Indian gaming firms are now exploring ways to incorporate Non-Fungible Tokens (NFTs) into the world of esports and online gaming. Game developers wish to incorporate new games that run on blockchain in order to catch hold of the interest in crypto. As per a report by Deloitte, the Indian online gaming industry is expected to grow at a compound annual growth rate of 40% to hit the $2.8 billion mark by 2022, up from $1.1 billion in 2019.
These cryptocurrencies will be used to reward players. NFTs on the other hand are used to buy real estate and digital items. One of the blockchain games that attracted millions of players is Axie Infinity, a game owned by JetSynthesys. These gaming firms are now experimenting on how to leverage NFTs and blockchain in games. Rajan Navani, CEO of JetSynthesys said, “We have researched on this and are deeply looking into it. NFTs can be used for skin and avatars in games.’
Bengaluru-based Avisa Ventures is also working with game developers to create 2-3 blockchain-based games. Talking about the new venture, Priya Ratnam, CMO, Avisa Ventures said, “We plan to start games with NFTs. While we still support the community by working on other games, our talks with several firms to develop NFT games are on.”
Another brand called Polygon is organizing a hackathon with prizes worth more than $1,00,000 to motivate developers to create and showcase Web3 apps and games running on blockchain. Arjun Kalsy, vice-president at Polygon, said, “India could be the largest gaming market in the world mainly because of the deep penetration of mobile phones and cheap data rates. With the help of such play-to-earn games, the market is supposed to grow multifold in the next few years.”
As per a Newzoo report, games involving NFTs based games are played in a fictional universe and are in the play-to-earn(P2E) format. This model incentivises its players by dishing out financial rewards for their efforts towards the game. This model is touted to grow beyond the $200 billion mark by 2024.
Manthra Koliyer is a writer at Gutshot Magazine. She has an affinity for seeing the world through people’s eyes. With a bubbly fun personality, you can always catch her chatting with anyone she comes across. Holding an English Literature degree from Wilson College, Mumbai, and a Post Graduate Diploma in Journalism from Asian College of Journalism, this pop culture fanatic is ready to take on the world with a pen, paper, and microphone. She also actively works on her personal blog called namasteyconvict.blogspot.com, where for a moment she lets you into her drama-filled world.
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