Web3, the latest version of the World Wide Web, has introduced a new wave of online gaming that utilizes decentralized techniques, blockchain technology, and token-based economy. Many Indian firms have shifted their focus to Web3 games, and the Web3 gaming sector is witnessing massive growth.
Web3-based games, known as Web3 Gaming, provide a unique perspective on gaming, allowing players to exchange in-game goods and monetize their gaming skills easily. The Indian gaming market is expected to cross 650 million by 2025. In this article, we explore the benefits of Web3 Gaming and its rise in India.
The Benefits of Web3 Gaming
Web3 Gaming has several advantages, including better accessibility, easy monetization for startups in the sector, and better security for gamers and their assets. With the use of blockchain technology, Web3 games allow players to collect in-game items that can be sold to other players, promoting a play-to-earn model. This model allows players to monetize their gaming skills, creating a sustainable ecosystem. Moreover, Web3 gaming provides better security for gamers and their assets as blockchain technology ensures that in-game items are immutable and secure.
The Rise of Web3 Gaming in India
The Indian gaming market is one of the fastest-growing ones, with over 500 million gamers in 2022, and several firms are shifting their focus to Web3 games. Dream11, Nazara Technologies, nCore Games, Tegro, and Yudiz Solutions are some of the firms that are working on their own Web3 games. Yudiz Solutions has recently filed its DRHP with the National Stock Exchange’s NSE Emerge for an initial public offering (IPO), becoming the first company from the blockchain sector to list on the Indian stock exchange if the required approvals are obtained.
IndiGG DAO, one of the most popular Web3-based gaming companies, recently announced the IndiGG Web 3 Championship, with a prize pool of $200k. IndiGG is also working to expand the Web3 gaming ecosystem and has released many Web3 games that users can play and earn from. IndiGG was recently acquired by Bengaluru-based Web3 gaming venture Kratos Studios, one of the biggest investors in the Web3 gaming space.
Trinity Gaming partnered with EmChain to promote and facilitate Web3 businesses worth $10 million in the Web3 and blockchain-based gaming sector. Trinity Gaming and EmChain FZE will provide training, guidance, and revenue streams for Web3 and blockchain developers. Choosing a reputed platform is one of the safest methods to conduct due diligence while selecting the Web3/blockchain-based platforms and playing the games.