Blockchain technology is commonly associated with buying, selling and trading cryptocurrencies, the purpose for which it became known among the general public. When most think about the decentralized ledger, they also think of how to buy Bitcoin that they can add to their portfolio. However, technology has also been consistently connected to several developments. From possible uses within different industries to finding applications in supply chains and production lines, there are many ways in which the blockchain could help the world.
One of the standard applications driving a lot of popularity towards cryptocurrencies is play-to-earn, a blockchain-based gaming system in which players earn tokens as rewards. Winning against their fellow players, progressing through the levels, completing tasks and achieving new milestones are all activities that win prizes within the gaming ecosystem.
And while the blockchain doesn’t belong to any country in particular and can be accessed by people from all over the world due to its decentralized nature, some countries are leading the way in blockchain gaming, with the most substantial number of players and the most developments within the field. Here are some of them.
India
India is the largest market in the world for blockchain-based games. Over the past few years, the niche has steadily developed, with many players seeing it as a newer, better alternative to traditional mobile or computer games. The rise in popularity can also be attributed to the increasing popularity of NFTs, cryptocurrencies and digital tokens in the region.
According to market researchers, integrating the financial aspect helped usher games into the market. Many see play-to-earn gaming as a new era not only in gaming but also in the world of sustainable professions. Many believe that in the relatively near future, Indian gamers could claim that their full-time job is to play P2E games.
Hong Kong
While not technically a country, Hong Kong deserves a mention for the considerable presence of players based in the region within the blockchain environment. NFT game players are among the most enthusiastic worldwide, constantly looking for new platforms and opportunities to show their skills. More than one in four people in Hong Kong is at least a recurrent player. Many have transformed this activity into a long-term hobby and are earning steady returns from the games.
In mainland China, the situation is a little more complex. The country is one of the first in the world to impose restrictions upon digital currencies, including their mining and trading. Yet, that hasn’t stopped the experimentation with digital assets and the progress of blockchain use within the industrial framework.
In January 2023, a Chinese court ruled that the law doesn’t protect play-to-earn games. This means that the assets players obtain within the game don’t enjoy the same amount of protection as traditional assets. As a result, the authorities have urged users to be careful when accessing the platforms. Despite the bans, digital asset activity continues to remain strong within China. Some analysts claim that the reason for this is that the enforcement of the regulations is generally lax and that punitive measures are usually not implemented.
Japan
It should come as no surprise that Japan is on this list, considering that it is one of the first in the world to adopt blockchain tech. Not only that, but the nation is also generally crypto-friendly and willing to embrace the changes associated with cyber assets. At the beginning of April 2023, Japan published a white paper outlining the recommendations for promoting technological development within the country. Among them is a project that looks to help cryptocurrencies and blockchain develop.
Play-to-earn games aren’t the only ones that are popular, and reputable video game companies with a long history have included blockchain technology within their own products. Since many of these movements happened in 2022, they were met with moderate success. As prices plummeted quite severely over the course of last year, many became unwilling to associate with the blockchain.
But while the backlash has caused game developers in other countries to back down and put blockchain-based developments on hold, the trend in Japan has been in the opposite direction. Digital assets, and the entire ecosystem associated with them, are welcomed with open arms in Japan, and there will undoubtedly be way more developments down the road.
Singapore
For Singapore, support for cryptocurrencies doesn’t rely solely on trading and investing. It has also ventured into the world of business and retail. The country is the home of several enterprises that operate using blockchain technology, while some analysts believe there’s a rivalry underway with Japan and China.
Since 2021, blockchain games have enjoyed rising popularity within Singapore, with some players earning as much as a few hundred dollars each month by playing no more than two or three hours daily. As such, many have seen a possibility to improve their earnings and gain revenue while doing something they enjoy.
United States
The United States is one of the first countries in the world to embrace blockchain technology and one of the forerunners of development and innovation within the blockchain. Regarding the gaming industry, the play-to-earn model has been particularly lucrative, with many seeing it as a possible career choice. This is mainly in the context of increasing interest in online gaming tournaments and events gathering gamers and investors together.
However, recently there have been concerns that the market is declining and that the ecosystem needs to be rejuvenated to survive. For many, this is due to the fact that the economic intricacies of the games are not always clear from the very beginning, which has deterred many from participating.
Play-to-earn is just one aspect of the blockchain and one that has generated quite a lot of hype in a short amount of time. Going into 2023, players expect to take charge of their gaming experience and dynamics so that the sector can continue to evolve and attract new talent. After all, the blockchain is a technology that relies on interconnectedness. It cannot prevail without growth.
