Gaming: The Gateway to Mass Adoption in South Korea
In this article, we’ll take a closer look at how web 3.0 adoption is being accelerated by crypto gaming and how this presents huge opportunities for innovative companies to break into this expanding market.
South Korea has drawn a lot of attention from companies looking to expand their reach and take advantage of the latest technological trends, especially in gaming. The country’s strong gaming industry and rapidly growing cryptocurrency community make it a hub of innovation and growth in both gaming and web 3.0 technology.
The future of gaming is on the blockchain. Since play-to-earn gaming exploded in 2021, there has been a monumental push to bring web 3.0 gaming to the masses, and South Korea has the potential to make it a reality.
South Korea’s gaming industry was valued at $15 billion in 2021, the fourth biggest market in the video gaming industry, and one of the fastest-growing markets globally. Combine this with the fact that young Koreans are generally very tech-savvy and open to new technologies, including blockchain, and we have all the ingredients for a web 3.0 gaming boom in the country.
But, the implications of web 3.0 gaming being accepted by the masses in South Korea go beyond just gaming. The popularity of web 3.0 gaming in South Korea also presents an opportunity to onboard millions into the world of crypto. As interest in web 3.0 gaming grows, people inevitably learn more about the fundamentals of blockchain and its other use cases. In early 2021, less than 2 million people in South Korea owned cryptocurrency.
By the end of the year, that number had climbed to 6 million, or more than 10% of the country’s 51 million residents. And as of June 2022, there were 6.9 million crypto holders in South Korea, showing the rapid growth of the South Korean cryptocurrency market. As we see more mainstream adoption, we will see growing interest in everything web 3.0, here is where builders will thrive.
As the South Korea Crypto gaming industry grows, Burrito wallet & Bithumb’s subsidy (Bithumbmeta) have positioned themself at the forefront of this expanding marketplace. Burrito wallet as the doorway to Defi & Web 3.0, and Bithumbmeta as the multiverse of assets and gamification, With the combined force of Bithumb’s exchange, Burrito wallet & Bithumbmeta, This could be an unstoppable team brewing in the South Korean peninsula. This combination will allow outside investors & entrepreneurs to access over 8 million Bithumb users, and get involved in one of the biggest industries the world has to offer.