Asia: The Engine for Blockchain Gaming
Asia is ground zero for global blockchain gaming development; Xangle takes a deep dive into what the top companies use leading strategies and where opportunities lie.
Key Takeaways
✔️ The combination of Asia’s strong market growth and Casual/MMORPG-centric gaming market provides great potential for blockchain games.
✔️ Two main reasons why Web2 game companies are entering the blockchain space: 1) Securing the new growth engines, and 2) Raising new funds via tokens.
✔️ Strategy 1. Starting with Wemix, which has experienced the success of Mir 4 Global, companies such as Com2us are building their own blockchain ecosystem from base layer-1s and striving to maximize the added value generated across the ecosystem.
✔️ Strategy 2. Supported by the AAA IPs, main players in the gaming industry are more conservative towards blockchain adoption — with most noticeable experiments being tokenization of the game components, such as turning items into NFTs.
✔️ 2023 stands to mark a renaissance of blockchain games, given an array of lineups set to be released by Web2 companies. This will, in turn, expedite mass adoption of blockchain games.
Section 1. Asia, A Global Leader in Gaming
A Big & Fast-Growing Market
The gaming market in Asia is a true goldmine, bursting with potential for explosive growth. Not only is it the largest gaming market in the world, but it’s also home to a staggering 1.7 billion players, accounting for more than half of the world’s total gamers. This vast audience generated a whopping $72 billion in gaming revenue in 2019, representing an impressive 52% of the global gaming industry’s earnings. With Asia’s rapidly growing per capita GDP, the market’s purchasing power is set to soar even higher, solidifying its dominant position in the global gaming industry. It’s no surprise that Asia is recognized as the driving force behind the industry’s growth and innovation, and it’s poised to lead the way for years to come.
Three East Asian countries are leading the gaming industry
China, Japan, and South Korea reign supreme in the Asian gaming market, with these three countries dominating the scene. In fact, out of the top 100 gaming companies worldwide based on market capitalization, a staggering 62 are based in these three East Asian nations. In China, the gaming industry is dominated by major platform companies like Tencent, while in Japan and Korea, developers and publishers take the lead in producing their own games. The interest in blockchain technology is also skyrocketing, with many game companies exploring the potential of this cutting-edge innovation. While cryptocurrencies are banned in China, game companies in Japan and Korea are actively working on blockchain projects and incorporating this technology into their game IP. In later sections, we will delve into the specifics of how each company is leveraging blockchain to elevate their gaming experience to new heights.
Hardware has played a vital role in the evolution of the gaming industry in Asia. South Korea and Japan, the frontrunners of this market, first laid the groundwork for a new industry with arcade games in the 1980s. They then flourished with PC and console games in the 2000s and mobile games in the 2010s, ultimately becoming the largest gaming market in the world today. Southeast Asia entered the market later, initially favoring more accessible mobile games over PC games in this part of the region. However, the tables have recently turned, with PC games now surpassing mobile games in terms of market share. This shift highlights the dynamic and ever-evolving nature of the gaming industry in Asia, with constant innovation and adaptation driving growth and shaping the market.
When it comes to gaming preferences, the Asian market leans towards RPGs (Role Playing Games), in contrast to the US market where Strategy and Action games reign supreme. RPGs are particularly well-suited to the adoption of blockchain technology, as we will explore in the next section through various examples. It is precisely this affinity for RPGs that has driven the growth and innovation of the blockchain gaming market in Asia.
Section 2. Blockchain Gaming Is Blooming in Asia
Genres suitable for blockchain: RPG & casual games
1) MMORPG knows the value of ownership — and so does blockchain
MMORPGs (Massively Multiplayer Online Role-Playing Games) allow users to create their own characters and own in-game items. This unique feature of enabling ownership of digital assets forms the core concept of blockchain technology, and NFTs (Non-Fungible Tokens) can facilitate the transfer of assets, items, and characters to users, fully recognizing their ownership. Unlike other game genres where users consume content provided by companies, MMORPGs offer users the opportunity to expand and complete game content by playing and interacting with a large community of other players in a virtual world. This is where blockchain technology and Web3 philosophy come in, allowing for the development of an in-game reward system that compensates users proportionally for their contributions to the ecosystem.
