By Nishant Behl
The gaming industry in India is booming, and with the advent of Web 3.0 technology, the industry is set to grow exponentially. Web 3.0 is the next generation of the internet, where decentralised applications (dApps) are built on blockchain technology. The use of blockchain technology has several advantages, including security, transparency, and immutability.
The Indian gaming market is expected to grow from $2.8 billion in 2022 to $5 billion in 2025 at a CAGR of 28-30%. This growth is fuelled by increasing internet penetration, affordable smartphones, and the rise of online gaming platforms. The number of gamers in the nation is also expected to grow from 420 million in 2022 to 450 million by 2023 and to hit 500 million by 2025. The advent of Web 3.0 has and will continue to have a significant role to play in this growth.
Gamification through NFTs
Web 3.0 technology is changing the face of the gaming industry by offering several benefits to game developers and players alike. One of the biggest advantages of Web 3.0 is the use of non-fungible tokens (NFTs) for in-game assets. NFTs are unique digital assets secured on the blockchain, offering several advantages over traditional in-game assets. For example, NFTs allow players to own their in-game assets truly, and they can even be traded on decentralised marketplaces. This creates a new revenue stream for game developers and allows players to earn money from gaming activities.
The use of NFTs in gaming is already gaining traction in India. Axie Infinity, a blockchain-based game that uses NFTs, has become extremely popular nationwide. The game has seen a surge in players from India, and players have even been able to earn a living by playing the game. In fact, Axie Infinity has been so successful that it has become India’s most downloaded game on Android and iOS devices.
Blockchain-powered DeFi for gaming
Another advantage of Web 3.0 technology is decentralised finance (DeFi) for gaming. DeFi allows the creation of decentralised financial applications that run on blockchain technology. This creates a new way for gamers to earn money by participating in gaming activities. For example, a game developer could create a DeFi protocol that rewards players for completing certain in-game tasks. This creates a new revenue stream for game developers and allows players to earn money while playing their favourite games.
The use of DeFi in gaming is also gaining traction in India. Games such as My Neighbor Alice and The Sandbox have already integrated DeFi protocols into their games. The use of DeFi in gaming is expected to become more widespread in the coming years, and it could transform the way gamers interact with games. Web 3.0 can also enable greater transparency in gaming. The use of blockchain technology ensures that all transactions are recorded on a public ledger, creating a transparent and secure system. This can help to prevent fraud and ensure that players are treated fairly.
There can be no doubt that Web 3.0 technology is laying a strong foundation for the future of the Indian gaming industry. Using NFTs, DeFi, and blockchain technology can create new revenue streams for game developers and allow players to earn money from gaming activities. The creation of a more transparent and secure gaming system can help to prevent fraud and ensure that players are treated fairly. As the Indian gaming industry grows, Web 3.0 technology will play a crucial role in its development. Businesses in the sector should be prepared to adopt these new technologies to stay ahead of the curve.
The author is founder, Expand My Business