As a Vietnamese expat who moved to the Philippines in 2023 and has since travelled extensively to Indonesia and Thailand, I arrived one year after the 2021-2022 GameFi peak. Axie Infinity had already made the Philippines a global hotspot, turning gaming into a lifeline during lockdowns. From afar in Vietnam, I recognised the massive potential in PH’s gaming, streaming, esports, influencers, and content creation culture.

By 2023, the hype had cooled, but the underlying strengths—mobile-first users, social ecosystems, and community drive—remained strong. Spotting market differences on the ground Living in Manila, I dove into local scenes. One standout experience: I attended what felt like the first major memecoin meetup in Manila around 2024-2025.

No one knew the founder initially—it was anonymous, buzzing with excitement. Months later, back in Hanoi, a friend casually said hi and made me guess who was behind it. It turned out to be him.

That moment crystallised the differences: Vietnam is a builder market—tech-savvy devs creating quietly; the Philippines is a consumer market—players, streamers, and content creators drive viral adoption; Indonesia feels like a pure user market—massive scale from everyday mobile gamers hungry for accessible fun. Traveling to Indonesia and Thailand reinforced this. In Jakarta, I saw huge crowds at gaming events, with users prioritizing quick, social experiences.

In Bangkok, esports and influencer tie-ins stood out, blending gaming with entertainment. These trips showed SEA isn’t uniform—tailoring to each country’s vibe is key. Navigating the bear phase (2023-2025) In the Philippines, post-Axie crash hit hard.

Daily users plummeted, tokens lost value, and many guilds shrank. I connected Vietnamese devs with PH communities, advising on entry during the downturn. Challenges included grinding fatigue, scams, and trust erosion.

Yet, resilience shone: Survivors pivoted to education, talent scouting, and content integration. Streamers kept engagement alive by blending NFTs with live sessions. Manila meetups built real networks—people showed up for community, not just profits.

Also Read: How to scale voluntary carbon markets with DeFi and Web3 Bold predictions for 2026 revival 2026 will mark GameFi’s true maturation in SEA. The regional gaming market hits around US$14.86 billion, led by mobile (over 70 per cent share), with healthy growth in emerging segments. Web3 gaming evolves beyond hype: fun-first mechanics, skill-based “play-and-improve” models, and AI personalisation drive retention.

Philippines leads consumer revival: Streamer-led booms explode—expect live rewards where viewers earn tokens via quests or predictions. Esports-NFT hybrids surge, turning content creation into ownable income. PH’s influencer ecosystem makes it the viral launchpad for SEA titles.

Indonesia scales user growth: Massive mobile base fuels hyper-casual Web3 hybrids—quick sessions with ownership perks. High-speed chains like Solana cut fees, enabling mass adoption. 2026 exposes who truly localises for ID’s diverse users. Thailand bridges entertainment: Esports and tourism tie-ins grow—programmable events, live-stream rewards.

Bangkok’s events (like upcoming blockchain weeks) become hubs for cross-border collabs. Vietnam powers builders: Devs release polished mobile-first titles with stablecoin payouts for remittances. Interoperable assets and AI agents automate economies.

Overall: SEA Web3 gaming could capture billions in value if focused on AAA polish, stablecoin integration (for volatility-proof earnings), and compliance. Regulations stabilise—sandboxes in PH and Thailand help. GTA VI’s 2026 launch acts as a massive catalyst, normalising digital ownership.

Final takeaways My 2023-2026 journey—from Manila’s memecoin surprises to trips across Indonesia and Thailand—taught me that GameFi thrives on cultural fit, not cycles. PH consumes and amplifies; Indonesia scales; Vietnam builds. 2026 rewards bold, player-first execution: Blend SEA’s streaming vibe, mobile dominance, and community strength with sustainable ownership. The next wave isn’t hype—it’s thoughtful, regional, and massive. — Editor’s note: e27 aims to foster thought leadership by publishing views from the community.

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