In web3 game, NFT Marketplaces provide liquidity to users as they are rewarded for their gameplay. In addition, NFT games are equipped with transparency and are not bound by a single game (interoperability).
Ramkumar Subramaniam, CEO and Co-Founder, GuardianLink, explains that the integration of games, NFTs and finance has led to the introduction of play-to-earn (P2E) games. As the name implies, users can earn for playing the game. Effectively monetizing the time and effort spent on the game. Right now, the focus is on building economically sustainable sports without compromising on the empathy quotient. It’s quite possible that people are more prepared to play a game they understand, not a game whose concept they are completely foreign to. This is why a P2E NFT game is preferred Cricket Success is more likely to happen in an emotionally driven market like India.
In Subramaniam’s view, NFT’s entry into the gaming world is not just about earning for playing games, but also about in-game assets and their value that the game is immune to! Since in-game assets can be created in NFTs, those who buy these assets can easily sell them on the NFT Marketplace. This is a revolutionary concept, considering the fact that in-game assets were only considered long-term expenses, as most games were relatively short-term.
“Game-fi represents an entirely new era in the world of sports, finance, and even the vision of a financially sustainable profession. It wouldn’t be surprising to see this happen in the near future, one person who claims That’s his full time profession to play P2E games!” Subramaniam added.
Explaining why NFT Games has brought about a massive change in the gaming industry, Toshendra Sharma, Founder & CEO, NFTICALLY, said that it has empowered its players/users by providing them with benefits that were previously impossible to get from games . Features such as ownership—highly prized among gamers inclined toward rarity and authenticity—, the interoperable nature of NFTs that allows the transfer of assets between multiple games, and the ability to convert in-game rewards into real cash are some of the major There are draws.
Even though P2E games are still at an early stage in the gaming industry, NFTs have been around for some time now.
Sharma said that NFT games are much more than just collecting crypto-collectible items in a wallet.
According to Sharma, as the demand for blockchain-based gaming projects continues to increase, it is reasonable to expect an increase in revenue flow from NFT games in the next three to four years. There are around 50 million people in India who play the game, indicating the huge market potential of playing NFT games to earn. The future of NFTs in the gaming industry is expected to be highly promising as it provides opportunities for gamers to earn liquid income by playing games as well as has the potential to attract VC interest for emerging brands.
Meanwhile, Amanjot Malhotra, Country Head, India, Bitte said that with the increasing interest in crypto, Blockchain and NFT-based gaming is slowly becoming the next trend where the entire crypto ecosystem is headed. But even if gaming studios are looking at leveraging blockchain using a play-to-earn (P2E) model, the risks associated with crypto have to be considered.
The traditional gaming industry is valued at $100 billion and a transition is taking place in Web3 Gaming, where new entrants like Axi Infinity, Crypto Kitties have already established success stories in the market. Malhotra said that many traditional gaming companies like Electronic Arts, Ubisoft, Spice Games have started foraying into this space.
In web3 gaming, Axie Infinity is a prime example of a success story. Since its inception, Axie Infinity now sits at a valuation of $4 billion with approximately 2.5 million daily active users. The cost of the most expensive AXI sold as an NFT was $1.2 million.
It needs to be noted that NFTs are created with the help of smart contracts within a game where self-executing lines of code are stored on the blockchain—which form the rules for the NFTs used. Blockchain allows game players to track and analyze every move made by them and other players throughout the history of the game. This brings a lot of transparency to the gamers’ ecosystem. There is a lot of transparency in these games. This is probably the biggest selling point of the blockchain game.
Siddharth Jaiswal, Founder, SportzChain, said, “At SportzChain, we are working on some creative concepts that will help us connect more Web 2 users to the Web 3 world. It aims to help fans access their favorite teams and their favorite teams and teams using digital assets. The future of Web3 gaming in India, behind only Vietnam and Indonesia, as India is likely to become one of Asia’s fastest growing markets, to gain access to no-money-buy events Much better than that, especially considering its steady growth over the past five years. We have a huge user base for this, but the projects will need to be engaging and enjoyable for players, as well as converting their winnings. An important area in driving games will be the widespread acceptance of P2E games and solutions.
According to Bitte expert, there is huge potential for 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 must select the blockchain, publish the game and raise funds via game NFTs, partner with game launchpads and distribution platforms, and get their games to the right audience.