Cryptos and gaming have evolved hand in hand through the years with the success of digital non-fungible tokens (NFTs). Gaming corporations all over the world, and especially in India, have begun exploring new ways to incorporate non-fungible tokens (NFTs) in eSports and other upcoming online games. The games are said to run on blockchains to cash in on massive interest in crypto and NFTs.

The gaming economy, where users can play to acquire weapons, skins, new levels or “in-game” tokens that others will purchase from them, is the same as gamers purchasing accessories on, say, PUBG Mobile. Game designers make billions from such deals. According to game publisher Electronic Arts (EA), NFTs are an important part of the future of the industry.

Surprisingly, some of the gaming things, characters, or accessories are individual NFTs and can be exchanged by the user in the open commercial center. As per reports, the market value of NFTs is $11.72 billion. Axie Infinity, Guild of Guardian, and other such games are the ones that stand out in this space.

In the current world, major game studios assemble games to offer to their audience and afterwards fabricate an in-game economy where the players are urged to go through cash to purchase things. Crypto NFT-put together games flip this idea completely! This allows gamers to not only be in charge of the game but the game economy itself and have the opportunity to make millions of dollars in the process.

“Gaming NFTs won’t just change crypto however gaming also,” said Ishan Arora, Partner at Tykhe Block Ventures. “Gaming will be a major reception factor for crypto very much like social media based on the blockchain.” Crypto gaming that includes NFTs and DeFi will be like the trojan horse for the economy of gaming. “Gamers are a significantly large and uncertain community”, he added.

Even though most companies are positive about NFT and blockchain-based games performing exponentially in India, many stakeholders associated with the gaming industry don’t want to rush into things due to a lack of laws and regulatory clarity on cryptos. Rajan Navani, CEO of JetSynthesys warns, “We’re still figuring out what’s the safest go-to-market strategy in light of something untoward coming towards the cryptos.”

According to Deloitte, real money gaming and eSports have seen massive growth in India after the pandemic. India’s online gaming industry is expected to grow at 40%(CAGR) to $2.8 billion by 2022, from $1.1 billion in 2019. NODWIN Gaming in collaboration with RageFan offered chess NFTs in the Chess Super League (CSL) tournament held in October. RageFan being a blockchain-based platform offers sports NFTs and fan tokens to its audience.

The availability of smartphones and access to high-speed data has transformed India into being the largest gaming market in the world. This market is set to grow manifold in the coming years through NFTs and blockchains that allow gamers to monetize their time and in-game achievements.

Credits: The Economic Times