The Asian region is about to play a key role in the large-scale application of blockchain

Meta Universe is creating hot hype, and Asia is turning to Play-to-Earn.

The latest trends surrounding the metaverse have aroused high interest not only in specific regions but also throughout the world. Asia has seen significant growth. This market accounts for 60% of the world’s population and almost half of the world’s gamers. Metaverse hopes to change the way we socialize, entertain and monetize by forming a decentralized space. A region with a truly thriving P2E movement may become a missing piece on the road to mass adoption. 

The following belongs to the blockchain user behavior report series. DappRadar’s series of reports aim to provide users with different perspectives of the blockchain industry, combining traditional behavioral financial analysis with blockchain indicators. This article analyzes the trend from the perspective of the blockchain industry, but also determines the modes of DeFi, NFT, and gaming. 

Key points

  • Meta Universe and P2E are the two most popular topics in Asia, with a month-on-month increase of 33%, and the number of mentions in the Asian media reached 1.7 million.
  • The meta-universe trend is dominated by the United States. However, as the number of users in India, Singapore and Indonesia has increased by 500%, the influence of Asia has become more and more obvious.
  • Gen Z is increasingly participating in Dapps; the traffic of 18-24 year olds has the fastest growth (expected to increase by 44% month-on-month in November).
  • As Bollywood and famous cricket players entered the field, more than 500,000 Indians showed interest in NFT.

Positive signs indicate that audiences in Asia are roaring

Since October 1, more than 1.1 million users have connected to DappRadar. The United States continues to maintain its dominant position in the previous few months and is still the region that attracts the most users. Based on data from November, the forecast predicts that traffic from the United States will increase by 8% from the previous month.

Although the United States dominates the blockchain field, certain scenarios unfolding on the other side of the globe indicate an increase in the number of users in Asia. For example, China is now the second largest audience area, and traffic from Asia doubled in October. 

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But the growth of Asian audiences is not limited to China. The footprint of Southeast Asia is also obvious. The Philippines, Indonesia, Thailand, Vietnam and Singapore all grew by at least 33%, and Thailand grew by 50%. Traffic in South Korea, Hong Kong, and Japan surged by 80%, while India’s 20% traffic growth was the icing on the cake. 

In general, the Asian market is closely related to the industry. The combination of emerging economies, high population density, and strong demand for games and technology make this area one of the most attractive areas for the industry. This is an area that supports the P2E movement more than any other place. 

The highest growth rate of 44% was found in Gen Z

In addition to increasing interest from Asia, the most interesting trend observed in demographic analysis may be age. The traffic of people aged 18-24 has the fastest growth, which is estimated to have increased by 44% compared to October. At the same time, the number of people aged 65 or over decreased by 20% from the previous month. As mentioned earlier, the low age threshold is closely related to the game category.

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It is important to maintain visibility of other factors such as age, device use, and gender, as these factors may hint at the direction the industry may take. In the near future, Millennials and Generation Z will become the dominant labor force shaping the market. Their close relationship with the digital environment will certainly advance the narrative of the blockchain. 

P2E traffic is expected to increase by at least 63% in November

In our last game report, we observed that venture capital and investment organizations are increasingly interested, especially in blockchain games. In 2021 alone, venture capital invested nearly US$3 billion in games, virtual worlds, and NFT-related projects. As P2E and meta-universe narratives have reached their peak, blockchain-based games have recently dominated the headlines. 

The data on the chain confirms this trend. In November, the game NFT accumulated more than $675 million, which is 6% higher than the total in October. In addition, the number of transactions (an indicator of demand trends) is expected to increase by 25% from the previous month.

DappRadar’s traffic confirms that people’s interest in P2E is increasing day by day. Game-related traffic has increased by 14% from October and is expected to increase by 63% by the end of November. At the same time, NFT interest is expected to decline slightly (-3%), and DeFi traffic is expected to increase by 17% from the previous month. In addition, the dominance of games in DappRadar traffic is also increasing.

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Relying on the P2E narrative to win the user base in Asian countries is not new. Despite this, the interest in blockchain games continues to grow. Six of the top 10 countries driving P2E traffic trends are from Asia, and four of them are emerging economies in Southeast Asia. The other two are India and Japan. These two markets have a great appetite for games.

