Web 3.0 represents the forthcoming evolution of the internet, characterized by decentralized applications (dApps) constructed using blockchain technology. This innovative approach offers numerous benefits, such as enhanced security, transparency, and immutability.
The Web 3.0 revolution is shaking up the gaming world with a lot of advantages for game developers and gamers. Web 3.0 is the next step in the internet, and it’s all based on blockchain technology, which means decentralised apps (dApps). Blockchain technology has lots of benefits, like being secure, transparent, and immutable.
India’s gaming market is projected to grow from $2.8 billion in 2022 to $5 billion in 2025 at a CAGR of 28% to 30%. The growth of the Indian gaming market can be attributed to the development of online gaming platforms, low-cost smartphones, and growing internet penetration.
“As users continue to spend time and resources playing games, Web3 allows them to own in-game assets and consequently unlock the monetary potential of such assets. Even if one were to keep the revenue potential aside, for an Indian user, it will be particularly relevant that decentralization makes the system resilient to cyber-attacks and the infrastructure’s robust security and verification measures keep the in-game assets secure,” said Rajshree Sharma, Senior Legal Counsel, MPL.
In addition, smart contract operations make the game’s environment more transparent and tamper-proof.
“This is useful in preventing instances of fraud and cheating. While still early, it will be interesting to see Indian gaming DAOs formulate mandates for community ownership, reward distribution, and game rules,” Sharma said.
BNS Head of Public Policy & Government Affairs, Suraj Sharma, predicts that Web3 technologies will revolutionize the gaming industry in India.
“These technologies will democratize the gaming landscape, offering players ownership and earning potential through their gaming efforts. The increased use of blockchain, NFTs and play-to-earn models will fundamentally redefine player experiences and interactions. Collaborative efforts from gaming companies, blockchain developers and crypto projects are essential to navigating this new era. As we progress, the Indian gaming industry is expected to evolve into an empowering, player-centric, and economically vibrant ecosystem,” he said.
The community building and interaction that are at the core of Web3 need to be applied to not just customers, but also to everyone involved in gaming, blockchain, NFT, and crypto to get a jump start.
Credit: CNBC TV18