypto, P2E, Web3, or metaverse games. Check out our Top Games and game lists to discover the best play-to-earn games. And don't forget to read our fresh daily game news to stay up-to-date on the latest developments in the world of gaming. With our video game review site, you'll have everything you need to explore, discover, and enjoy the best P2E games out there.