Blockchain gaming is moving beyond its play-to-earn roots as developers increasingly focus on digital ownership, decentralised ecosystems, artificial intelligence, and long-term player engagement rather than purely financial rewards.
Speaking exclusively at SiGMA Asia 2026, Renz Chong, the Chief Executive Officer (CEO) of Virtual One, argued that the industry’s early success stories helped bring blockchain gaming into the mainstream but also created misconceptions about its long-term purpose.
In countries like the Philippines, some players reportedly earned enough through in-game rewards to buy cars, homes and support their families. “The core idea was people were able to make money just by playing games,” Chong said, reflecting on the industry’s early growth. While that model attracted millions of users, Chong believes it also changed how many people viewed blockchain gaming.
“In the Philippines, a lot of people were able to buy cars and houses just with the idea of that. And I think that changed the way the entire space was perceived and boxed it into the idea that it is basically gaming finance,” he added.
Working as a financial product
According to Chong, the industry’s focus on play-to-earn mechanics led many observers to see blockchain gaming as a financial product rather than a gaming ecosystem. “The entire idea of gaming was reduced to it being a job or something that can generate funds for people,” he said.
That perception, he argues, overlooked some of blockchain’s most important contributions to gaming. Instead of focusing solely on monetisation, blockchain technology can provide players with ownership of digital assets, support decentralised virtual economies and create persistent online worlds that communities can help build and maintain.
“Blockchain-based gaming is not about extraction; it’s about decentralisation,”
– Renz Chong, CEO, Virtual One
He added that blockchain infrastructure enables developers and players to build new systems atop existing ecosystems rather than starting from scratch. “People can own their assets inside the game, create persistent worlds, and build on top of systems that already exist,” he explained. “That’s one of the core concepts people often miss.”
Asian market expands
The comments come as Asia continues to dominate the global gaming market. According to the SiGMA Asia Market Report, the region’s iGaming market comprises more than 155 million active players and generates cumulative revenue of $45.5 billion. Southeast Asia remains the primary growth engine, while markets such as India, Bangladesh, Japan, South Korea and the Gulf states continue contributing to regional expansion.
The Philippines has emerged as one of the region’s most important gaming markets. Due to a large young, digitally connected population and a regulatory framework overseen by regulators, the country has become a major hub for gaming monetisation and Web3 adoption.
Estimates show promising outcomes
Industry forecasts suggest blockchain gaming’s growth is likely to continue. Grand View Research estimates that the Asia-Pacific blockchain gaming market could reach $82.35 billion by 2030, while Research and Markets projects annual growth of more than 69 per cent through 2028.
Beyond blockchain infrastructure, developers are increasingly exploring artificial intelligence to strengthen player engagement. Chong also emphasised a model for developing a virtual sports platform built around AI-powered characters rather than traditional generic avatars.
“Most people shy away from virtual sports because they don’t have an emotional attachment,” he explained. “The goal should be to create AI-driven personalities that users can follow across multiple platforms, similar to how sports fans build connections with real athletes.”
“When we talk about real sports, people bet on these characters because they have an affinity towards the players,” Chong said. “That’s what we’re trying to replicate.” According to Chong, these AI agents will exist beyond the game itself, appearing across social media platforms such as TikTok, YouTube and Instagram.
“If these digital-native influencers can be as strong as real-life influencers and create that emotional attachment with users, then they can build genuine relationships with people,” he concluded.
Big ideas need the right stage. From 30 November to 2 December 2026, SiGMA South Asia transforms Colombo into a hub for 3,500+ delegates and 150+ exhibitors shaping the future of gaming across the region.
