Play-To-Earn Adoption In Vietnam Exceeds Global Average, Survey Finds
Non Fungible Tokens (NFTs) and NFT-based gaming are all the hype lately and it’s something the Vietnamese internet consumers are familiar with. | Source: Shutterstock
When 24-year-old Max (not his real name) was introduced to play-to-earn gaming, he got hooked instantly. He had a full-time job as a designer when a friend invited him to try a new profit source six months ago. But just like most young professionals, Max is also a gamer for years now.
“My buddy from university told me about his new “job,” and he was bragging about how he could just sit all day playing and earning good money,” Max said. “I’d be a hypocrite if I say I don’t want that job, of course, I do! I figured I’m already a gamer, so it won’t be that hard to get started and give it a try.” Max mainly plays Axie Infinity, but he juggles Cosmic Universe and other games to refresh his mind. “I play many games, and I like switching to try new platforms, especially when I get too competitive over one game.”
Since then, Max has won leagues among his friends and even outside Vietnam. He hasn’t joined any formal competitions, but he’s earned quite a lot already, “more or less I get $600 to $1300 in two weeks, and I earn only half of that from my full-time job.”
Max has quit his designer job and is now a full-time P2E gamer. “I am aware I can’t do this forever,” he said. “I have to invest for my future, but for now, this is what I love to do.” When you’re being paid to play, “it doesn’t get any better.”
Vietnam ranks 5th in NFT Gaming
Non Fungible Tokens (NFTs) and NFT-based gaming are all the hype lately and it’s something the Vietnamese internet consumers are familiar with. These games inherit the financial advantages of blockchain.
Finder, a Fintech company based in Australia, conducted the research on NFT Gaming Adoption in March 2022 and polled 43,312 people across 26 countries, with 2,003 respondents being in Vietnam. Per their data, Vietnam ranks 5th for P2E adoption, with adoption well above the global average of 14%.
In addition, almost a quarter (23%) of the internet users have played a part in play-to-earn (P2E) games, according to the same survey. Another 10%, pulling the percentage to 33%, have revealed they are looking to get involved this year. That means a third of Vietnamese internet users will have played-to-earn by 2023.
In Vietnam, men are more likely to participate in P2E gaming than women. 27% of men said they have played to earn compared to 20% of women – a gap of 7%.
Keegan Francis, Finder’s cryptocurrency editor, said this trend was consistent across countries. “The data shows that men are more likely to participate in P2E games around the globe, with an average gap of five percentage points.”
Finder’s report also reveals that P2E adoption is still relatively new to Vietnam and the adoption is set to soar this year.
Keegan adds, “For new gamers, there are several platforms to choose from, each with different mechanics. Some are free to play while others like Axie Infinity require an initial investment.”
Additionally, Finder suggested that you might want to consider a Guild if you are interested in a game but can’t afford the entry cost. “Guilds allow players, known as scholars, to play a game like Axie Infinity for free by lending you the required NFTs, and you are then usually entitled to a share of the earnings while the remainder goes to the guild.”
Top 10 countries for NFT gaming adoption:
- India - 33.79%
- Hong Kong - 28.75%
- The UAE - 27.27%
- The Philippines -25.01%
- Vietnam - 22.96%
- Singapore - 22.68%
- Malaysia - 19.43%
- Brazil - 17.55%
- Nigeria - 16.05%
- Venezuela - 14.11%