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Considering the population structure of the area, the potential is huge. According to statistics from Statista, 1.47 billion or 45% of gamers worldwide live in the Asia-Pacific region. In addition, it is estimated that by 2025, Millennials and Generation Z will account for 25% of the population on this side of the planet. These demographic data, coupled with the socio-economic status of the region, provide a huge market potential for the P2E movement in the region. 

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According to the revised figures, P2E users are expected to grow further. Large capital companies seem to have invested in the future of blockchain games, and the population opportunities are too great to be ignored.

Increased interest in Metaverse has boosted gaming revenue growth

Driven by mainstream announcements, Metaverse has become the latest hot topic. The results are already easy to see in the industry. The sales of virtual world games that are highly related to the meta-universe concept were 12,550 in November and have generated more than $78.2 million in revenue so far, an increase of 170% and 30% respectively over the end of October. 

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The United States is dominant in the meta-universe narrative. It’s not surprising that there is a broad player base in games that evoke meta-universes like Minecraft, Roblox, and Fortnite. However, after dominance, Asia is the next biggest. India, Indonesia, and the Philippines, these fast-growing countries are part of emerging Asian economies, and they have shown a strong interest in the P2E movement and the industry as a whole. For example, in India, the social indicators surrounding the metaverse are 500% higher than the figure in September. 

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Nevertheless, the meta universe is not unique to a particular region. During the same period, the interest of countries such as the United Kingdom, Turkey, and Canada in Metaverse increased by more than 840%. This change has also been observed in The Sandbox ’s traffic indicators, where Turkey is the third largest source of traffic after the United States and India.

Most countries/regions that have shown strong interest in Metaverse have the world’s largest gaming market. Other countries have been paying close attention to the state of the blockchain game industry. With more tangible events including sandbox game alpha, recent evaluations of the digital land market, and the development of next-generation P2E games, the meta-universe narrative will only gain relevance in the future. 

Bollywood helps spread NFT awareness in the Indian market

NFT plays a vital role in the development of both P2E and Metaverse. Another topic dominated by the North American market may have experienced an important trend, positioning Asia, especially India, as regions that are keen on this category. 

In recent weeks, Bollywood and cricket stars have shown their demeanor in the NFT field. Amitabh Bachan is one of the most influential Indians in the world. He launched four limited edition NFT series through the Indian market BeyondLife, each of which was auctioned for nearly $1 million. Salman Khan of Bollywood collaborated with Bollycoin, a NFT market headquartered in India, with the goal of becoming a fully functional DAO by 2022 . At the same time, Dinesh Karthik, a recognized IPL cricketer, is auctioning an animated digital artwork on the Ethereum market.

India is no stranger to the industry. In past behavior reports, we identified India as a country that provides high levels of DeFi-related traffic. This is consistent with Polygon ‘s close relationship. Polygon is an India-based project. For most of 2021, the project became the third most prominent blockchain in DeFi. Nevertheless, it is worth emphasizing that people’s interest in NFT and games is increasing, and the growth of the former is more obvious.

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The impact of NFT will also be felt in P2E. Since these digital collectibles play a vital role in the blockchain game mechanism, NFT will change the way we use and monetize these game items in a decentralized virtual world. In addition, it is worth mentioning that Polygon is improving its digital experience products. With the participation of Animoca Brands and other important projects, as well as partnerships including OpenSea, Decentraland , The Sandbox, Somnium Space, etc., the NFT and gaming prospects in the Indian market have been strengthened.

All in all, India is ready to play an important role in the mass adoption of blockchain. By 2025, the world’s second largest population is estimated to reach nearly 1.5 billion people, so Indian market behavior is worthy of attention. 

In short

The blockchain industry is in an organic expansion phase in all its major categories. Geographically, the industry is still driven by the United States, however, events in the past few weeks have confirmed that the Asian market is booming.

India is the best example. Before Bollywood and cricket celebrities participated in the NFT field, India had already shown interest in NFT collectibles and the market. However, after the public announcement by Indian celebrities, interest in the field is higher than ever. Similar to the development trajectory of NFT and American celebrities, the latest participation of Indian celebrities has brought the Indian NFT market into the focus of attention.

In addition, with almost half of the traditional game player population, Asia’s relevance in P2E and meta-universe narratives should grow. The recent surge in interest in these topics by 500% confirms that the region is ready to play a key role on the road to mass adoption. 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-asian-region-is-about-to-play-a-key-role-in-the-large-scale-application-of-blockchain/
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