For instance, Kakao Games’ MMORPG ArcheWorld employs blockchain technology and NFTs to enable ownership of assets, items, and characters for users. Through activities such as housing, farming, and trading, users create content, interact with others, and earn rewards for expanding the game. This approach acknowledges users as contributors to the ecosystem, rather than mere consumers, and seeks to promote participation and enhance the gaming experience. This way, ArcheWorld is at the forefront of leveraging blockchain technology to revolutionize the MMORPG genre and create a more equitable and engaging gaming environment.
2) Casual games are light enough to run on blockchains
Casual games, such as Candy Crush and Anipang, are characterized by short sessions and simple controls, which have historically been favored in Asia due to their low hardware requirements. Hero Blaze: Three Kingdoms, a casual RPG game that sparked the P2E hype in South Korea in 2021, is also well-suited for the blockchain environment due to its low scalability requirements. Unlike RPGs, which rely on in-game spending, casual games generate revenue through in-app ads that appear during the game, making them compatible with blockchain technology. In Asia, where casual games are popular and can quickly attract a significant user base, the combination of in-app ads and blockchain games has the potential to create a powerful synergy, as demonstrated by Axie Infinity, Hero Blaze: Three Kingdoms, and MIR4 Global. Furthermore, casual games require relatively fewer transactions, making them more suitable for onboarding to the blockchain than other game genres. However, the current level of scalability capacity does not allow L1 and L2 blockchains to fully onboard on-chain blockchain games that are supposed to handle tens of millions of transactions.
Securing a New Growth Engine and Raising New Funds via Tokens
From a practical standpoint, the gaming companies mentioned above are primarily entering the blockchain game market for two main reasons:
i) to secure a new growth engine and;ii) to raise funds from new sources via tokens. (The suitability of blockchains for games has been mentioned earlier in section 1.)
Small-to-medium gaming companies, in particular, have found tapping into the emerging market of blockchain games incredibly appealing as they seek to secure new growth engines. Unlike large-scale brand-name game companies with established IPs and upward revenue, these smaller companies are more likely to struggle to compete without new sources of growth. It would also be less of a burden for them to infuse blockchain elements into their existing IPs rather than producing AAA games, which require massive resources, time, and costs that can exceed USD 100 million.
In addition to providing a new growth engine, blockchain games have also become an alternative way for Web2 gaming companies to raise funds. In the past, gaming companies relied on stock IPOs as their primary source of fundraising. However, with the advent of blockchain games, they can now sell their tokens directly in the public market or attract private investments just before the token launch. Wemade, Com2uS, and Neowiz, for example, raised USD 250 million, USD 25 million, and USD 12 million, respectively, through their tokens. The funds raised were used to set up teams of blockchain developers, build their Layer 1s, and secure new content IPs.
Strategy 1. Build a Blockchain Ecosystem from A to Z
Possibilities of Blockchain Games Spotted in MIR4 Global
After attracting a huge number of users and showing the potential of blockchain games, many P2E projects died out quickly. However, this success was enough to inspire various companies to incorporate blockchain elements into their games, primarily led by small-to-medium sized Web2 gaming companies looking for a new growth engine to break away from their stagnant sales. One notable example of this was Wemade in Korea, which launched MIR4 Global, a game with P2E elements based on their existing IP in Q3 of 2021. The success of MIR4 Global led to close to a two-fold growth in sales for Wemade in the 4th quarter compared to the previous one, making it a success story that inspired other Web2 gaming companies like Netmarble, Com2uS, and Neowiz to enter the blockchain gaming industry.
1) Wemade: a Korean blockchain gaming leader
Wemade, a Korean game company that owns the popular game IP “The Legend of Mir,” was founded in 2000 and has a market cap of $2B. From 2015 to 2020, WeMade had an average annual revenue of $100 million. However, in 2021, the company experienced significant growth, reaching $300 million due to the success of its blockchain game “Mir 4 Global,” which is based on the blockchain project “Wemix.” Similar to Axie Infinity, “Mir 4 Global” features strong P2E (play-to-earn) characteristics and has gained popularity among users in emerging countries in Asia, such as The Philippines and Thailand. The game set a record of 1.4 million concurrent users and 6.2 million MAUs, which contributed to WeMade’s growth.
