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India is a huge market for play-to-earn NFT games. Here’s why

In Web3 play, NFT marketplaces provide users with liquidity as they are rewarded for their gameplay. Apart from that, the NFT games come with transparency and are not limited to a single game (interoperability).

Ramkumar Subramaniam, CEO and co-founder of GuardianLink, explains that the integration of gaming, NFTs and finance has heralded the arrival of play-to-earn (P2E) gaming. As the name suggests, users can earn for playing the game. Effective monetization of the time and effort spent on the game. Right now, the focus is on building commercially sustainable games without compromising the empathy quotient. It’s very likely that people are more willing to play a game they understand than a game whose concept is completely foreign to them. Because of this, a P2E NFT game like cricket is more likely to thrive in an emotionally driven market like India.

In Subramaniam’s view, NFT’s entry into the gaming world isn’t just about earning games, it’s also about the in-game assets and their value, which is immune to the game itself! Since the in-game assets can be converted into NFTs, people who buy these assets can easily sell them on NFT marketplaces. This is a revolutionary concept considering that in-game assets were only considered long-term expenses as most games were relatively short-lived.

“Game-Fi represents a whole new era in the world of gaming, finance and even the prospect of an economically sustainable profession. It wouldn’t be surprising to see someone in the near future claiming their full-time job is to play P2E games!” Subramaniam added.

Toshendra Sharma, Founder and CEO of NFTICALLY explained why NFT games have caused a massive shift in the gaming industry and said that it has empowered its players/users by offering advantages that games previously could not were got. Features such as ownership – which is highly valued by players inclined towards rarity and authenticity – the interoperability of NFTs, which allows for the transfer of an asset between multiple games, and the potential to convert in-game rewards into real money are a few of the main attractions.

While P2E gaming is still in its infancy in the gaming industry, NFTs have been around for quite some time.

Sharma said that NFT gaming is much more than just collecting crypto collectibles in a wallet.

As demand for blockchain-based gaming projects continues to grow, Sharma says NFT gaming revenue is expected to increase over the next three to four years. There are about 50 million people playing games in India, which signals the game’s huge market potential for earning NFT games. The future of NFTs in the gaming industry is expected to be very bright as it offers players the opportunity to generate liquid income by playing the game and has the ability to generate VC interest for the emerging brands.

Meanwhile, Amanjot Malhotra, Country Head – India, Bitay explained that as interest in crypto, blockchain and NFT-based gaming grows, it is slowly becoming the next trend that the entire crypto ecosystem is heading towards. But even as gaming studios attempt to leverage blockchain with the play-to-earn (P2E) model, there are risks associated with crypto that must be considered.

The traditional gambling industry is valued at $100 billion and there is a transition to Web3 gaming where new entrants like Axie Infinity and Crypto Kitties have already made success stories in the market. Several traditional gaming companies such as Electronic Arts, Ubisoft and Spic Games have already started moving into this sector, Malhotra added.

In Web3 gaming, Axie Infinity is the prime example of a success story. Since its inception, Axie Infinity is now valued at $4 billion with nearly 2.5 million daily active users. The most expensive Axie sold in the form of NFT was estimated at $1.2 million.

It must be noted that NFTs are created within a game using smart contracts, where self-executing lines of code are stored on a blockchain – which form the rules for the NFTs used. Blockchain games allow players to track and analyze every move they and other players have made in the history of the game. This brings a lot of transparency into the gamer ecosystem. There is a lot of transparency in these games. This is probably one of the biggest selling points of blockchain games.

Siddharth Jaiswal, Founder of Sportzchain said: “At Sportzchain we are working on some creative concepts that will help us bring more Web2 users into the Web3 world. The goal is to bring fans closer to their favorite teams and athletes through the use of digital assets to gain access to money-can’t-buy events as India is likely to become one of Asia’s fastest growing markets, only behind Vietnam and Indonesia , the future of web3 gaming in India is much brighter than it appears, especially considering its steady growth over the past five years. We have a large user base for it, but the projects would need to be engaging, fun for the players and give them opportunities to convert their winnings. Sports will be an important area to drive the wide adoption of P2E games and solutions.

According to Bitay expert, there is huge potential for the Indian gaming studios to launch their games on blockchain and take advantage of the current market scenario. To launch their games on the blockchain, they need to choose the blockchain, publish the game and raise funds via game NFTs, partner with game launchpads and distribution platforms, and market their game to the right audience.

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