Play-and-Earn (P&E) capabilities in Web3 games, commonly known as ‘GameFi’, are taking over the crypto market. Blockchain games accounted for over half of global blockchain usage by the summer of 2022. With a compound annual growth rate of 70.3%, the blockchain gaming market will grow to US$65.7 billion by 2027.
GameFi Traction in Southeast Asia
In Southeast Asia (SEA), blockchain games have taken off like wildfire, according to Chainalysis. In terms of GameFi adoption, the Philippines and Vietnam are at the top, with 25% and 23%, respectively, playing P&E games. Other countries in the region are also joining in, mainly due to economic drivers — the median, minimum wage in SEA is just US$300 per month, and P&E games offer a way to earn extra income. GameFi is in perfect shape with a global pandemic.
Sky Mavis launched SEA GameFi in 2018 with the NFT game Axie Infinity. In February 2022, Axie Infinity broke a record for NFT sales by breaking US$4 billion during the crypto bull market of 2021. Through a metaverse platform, the company is now expanding its game offering.
Other companies are building Web3 gaming platforms in SEA too, with a focus on expanding the industry’s user base and capturing the growing multi-billion dollar market.
Digital Entertainment Asset (DEA) is one of them. PlayMining’s NFT marketplace and platform, PlayMining GameFi, has five current NFT games and more planned for 2023. The company has strong player bases not only in SEA, but also in Japan. With collaborations with Rakuten and TV Tokyo, DEA’s DEAPcoin ($DEP) is Japan’s first P&E token approved by the Financial Service Agency. To expand internationally, DEA secured a US$10 million investment from LA-based LDA Capital.
There are undoubtedly many more Web3 games popular in SEA. Despite bear market conditions, GameFi is leading the world in crypto adoption. Web3 gaming is very likely to become mainstream by 2026 due to Asia’s 1 billion gamers.