Mir4 Global’s success can be attributed to several factors:
- Leveraging the popular game IP, “The Legend of Mir”
- Introducing play-to-earn (P2E) mechanics during the crypto bull market
- Providing a user-friendly service with low transaction fees
Mir4 Global leveraged the iconic IP of “The Legend of Mir” to introduce a game with competitive features such as captivating storyline and breathtaking graphics, setting it apart from other Web3 native blockchain games. Its launch during the crypto bull market proved advantageous for both Mir4 Global and Wemix, as it led to a self-perpetuating cycle of increasing token prices, more users, and greater P2E profits. Moreover, the decision to integrate Klaytn’s sidechain technology, which reduced the transaction fees for users, was a significant move that provided relief to those who were frustrated by high fees. This strategy enabled Wemix to avoid the high fees that Axie had previously faced.
Following a trend similar to other P2E games like Axie Infinity, the game cycle of Mir4 Global saw a decline as the price of its governance token, WEMIX, reached its peak and started to decline. As a result, WeMade altered its strategy from just being a dApp game developer to launching its own Layer 1 blockchain known as “WEMIX Chain,” a blockchain ecosystem that was built by forking from Ethereum. The company is now planning to bring its other major game IPs like “AniPang,” “Mir M,” and “Icarus M” onto its own chain, which would enable the creation of a comprehensive WEMIX blockchain ecosystem instead of just developing blockchain games in a sidechain format on Klaytn Layer 1.
WeMade has numerous reasons for launching its own chain, but the primary one is to maximize the value generated across the blockchain. When using Klaytn L1 infrastructure, the payment of blockchain fees to Klaytn, and revenue generated from transactions like token exchanges and NFT marketplaces had to be paid to other DEXs. However, with the introduction of “WEMIX Chain” (Layer 1), “Wemix Play” (game platform), “Wemix.Fi” (DeFi service), and “Wemix Dollar” (stablecoin), Wemix can now directly operate and expand its value chain across its entire blockchain ecosystem.
WeMix Play has an impressive portfolio of 23 games, including Mir 4 Global and Mir M, both of which are based on “The Legend of Mir.” These games boast 300,000 and 150,000 concurrent users, respectively, which is a considerable number when compared to Web3 native games. While the initial target of onboardings was 100, the number of planned game releases is currently 34. However, WeMix is gearing up to introduce popular Web2 IPs, such as “Anipang,” “Mu Legends,” and “Icarus M,” which are expected to reinforce its position as a leading blockchain gaming platform.
2) Netmarble integrates blockchain technology into its core IP
Founded in 2000, Netmarble is a significant South Korean game company with a market cap of $4B. The company owns well-known game IPs like “Seven Knights” and “Let’s Get Rich.” In a bid to grow its business, Netmarble has chosen blockchain as a new growth engine and entered the blockchain market with a two-pronged strategy via the Klaytn-based (soon to be expanded into multiple chain starting with BNB chain) GameFi-oriented platform Marblex and the BSC-based entertainment-oriented platform FNCY. In 2022, Marblex launched three blockchain games, achieving a remarkable feat of 13M users and 22.5M game downloads. The platform is set to take another step forward in 2023 with the release of a game using its core IP, “Let’s Get Rich.”
In 2022, Netmarble leveraged its IPs to launch three blockchain games: “A3: Still Alive,” “Ni no Kuni: Cross Worlds,” and “The King of Fighters: Arena.” “A3,” an MMORPG, achieved remarkable results after adopting blockchain, with a seven-fold increase in revenue, a six-fold increase in DAUs, and more than a two-fold increase in retention. These outcomes were made possible by providing users with incentives to mine MBX tokens through gameplay, a unique feature that only blockchain games can offer.
“Ni no Kuni,” an MMORPG, had a successful year as a top-grossing mobile blockchain game, ranking in the top 10 in app markets across 27 countries including the U.S. It had a stable token price, with a high in-game burn rate of 95% compared to the number of game tokens mined. The game showcased the potential sustainability of blockchain games by offering a solution to the tokenomics problem, a constraint of first-generation blockchain games. Netmarble is set to release “Meta World: My City” in Q2, which combines a board game with a real estate metaverse. The game will utilize the “Let’s Get Rich” IP with 150M cumulative downloads globally and allow players to trade land and buildings as NFTs and receive dividends in the form of game tokens through real estate investments, providing unique content unlike existing Web3 real estate games that only allow users to purchase real estate.
