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Gaming has evolved from a way to pass the time and amuse oneself to a way to reward gamers using blockchain-based technology like NFTs. Gamers were once thought of as people who waste their time playing video games rather than doing anything productive. However, that’s changed drastically over the last few years. Play-to-Earn video games allow users to earn real-world incentives. It embraces an open economy and compensates all players who contribute to the game. Gamers have the ability to “farm” digital assets like cryptocurrencies and NFTs to sell on the market. The worldwide gaming market could be valued at $268 billion by 2025. It’s reasonable to conclude that cryptocurrencies have penetrated this booming sector thanks to the benefits of blockchain technology. By letting developers recognize that they can build and transfer real value in the ecosystem, NFTs have played a crucial role in this expansion. If you look at Axie Infinity’s past revenue and transaction volume, it’s plausible to conclude that P2E gaming models are a huge success even in developing countries, such as the Philippines, where a large chunk of its userbase is based. This begs the question, “Can this success of Play-to-Earn Games be replicated in India?” Yes. Why? There are several elements that make India an ideal market for P2E gaming.
The Scope of Play-to-Earn Games in India
Several lockdowns and restrictions enforced by the COVID-19 outbreak have changed the gaming business in India, a key market. India is thought to have a 30% internet penetration rate. Gaming is now a major economic driver. This industry could soon be providing tens of thousands of employment opportunities. In the coming years, gaming tech businesses will finalize their hiring strategies to grow. India is the second-largest internet consumer in the world, with 560 million users. In India, mobile phone users make up 85% of the industry, PC users 11%, and tablet users 4%. According to the World Economic Forum, India’s gaming market has risen at a 15% annual rate due to the availability of cheap smartphones. Low data rates and 4G adoption have also helped. According to an AdTech research, about half of India’s mobile users started playing games during the outbreak. While the pandemic closed many doors, it improved the gaming market.
Gaming Giants in India are Betting on Blockchain
Gaming companies like JetSynthesis are exploring NFTs in games. Bengaluru’s Avisa Ventures is working with game creators to create two or three blockchain-based games. An NFT Gaming Guild and several investments have been made. The guild has also created a “Play to Earn” competition on Axie Infinity for Indian gamers to earn tokens to sell. NODWIN Gaming and RageFan partnered together to provide Chess NFTs during the Chess super League in October last year. RageFan, a Blockchain-based sports and entertainment marketplace, will offer CPL NFTs shortly. A report by blockchain analytics firm DappRadar found that blockchain-based games account for 55% of daily Dapp traffic. According to industry analysts, these developments are a precursor to Web3 games. Web3 is expected to be propelled by decentralized infrastructure and machine-based data interpretation. Some crypto analysts expect that India will create more than 100 web3 unicorns by 2025. Despite the overall optimism about the possibilities of NFT and blockchain-based gaming in India, many firms are hesitant to move forward due to the uncertainties surrounding cryptocurrency legislation. However, this might soon change since Indian officials recently imposed a tax slab on crypto trading, implying that future regulations are likely.
Given the current situation of the Indian gaming business and the willingness of Indian players, Play-to-Earn games are a promising opportunity for the Indian market. To capitalize on the rising interest in crypto and NFTs in India, non-fungible tokens (NFTs) are being used in games and esports, as well as the development of new blockchain-based games. As a result of the epidemic, eSports and NFT games have risen dramatically in India. India is seeing a rise in mobile gaming as a result of widespread smartphone use and inexpensive data costs. Due to Web3’s concept of monetizing your time and achievements, play-to-earn games in India are expected to grow dramatically over the next several years.