December 27, 2023

UAE among Global Key Markets for Blockchain Games, Report Says

UAE

UAE

The UAE was among the global key markets for blockchain games, according to a recent report by Delphi Digital.

Delphi Digital, an institutional-grade crypto research firm, recently shared data highlighting the country’s rapidly evolving blockchain gaming.

As per the data shared by Delphi Digital, the Philippines, Singapore, South Korea, Hong Kong, China, UAE, and Pakistan are the main markets for blockchain games. However, the OP Stack framework has gained popularity among full-chain game developers. The incorporation of artificial intelligence in game creation promises to provide a new and improved gaming experience.

Furthermore, Delphi Digital reports that the market capitalization of blockchain gaming has experienced continuous growth in 2023. The total market capitalization of 183 blockchain gaming projects has remained stable, from $4 billion to $7 billion this year, which is 86% lower than the all-time high in 2022. However, when compared to cryptocurrencies, the market capitalization of blockchain gaming is relatively lower than many other cryptocurrencies, such as Ethereum and Dogecoin.

It has been noted that gaming giants are increasingly interested in entering Web3. In 2023, 76 new networks emerged, including general-use L1s, L2s, and appchains. This is due to easier sign-up processes and less strict rules, making mobile gaming more appealing to Web3 developers. Therefore, the coming war over player liquidity will be a major theme in 2024.

Moreover, it has been observed that blockchain gaming is much more active than decentralized finance (DeFi), with approximately 23 times more transactions taking place on gaming platforms. This highlights the significance of gaming for networks and blockchains designed specifically for games, indicating that a lot of attention and effort will be put into developing technologies for gaming in the blockchain space.

However, acquiring users for blockchain games can be very costly, especially for mobile hypercasual games in the blockchain world, with studies showing that it can be 77% more expensive compared to traditional alternatives.

For blockchain games to become profitable and grow, they need to either attract more users who spend money, convince whales to spend even more, or both. Currently, about 1.2 million wallets actively play blockchain games daily, resulting in a range of 15 to 25 million gaming transactions daily.

Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.