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Why Gaming Companies are Excited About Web 3.0 in India

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why gaming companies are excited about web 3.0 in india, web 3.0 in india, gaming industry in india, how gaming and web 3.0 are related, why indian gaming companies are excited about web 3.0

The gaming industry has been evolving pretty fast and people have started to even invest in the games. India’s gaming industry is also growing with the ever-growing gaming sector of the world. Due to the rapidly developing technology, there are various types of games developing and evolving and bringing up something new for gamers. Such as VR gaming, AR gaming, Cloud gaming, etc. These are the technologies that have gained a lot of popularity these days. However, Web 3.0 is also gonna play an important role in that. And gaming companies are also very excited about that. So in this article, we will discuss why gaming companies are excited about Web 3.0 in India. So without any further due, let’s head into the article.

Web 3.0 in India

why gaming companies are excited about web 3.0 in india, web 3.0 in india, gaming industry in india, how gaming and web 3.0 are related, why indian gaming companies are excited about web 3.0

Web 3.0 refers to the next generation of the internet, where websites and apps will be able to handle data such as humans. For that, it will be using AI(Artificial Intelligence) and ML(Machine Learning), Big Data, decentralized ledger technology(DLT), and others. With Web 3.0 machines and users will be able to handle and engage using data as well. However, for this to happen, programs must be able to comprehend information both conceptually and culturally. Given this, the semantic web and artificial intelligence are the two pillars of Web 3.0.

As per recent reports, various global investors have agreed to invest millions of dollars in Indian Web3 start-ups. They are citing India’s strong ecosystem of 4 million engineers, experienced tech operators, and a well-knit Web3 community.

Gaming Industry of India

why gaming companies are excited about web 3.0 in india, web 3.0 in india, gaming industry in india, how gaming and web 3.0 are related, why indian gaming companies are excited about web 3.0

Earlier parents were worried about their children playing video games. But that was the case pre-pandemic. Now the gaming industry has evolved so much that one can even pursue a career as gamer. When the Karnataka High Court recently overturned amendments to the Karnataka Police (Amendment) Act, 2021, aimed at prohibiting and criminalizing participation in online games, the country’s $930 million gaming industry felt a relief.

Roland Landers, the Chief executive of All India Gaming Federation (AIGF) said that the step is in the right direction. He also quoted that “We look forward to working with the government and stakeholders to develop a clear regulatory framework — that will enable legitimate gaming companies to operate in the state with safeguards while eradicating illegal gambling apps from the state”. This can be seen as a green signal from the government, and we can expect the industry to evolve as a career option.

How Gaming and Web 3.0 are Related?

As mentioned above, Web 3.0 is supposed to be the next evolution of the internet. Also, when we talk about gaming, it can revolutionize games. As per industry experts, Web 3.0 can enhance the overall gaming experience of the users. Users are rewarded for the in-game assets they possess in Web 3.0 games, according to the concept. More significantly, those assets have a monetary worth that is not limited to the game.

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You know that nowadays NFTs and Blockchain have become popular. They will play important role in Web 3.0 gaming as using the blockchain and NFT, gamers will be able to own a real valuable asset. If you are familiar with NFT’s concept, you know how valuable they are. However, who don’t know, let me give you a brief about NFT so you can understand the concept better.

NFTs stand for the Non-Fungible Tokens. NFTs are the owners that can be defined for a digital asset[items that cannot be physically accessed]. It can be referred to as ownership proof of digital items. For example: If a person won a character in a game that was owned by the game creator. Once he owns the character, he gets the rights and can then sell it at their convenience.

Why Gaming Companies are Excited About Web 3.0 in India

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As per some reports in 2020, gamers around the world will have paid $70 billion on games with no expectation of profit. However, Web 3.0 gaming has the potential to change that. Aakash Mandhar, the Vice President of Studio Engineering at Immutable in an interview with the indianexpress.com said “For any game to be fun, they have to be meaningful and you should be able to play the game with or without the blockchain. If you do that, then that’s a fun game. Blockchain enhances the experience by giving your digital ownership and being rewarded for your interactions in the game”.

Reasons:

In the future of Web 3.0 games, he predicts the dynamic between “games with economies” and “gamified economies” will be key. “If you flip it, which is that the entire game is about playing an economy and everyone’s angle is to extract value from it, it’s no longer fun,” he added.

It is needless to say that games will not initially feature it. Because of many contenders, entering the space Mandhar called out speculative reasons that it might burst in a limited time. However, as per Mandhar, it is not a sustainable strategy. He also added “Once there are enough high-quality games out there, then there is going to be a competition around which games are people going to play. At that point, these games will suffer,”

Also, another reason why gaming companies are excited about Web 3.0 is that nowadays people have started to spend any amount on gaming. Yes, you got it right, now people have started to make in-app/game purchases that make it a worthy opportunity for the gaming companies. Dayanidhi MG, CEO of nCore Games said “The idea that gamers in India are not spenders is changing as of now. All gaming companies are looking at India and the user behavior is changing,”

He also agreed that currently, Web 3.0 games have lacked quality. Moreover, they are no match for today’s AAA titles. So that was it for our today’s discussion of why gaming companies are excited about Web 3.0 in India.

Also, keep an eye out on TechBurner for more such articles.

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