Game7 says Asia is a hub for Web3 game development while U.S. dominates funding
Web3 game community Game7 said in a report that Asia Pacific has become the hub for Web3 game development while the U.S. dominates Web3 game funding.
In its State of Web3 Gaming 2023 report, the company analyzed the rapidly evolving landscape of Web3 gaming, delivering an analysis of key metrics, emerging trends, and insights from the industry.
The report uses primary research methodologies and encapsulates a broad array of data from over 1,900 blockchain games, 1,000 funding rounds, and 170 blockchain ecosystems, painting a vivid picture of the sector’s evolving dynamics.
The findings revealed that the Asia-Pacific (APAC) region leads the way in Web3 game development, with 40% of the game developers situated there. Notably, the United States maintained its momentum, contributing to 30% of the new Web3 gaming teams, while South Korea nearly doubled its contribution to 27%.
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Key markets in the Web3 gaming landscape include South Korea, the United Kingdom, Singapore, Vietnam, and Australia, in addition to the U.S., collectively making significant strides in fostering Web3 gaming innovation. The ecosystem isn’t completely global, but it it is present in much of the world’s game development hubs.
Despite a post-correction slowdown in 2022, the Web3 gaming sector witnessed significant investment surges in 2023, totaling $19 billion in funding since 2018. This year alone, the funding crossed $1.5 billion, with a significant portion, over $800 million, dedicated exclusively to Web3 gaming.
Of this funding, specific gaming
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