Netmarble is setting itself apart from other major game companies by embracing blockchain technology and leveraging its core IP. The company has already seen positive results from its three blockchain games released last year and plans to expand its presence as a blockchain game publisher by releasing third-party games. With Netmarble’s strong publishing capabilities, there is optimism about this aspect of their business. Netmarble’s willingness to take risks and experiment with game design in the blockchain space positions it as a potential leader in the market.
3) XPLA — building XPLA, the killer contents candidate for Cosmos ecosystem
XPLA is a blockchain platform based on the Proof of Stake (PoS) consensus mechanism. It is built using the Cosmos SDK and was developed by Com2uS, a mid-sized game company from Korea. Com2uS was established in 2007 and initially focused on developing casual mobile games. However, with the significant growth of the mobile game industry after the introduction of smartphones in the 2010s, the company expanded into a medium-sized game company.
One of Com2uS’ biggest hits is the mobile game “Summoner’s War,” which was released in 2014. This game has become a global sensation and has contributed significantly to the company’s success. It has generated sales of $500 million and increased the company’s market cap to $1 billion.
Com2us, known for its ability to adapt to industry shifts, has recognized the potential of blockchain and Web3. The company’s focus on user ownership has led them to explore blockchain’s potential in game genres like RPGs and casual games, where players have in-game inventories and economies.
Com2us’ Web3 strategy has two main components: driving growth in the Cosmos-based Layer 1 ecosystem and integrating its own content into XPLA. However, the first part of the strategy faced a setback due to the struggles of Terra and FTX last year. Nevertheless, Com2us expects to complete the necessary infrastructure for developers, such as EVM compatibility, Solidity-CosmWasm integration, and Layer2 solution development, by the end of 2023.
Com2us has already outlined a lineup of dApps to be onboarded to XPLA this year, which could establish it as a killer game content platform in the Cosmos ecosystem that is currently short of content. The company plans to maximize its own IP content and has a roadmap for the infrastructure needed for external dApp onboarding, such as introducing XATP, enhancing EVM compatibility, adding IPFS storage nodes, and providing Layer 2 support.
The schedule for the launch of these dApps has been set, with a blockchain version of Chronicle (a popular Summoners War IP) expected to launch in Q3 of this year. Additionally, 3–4 casual games, such as Minigame Heaven, are anticipated to be onboarded in the first half of the year. Com2us hopes to survive the intensifying Layer 1 competition by capitalizing on its own IPs and building the necessary infrastructure for dApp onboarding.
While choosing the Cosmos ecosystem over Ethereum L2 as the development platform may pose a challenge, Com2us is up for the task. The Cosmos ecosystem requires more infrastructure development than Ethereum, which could fragment resource pools and make it challenging to meet the needs of developers who want to develop services on native rollups or chains. Com2us acknowledges this challenge and is working to secure the necessary infrastructure.
However, the lack of a tangible outcome from adopting blockchain technology remains a hurdle for projects launching on the network this year. It’s crucial for Com2us and other projects to demonstrate the benefits of blockchain technology to the wider public to ensure its widespread adoption. Nonetheless, Com2us is determined to leverage the potential of blockchain technology in gaming and is committed to driving innovation in the industry.
Strategy 2. Test Blockchain on Selected Game IPs
In Korea, mid-to-large gaming companies are leading the formation of the blockchain game ecosystem, while larger Web2 gaming companies are adopting a more cautious approach to integrating blockchain technology. This reticence may stem from two main reasons: firstly, the size of the blockchain market is much smaller compared to the sales of these large gaming companies. Secondly, there are concerns that implementing blockchain technology could compromise the integrity of their key game IPs.
Despite these concerns, it’s worth noting that the adoption of blockchain technology in gaming has the potential to revolutionize the industry by introducing new revenue streams and increasing user engagement. As such, it’s essential for gaming companies to explore the possibilities and determine how they can integrate blockchain technology in a way that aligns with their business objectives and protects their IP. By doing so, they can position themselves as leaders in the blockchain gaming space and stay ahead of the curve in an ever-evolving industry.
1) NEXON — Making MapleStory a 30-year game with blockchain
During the first session of the Xangle Adoption conference last summer, Nexon COO Kang Dae-hyun opened his presentation by describing Nexon as a company that has made “unsustainable games sustainable.” This is because Nexon’s game IPs, such as Dungeon & Fighter and MapleStory, which together account for nearly 50% of the company’s $3 billion in annual revenue, have been around for 17 and 20 years, respectively, and have continued to see steady revenue growth.
