May 17, 2023

UAE among World’s Top 15 Countries in Web3 Gaming – Study Says

Web3 Gaming

Web3 Gaming

The UAE managed to maintain its position among over 15 countries that are interested in Web3 games in the period between 2021 and 2023, according to a new study by Coingecko.

According to data gathered from Google Trends, which focuses on the relative interest in terminology relating to Web3 games, the report found that the UAE is one of the most important distinct markets in the Web3 industry, along with China and Vietnam, which witnessed a decline, Cointelegraph reported.

China became in ninth place after being in second place in the period between 2021 and 2022. The Netherlands, Kenya, Lebanon, and Sri Lanka are among the countries most interested in Web3 gaming, with these names managing to rank high on the list of the top 15 countries for the first time. They have already exceeded the UAE which managed to preserve its place for three years in a row.

The report also pointed out that the video game market’s revenues in the Arab country would reach $359.20 million, according to forecasts by Statista, with expectations to record a compound annual growth rate of 5.77% during the period between 2023 and 2027.

Such numbers will create a market size that could reach $449.60 million by 2027. Meanwhile, the number of users in the country is predicted to reach 4.27 million users by 2027, with user penetration reaching 40.7% within four years.

The Philippines is the most interested country in Web3 gaming in 2023, according to search operations, followed by Nigeria, Pakistan, and Singapore.

The report also added that Southeast Asia continues to be a major market for GameFi games, as Southeast Asian countries dominated the top 15 in the global rankings last year.

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