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In these games, players can own digital characters and virtual digital assets like earth, fire and wood in the form of non-fungible tokens (NFTs) or game-based tokens, executives and experts said. Of the industry. They can buy or sell these tokens in-game using in-game cryptocurrency, which can be exchanged for cash later on the secondary market.
Players’ time spent or achievements are directly proportional to the cryptocurrency they earn, known as p2e.
“The moot point is that time equals money. When you invest time (in the game), why can’t the value creation be shared by everyone who uses the platform?”, said Manish Agarwal, managing director of Nazara Technologies, India’s first publicly traded gaming company.
“Basically, the reward comes in the form of tokens and if the platform is doing well — in terms of users, revenue — then the value of the token should automatically increase,” Agarwal told ET on the sidelines. ‘Indian Gaming Developer Conference. .
Nazara Tech is also researching to add Web 3.0 elements like metaverse and p2e to its games.
According to a report by BCG and Sequoia Capital, India has a gambling market worth $1.5 billion, roughly 1% of the global pie, but is expected to more than triple to $5 billion. by 2025 thanks to “mobile”. -first” phenomenon. The country’s gaming market is currently smaller than those of the United States and China.
However, the revenue potential of 500 million gamers will be “truly” unlocked with p2e, and India will catapult itself into the world’s top gaming revenue markets, Agarwal said.
Vi is “watching this emerging technology closely to see how it evolves,” said Avneesh Khosla, chief marketing officer of Vodafone Idea. “We believe it has the potential to deeply engage with consumers and improve their digital experience,” Khosla told ET.
The global gaming market stands at $1.2 trillion, and the infusion of Web 3.0 elements could easily multiply that market to nearly $3 trillion even at a “pessimistic” estimate over the next five years. years, said Siddharth Menon, co-founder of Tegro – a similarly, Ncore Games also plans to capitalize on these themes and is working alongside investors such as Animoca Brands, Galaxy Interactive and Polygon.
“Gaming could naturally embrace Web 3.0 and kick off through item ownership and the sale of digital assets. Other industries such as events, art, tourism and even manufacturing or healthcare may also adopt it in the future,” said Dayanidhi MG, Founder and Managing Director of Ncore Games.
Backed by investors, Ncore Games designs its own games as well as partner games to enable Web 3.0. “We will use it on our own games first. These new features will be ready in a quarter or two,” Dayanidhi said.
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