Nexon’s ability to create sustainable and long-lasting games has cemented its position as a heavyweight in the gaming industry. However, with the rise of new technologies such as blockchain and Web3, the company is also exploring new ways to innovate and stay ahead of the curve. For example, Nexon recently invested in blockchain gaming company Biscuit Labs and has announced plans to release blockchain-based versions of some of its popular games.
By combining its expertise in game development with emerging technologies, Nexon is well-positioned to continue its legacy of creating successful and long-lasting games while also exploring new avenues for growth and innovation in the gaming industry.
Nexon’s approach to blockchain is experimental, aiming to incorporate the technology into its services to see if it can increase user numbers and the longevity of its games without having a significant impact on the entire company. For example, MapleStory N World is a project that aims to make successful games more sustainable with the addition of blockchain elements. To achieve this goal, Nexon is letting go of areas that it previously had control over and is planning to decentralize various game elements, such as “quests,” to create a game creator ecosystem. This will enable an environment where users can play with content generated natively within the blockchain ecosystem.
The incorporation of blockchain technology and tokenomics in the upcoming MapleStory N game is expected to help create a self-sustaining ecosystem of creators within the game, thereby increasing its longevity and revenue. By decentralizing various game elements and building a game creator ecosystem, Nexon hopes to leverage the benefits of NFTs and blockchain technology to make successful games more sustainable. The launch of MapleStory N, which is scheduled for 2023, is expected to set a precedent for other game companies to adopt blockchain in their games as well.
2) BORA — Cautiously onboarding IPs on BORA
Kakao Games, the gaming subsidiary of South Korean tech giant Kakao, has a market capitalization of $3 billion. The company’s growth trajectory was initially fueled by leveraging the popularity of KakaoTalk, Kakao’s mobile messaging app with a dominant 95% market share, as a platform for its games. It also capitalized on the popularity of the Kakao Friends characters in its casual mobile games. Since then, Kakao Games has diversified into various genres, including MMORPGs and simulations, and has amassed an impressive $900 million in annual revenue.
BORA, the blockchain gaming platform operated by Kakao Games, has launched two games in 2022: “ArcheWorld,” an MMORPG featuring ArcheAge IPs, and “Birdie Shot,” a casual sports game featuring Kakao Friends IPs. After testing the application of blockchain technology to these two different game genres, BORA concluded that casual games have better synergy with blockchain due to the relative ease of designing and modifying game economy. In 2Q 2023, BORA plans to launch a hyper-casual game, followed by various types of casual games, including puzzle, sports, and social casino, over 2H 2023 to 1H 2024.
Kakao Games is looking to experiment with various tokenomics models in its upcoming casual games, marking 2023 as a pivotal year for the company. Through this experimentation, the company aims to find a sustainable model that can be applied to its larger IPs with greater confidence. By identifying its own path in the blockchain gaming industry, Kakao Games hopes to become a more active and confident player in the market.
3) Square Enix — The first blockchain game ‘Symbiogenesis’ is coming soon
Square Enix, a leading Japanese game company known for its core IPs like “Final Fantasy” and “Dragon Quest”, has shifted its focus from console games to mobile games, with mobile games revenue now accounting for more than 50% of its gaming revenue. In a bid to explore new growth opportunities, Square Enix has identified blockchain games as a mid- to long-term strategy. CEO Yosuke Matsuda emphasized the potential of blockchain games in his New Year’s speech in 2023, suggesting that blockchain games could facilitate user-driven growth within games, rather than relying on game companies to provide all content.
Square Enix, the Japanese game company known for “Final Fantasy” and “Dragon Quest,” has recently proposed blockchain games as a mid- to long-term growth strategy, and its upcoming game “Symbiogenesis” will be the first new blockchain game to be released by the company. The game, which is still under development, will be an NFT game with its own universe based on 10,000 NFTs and will be launched on the Polygon blockchain. Although details are still scarce, the company seems to be signaling its intention to develop and release more blockchain games, potentially even in its flagship IPs.
Korea in the Lead, Followed by Japanese Gaming Companies
After analyzing the blockchain adoption plans of the global top 100 gaming companies, it was found that approximately 70% of these companies are based in Asia. Korean gaming companies, in particular, are leading the way in developing blockchain games, as shown in the table below.
