India is a land of gamers. Around 420 million Indians play online games and this number is only projected to grow. In fact, having recorded an 8% increase in the number of gamers in 2021, the Indian gaming industry is all set to be valued at $3.9 billion by 2025, says a report by KPMG. Gaming, therefore, promises to be the next big industry in India, driven largely by inexpensive internet, access to smartphones, greater disposable income, and most importantly, a younger population that cannot get enough of online gaming.
It’s clear as a day that the gaming industry in India has been growing in leaps and bounds and will continue to do so in the future. Along with the popularity of online gaming, another name has catapulted itself to fame among the Indian gaming community – NFT gaming. With NFTs and NFT games being the hot topic of 2021, they have piqued the interest of Indian audiences and may very well revolutionize the Indian gaming industry.
Before we begin to wax poetic about everything NFT gaming means for India, let’s take a step back and understand what NFT gaming actually is. Unless we’ve been staying off our phones for a long while, we’ve all, at the very least, heard of Web 3.0 – the most recent stage in the evolution of the internet. Now, Web 3 brings with it a host of possibilities from improved social interactions via the internet to the Metaverse. But the one aspect of Web 3 that has been gaining the most attention has to be NFT gaming.
NFTs are Non-Fungible Tokens (meaning each one is absolutely unique) that represent ownership of a digital asset. So how do they work in games? Consider any popular game. To power up your weapons and gameplay, you will need to spend anywhere between a little and a lot of money. And even then, you cannot hold on to the asset once the game’s done. With NFT gaming, this problem is solved. Even if the game developers decide to pull the plug on the game, you will still be the owner of an asset with considerable value, meaning you can sell it on an NFT marketplace. NFT gaming also allows players to earn rewards by playing; these rewards can, in turn, be converted into fiat currency.
NFT Gaming And India
As we’ve already established, India is a nation of avid gamers. As NFT games have become the next big thing to watch out for in the gaming industry, Indian gamers have quickly jumped on the bandwagon. Game developers, too, have realized the potential of the Indian gaming market and have set up shop in the country. In fact, right now, India is home to 11 NFT gaming companies – the third highest number worldwide.
So what is it about NFTs that is getting young India so excited? It could be that, for a country known for its cricket and cinema, legends from these fields releasing their own NFTs had people intrigued about the promise of NFTs. And soon, its popularity skyrocketed. From NFT collectibles to NFT gaming marketplaces, Indian gamers have found a whole lot to experience.
For many people, NFT gaming has become a source of passive income as it allows them to earn rewards for playing a game they love. Apart from this, NFT gaming marketplaces allow users to trade NFTs on secondary marketplaces letting them earn a pretty penny. This was especially found to be the case following the COVID-19 pandemic as most operations were shifted online. Play-to-earn games offered a means of income for thousands who had lost their livelihoods due to the lockdown. In fact, it has already become a viable career option for many, and this trend may soon take over the world as well.
This being the case, there is no way to go but up for NFT games. With investments pouring in from all quarters, it is only a matter of time before NFT gaming becomes the norm in India. And this, in turn, would put India firmly in the running as a major player in future Web 3 projects.
The Road Ahead
It cannot be denied that NFT games are having their time in the spotlight – especially as far as India is concerned. However, a lack of knowledge and regulation may be deterring a larger number of would-be players from joining the fun. Once these concerns have been addressed, NFT gaming could surge like never before, changing the face of the Indian gaming industry.
When you combine the GameFi (yes, it’s a portmanteau of games and finance!) of NFT games along with the security of the blockchain, you have a wonderful way for people to turn their hobby into a hustle with absolute ease and security. What more could you ask for?