This is How the Rise of Web3 Gaming is Impacting Emerging Countries
Indeed, play-to-earn games became increasingly popular during the last bull run, particularly in developing economies where people sought them as a way for alternative revenue streams. But why are they so crucial to the gaming industry and the future of cryptocurrency?
The reason is simple: the world is in a recession, and unemployment is high, especially in developing countries where only a certain number of people have access to traditional banking, leaving out a large part of the population.
Even Web 2.0 enterprises that were formerly seen to be ahead of the curve must now transition to Web 3.0 to keep up with community needs and new commercial prospects. As a result, despite what traditional business models may suggest, emerging countries will play an essential role in the future of crypto.
Here is what you need to know.
The Rise of Play-To-Earn in Developing Countries
Some may believe North America is the largest market for GameFi. But it has a smaller market share than Asia, Latin America, and Africa, which are growing much faster in blockchain adoption.
Asia has the largest market share in the $197.11 billion gaming industry, with 1.48 billion players. Latin America ranks second, with 419.6 million participants.
So what do Defi and Play-to-Earn bring to the table? INCLUSION
Users will have new economic options to earn tokens and participate in the Web 3.0 ecosystem. These tokens are part of a blockchain and may be traded on exchanges for fiat or other cryptocurrencies.
In-game assets can also be sold, purchased, and traded in real-world marketplaces outside of the game, giving its assets real-world monetary value. This means that controlling their assets can be done without a bank or a bureaucratic process.
Adoption in Emerging Countries
The most substantial increase in play-to-earn adoption occurred after the COVID-19 pandemic drastically increased unemployment. For example, Axie Infinity had over 2 million monthly active players for eight months between 2021 and 2022, with 40% coming from the Philippines last year.
In nations such as the Philippines, Indonesia, India, and Latin America, Web 3.0 games have become a new possibility and a new way of life to survive the current inflation and lack of monetary chances. The impact was so significant that it is now more common to hear about guilds or groups of people wanting to build alliances that can evolve into greater revenue prospects.
In fact, a guild produces money by sharing a percentage of the profits.
Mobile First and Gen-Z in These Nations
It is also vital to recognize that Gen-Z is quite tech-savvy; mobile phones have become an ultimate tool in emerging markets, making it easier to use Web 3.0 variants because they are literally on their hands.
In reality, mobile phones are an essential component of economic progress. A Fresh Gallup World Poll conducted in 2018 shows 83 percent of adults in developing economies owns a mobile phone. Having a product that allows you to generate revenue like you used to play Snake on your Nokia phone will likely keep people hooked on it in the future.
The Crucial Role of Community
Communication is the foundation of community, and there is no better method to communicate now than through the current tech solutions. According to recent statistics, Web 3.0 initiatives include Gamefi features as a critical engaging factor in community building.
On the other hand, mobile technology has aided in developing a supportive community by allowing players to connect seamlessly, learn from one another, and share feedback. This boosts interest and loyalty while providing vital game and economic development data. The last goal, enable peer-to-peer transactions and eliminate intermediaries.
Furthermore, this new revolution provides access to gamers in underdeveloped countries who may not have access to traditional banking services.
The Benefits of the Tokoin Ecosystem for Businesses
The Tokoin Ecosystem is a one-stop shop for businesses looking to onboard blockchain technology. The ecosystem offers a range of products and services, including funding, technology, and business development.
The Tokoin Ecosystem is built on the blockchain, which ensures transparency, security, and efficiency. Moreover, businesses can use the Tokoin Ecosystem to access funding from investors who are interested in blockchain-based projects. The Tokoin Ecosystem offers a range of benefits for businesses, including increased efficiency, transparency, and access to funding.
Get ready to take your business to the next level with T-Fi, the platform that connects businesses with blockchain-based projects and investors. If you’re interested in the exciting opportunities provided by the Tokoin Ecosystem, then you won’t want to miss out on T-Fi.
By visiting T-Fi, you can learn more about how the Tokoin Ecosystem can help your business succeed in the rapidly evolving blockchain industry. Don’t wait any longer, visit T-Fi today and take the first step towards a more successful future: https://tokoin.io/tfi/
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