Although Japanese gaming companies may have been slower to adopt blockchain technology compared to their Korean counterparts, they are still showing a strong interest in the technology. Many major Japanese gaming brands, such as SEGA and Bandai Namco, have indirectly entered the Layer 1 business by participating as validators for Oasys. Bandai Namco has also invested in blockchain startups as a way to connect with fans and leverage its unique intellectual property. One such investment was in Gangbusters Ltd., a blockchain game developer, which represents the first step in Bandai Namco’s blockchain journey.
The Reasons Other Big companies Hesitate to Choose Blockchain
Still too small a market and concerns over potential damage to IPs
The blockchain gaming market generates a tiny fraction of the revenue earned by major gaming companies. According to Newzoo, the global gaming market reached USD 175 billion in 2021, with industry giants like Nintendo, Activision Blizzard, Electronic Arts, and Nexon posting record-breaking performances during the COVID-19 pandemic. In contrast, the revenue generated by the blockchain market is significantly smaller. Axie Infinity, the game that represents the entire blockchain gaming market, earned only USD 1.3 billion in cumulative sales for 2021 and 2022, which has since declined to a monthly revenue of around USD 1 million. MIR4 Global, developed by Wemade, generated only USD 140 million in cumulative sales during the same period, which pales in comparison to the sales figures reported by large gaming companies. Given these numbers, the blockchain game market is simply too insignificant to attract the attention of traditional Web2 gaming companies.
Large gaming companies have to consider the potential negative impact of integrating blockchain and tokenomics on their valuable intellectual properties (IPs). If these game IPs serve as the primary source of revenue for these companies, and have been consistently generating substantial profits over an extended period, it may not be an easy decision to introduce P2E elements to their existing games. The short-lived P2E game cases, such as Axie Infinity and STEPN, only add to the hesitancy. For example, Krafton, a Korean gaming company with a market cap of USD 7.0 billion, relies heavily on its popular shooting game, PUBG: BATTLEGROUNDS, for most of its sales. However, the company currently has no plans to integrate blockchain technology into this IP. Therefore, large gaming companies have to tread cautiously when it comes to integrating blockchain technology and tokenomics into their established IPs.
Testing the waters by adopting blockchain partially
Despite the challenges, some large Web2 game makers are carefully exploring ways to integrate blockchain technology into their games. For example, Nexon, a Korean gaming company listed in Japan, plans to release MapleStory N, which will apply blockchain elements such as NFTs to its MapleStory IPs, which account for around 25% of Nexon’s revenue. Similarly, NCSOFT in Korea plans to enter the North American and European markets by incorporating blockchain elements into the IP of its representative game, Lineage. These companies share a common strategy of testing the waters by experimenting with blockchain technology on services that are not significant enough to cause company-wide impacts. They aim to evaluate whether the introduced elements will increase the number of users or extend the game’s lifespan.
Nexon’s MapleStory N is one of the most highly anticipated IPs as it is an ambitious project aimed at “making a successful game even more sustainable.” Nexon’s goal is to introduce blockchain technology to make this game, which has been in service for over two decades, even more long-lasting. The company aims to decentralize MapleStory IPs to enable and support various community-driven games within the ecosystem voluntarily generated by the users themselves, using blockchain technology (including NFTs) and tokenomics to support them. If the introduction of blockchain to games can help create ecosystems of creators and increase the games’ lifespan and sales, it could be a game-changer for gaming companies that have been reluctant to adopt blockchain technology in their games.
Conclusion
The blockchain gaming sector is expected to continue growing in 2023, with more Web2 companies releasing Web3 games. Wemade’s MIR M was released in January 2023, with Netmarble’s Meta World and Com2uS’ Summoners War set to be released in 2Q 2023 and 3Q 2023, respectively. Nexon’s MapleStory N and Square Enix’s Symbiogenesis are also expected to launch this year. These blockchain games are expected to take game quality to the next level, potentially driving mass adoption of Web3 gaming.
Many game makers in Asia are developing blockchain games with different strategies and approaches, seeing the potential synergy between games and blockchain technology, which gives users ownership over their data and allows them to trade it. Additionally, the inability of Chinese game makers to enter the blockchain market due to regulations presents an opportunity for emerging companies. While the blockchain gaming industry has been relatively slow in mass adoption since the launch of STEPN in 1H 2022, the launch of blockchain games by traditional Web2 gaming companies with the development capabilities and resources could bring synergy effects to the crypto asset industry.
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