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With the emergence of non fungible tokens and digital assets, the gaming industry has taken another step towards intense digitization.
The gaming ecosystem has seen tremendous changes in terms of their methods and concepts. From just nominal graphics to today’s high definition to further gaming in the metaverse, the gaming industry has achieved far more success. This brought apparent changes in terms of their popularity in regions where it was not expected at this extent.
Several reports have found that countries like India, UAE and Hong Kong are among countries who topped in terms of adopting these games. Finder’s recent study made an estimation that about 34% reponsdents from India had played a play to earn (P2E) game in their lifetime. While further in its report, Hongs had second position with 29% and United Arab Emirates with 27% holds third rank.
The report from Finder’s NFT Gaming Adoption has found that play-to-earn games have become among highly popular niches for gamers and general users all around the world. The results particularly revealed that men under the age group of 35 years are more likely to have exposure and interaction with the NFT gaming industry.
Surprisingly, India became the dominant in the digital gaming sector where almost every third respondent has experienced playing a play-to-earn game. India was closely followed by Hong Kong who was at about 29% respondents who have played P2E games. While the emerging region with the deep engagement with crypto sector, the UAE has ranked third having 27% of the respondents agreeing to the poll about playing these games. However, France with 6% and Sweden with 4% were also in the list but at the bottom.
Dappradar has also revealed in its recent study that in the first quarter of this year, there was about $2.5 billion worth of investment raised by blockchain based games. Several predictions made that the amount of total investments throughout the year could go up to $10 billion and further if it continues to move at a similar pace.
Such an example of NFT gaming firms getting funding is funds received by Yuga Labs and Immutable-X, where the former is the studio which is behind the popular NFT collections like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). It’s just two month ago when the Yuga Labs firm received capital of $450 million in an Andreessen Horowitz led fundraiser. Immutable-X, which is popular for its hosting of two popular games Gods Unchained and Guilds of Guardian, has secured a funding of about $200 million that resulted in a surge in its valuation to $2.5 billion.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
