Blockchain gaming is still in its early stages in India and the rest of the world, but it has recently seen a huge rise in popularity. Since the beginning of 2021, the “play-to-earn” (P2E) idea has become much more popular. According to a report by DappRadar, the number of Web3 games went from 343,000 in January 2021 to 8.51 million in January 2023. This is an interesting fact.
Most of the progress in Web3 gaming has been driven by crypto-native components. There’s a lot of reason to think that India’s huge pool of product and game designers will create amazing Web3 markets that will survive for a long time and be built into fun games. As the world moves from Web2 to Web3, India has a lot of knowledge about software that could be used to make games.
Table of Contents
Seeing How Web3 Games Can Be Used:-
Play-to-Earn:
Play-2-Earn is an idea where players get paid for their time, effort, and skills. Blockchain technology makes this possible. There is no way for players to make money from their skills outside of esports at the moment.
High Levels of Financialization:
Users have gotten a lot out of the rise of financialization.
Users in DeFi can use virtual assets as collateral the same way they would use real assets. For example, if a player lends out their expensive weapons, they can get money for their next fight pass.
Better Security:-
The fact that Web3 gaming is distributed is also what makes it stand out. This is one of the most important features of anything built on blockchain.
There isn’t a single place where something could go wrong, like with centralized servers in old games.
Understanding the Use Case For Game Developers and Creators:
Greater Number of play-to-earn Players:
Compared to the free-to-play model, where less than 2% of gamers buy in-game goods on average, blockchain gaming has the potential to turn a larger number of players into money. Because of the benefits listed above for players, they are more likely to spend money, which makes it possible to make money off of the users.
Deals Between Different Ecosystems:
It also makes it possible to get value from different ecosystems. In traditional gaming, all transactions happen in one ecosystem. Interoperability is made possible by blockchain technology, so interacting with other ecosystems and games opens up a new way to make money in the form of on-chain royalties.
Better Synchronization of the Economy:
Blockchain technology can be used to build a business model that makes it easier for game designers and players to work together. This can improve the game and, in the long run, be good for both the game and the player.
Unit Economics Got Better:
When a game gives players and creators a share of its earnings, it costs less to get new customers and keeps players longer. So, LTVs are higher than they would be in a normal free-to-play game.
The State of Play-To-Earn in India on Web 3.0:
India has 430 million mobile gamers right now, and that number is expected to reach 650 million by 2025. At the moment, this part of the business is the most important. Mobile games make up more than 90% of the $1.6 billion gaming market in the U.S.
On the other hand, crypto and Web3 startups in India have already signed 43 agreements that will give them more than $1 billion in funding during the first half of 2022.
In 2021, on the other hand, 39 agreements were made in the industry that were worth $536 million. In addition, a lot of Web2 games are now trying to move to Web3.
India has started to look into how blockchain and Web3 technology can be used in gaming and esports. Most of these projects, though, are still in the planning stage. For example, Nazara wants to get into the Web3 business.
How an Originator or Game Developer Can Begin Making Web3 Games:
Anyone who wants to make a Web3 game should know what the most important parts of Web3 gaming are and how they will affect their game. Among these are security, decentralization, immutability, and ownership that can be checked. When these ideas are applied to game ecosystems, they can be boiled down to ownership and chain-of-custody of digital assets, recordings of gameplay that can’t be changed, or completely open game creation.
Did you know how play-to-earn games can’t be looked at without looking at the economics behind them. If more players take money out of a game economy than they put in, the ecosystem is fundamentally unstable. The video game industry has always gotten most of its money from angel investors, venture capitalists, and strategic investors. But because Web3 is not centralized, it has also opened up a number of new ways to handle money.
Profit is the Leader, But Engagement Reigns Supreme:
As demonstrated by some of the world’s most profitable games, such as Fortnite, League of Legends, and Pokémon GO, engagement comes first. As players become more emotionally and socially engaged with a title, they are naturally more willing to spend (or participate in brand activations) in the future.
This year’s report emphasizes player engagement not only quantitatively, but also qualitatively. On page 20 of the free version of the report, look for our “Is Gaming the New Breed of Social Media?” trend.
Of course, increased engagement and player numbers lead to increased revenues in the years that follow, and this is exactly what is happening in the market.
A More Comprehensive Revenue Breakdown for a Growing Market:
The games market is constantly evolving, as are the ways in which consumers interact with it. This necessitates an evolving approach to segmenting game-related revenues. As a result, we have updated our revenue breakdown for this year’s Global Games Market Report.
We now divide revenues per platform by boxed full-game revenues, digital full-game revenues, and in-game revenue globally and by country/market/region. The most significant change is in the console revenue stream. For the first time, subscription revenues in the segment can be separated.
Play-to-Earn Games Will Stay Around:
The most important thing to take away from this is that in Web3, game economics are no longer limited by the rules of the game. They are now a part of the larger economy in real life, so thinking about gaming needs serious thought and good judgment. Play-to-earn is here to stay, and it’s likely that it will grow a lot in the next few years. Finder’s NFT Gaming Adoption Report says that India is actually number one out of 26 countries when it comes to play-to-earn (P2E) gaming adoption.
Everything about the Indian Web3 gaming environment, not just play-to-earn, is expected to grow at a very fast rate.Developers and other people in the industry who put off using this technology run the risk of falling behind because it will always change.
