India leads in crypto-based P2E games — here is why.
NFTs, or Non-fungible Tokens, are digitally available collectibles supported on the blockchain. These collectibles are digital as well as physical objects that are converted digitally and sold on the blockchain.
Since NFTs are unique collectibles on the blockchain, this feature makes NFTs a suitable representation of an in-game asset. Gaming when integrated with NFTs can prove to be a unique source of income while playing the game. NFT games come under GameFI, i.e., Gaming and Finance.
So how is NFT gaming different?
Gamers would normally be accustomed to the fate of their in-game assets staying forever in the game. These assets cannot be moved to another player’s account or anywhere else desired, and you might have to sell the account.
When it comes to blockchain gaming, every in-game asset is considered a digital asset. This means these assets are worthy on the blockchain, which holds world monetary value.
NFT games enable the free flow of transactions as well as asset hold transfer from one player to another. How your assets can assist the player in furthering themselves in the game plays a significant role too! The more upgraded your asset the higher value you can sell it for!
Players get rewarded for playing the game when it comes to blockchain or NFT-based games!
You can sell your in-game NFTs to other collectors or players, or earn tokens while playing the game!
Current scenario in India
NFT-based games have been on the rise in India. The adaptation to these games sure has been rapid.
Finder’s latest report on Global NFT suggests that the average crypto user has adopted the new gaming method at a rapid pace last year. People aren’t skeptical about using and embracing new technologies anymore.
With NFTs as rewards and as in-game items, P2E games require and reward NFTs with the help of crypto tokens. They help gamers earn rewards by generating incentives at various levels of the games.
Global scenario when it comes to NFT games
Globally, when it comes to P2E adoption, 17% of men have played NFT games. Men are more interested in adopting new technologies than women. 12% of women globally have played NFT games.
“The response to P2E games in India was quite tremendous with the attached rewards and incentives at different levels,” he added. It is expected that India will lead the NFT gaming universe.” Abhay Aggarwal, Founder, and CEO, Colexion.
Hong Kong is in the second spot, with 29% of NFT gamers, and the UAE ranks third with 27% of users. The Philippines, with 26% of NFT gamers.
Sweden, Germany, and the UK are sitting at the bottom three spots with 4.3 percent, 7.4 percent, and 7.8 percent NFT gamers, respectively.
NFT games in India
When it comes to India, 34 percent have played P2E games, and 11 percent are willing to play them in the future. The study revealed that India has gained the top position in the adoption of NFT gaming.
In India, a total of 41.7% of P2E gamers fall under the age group of 18–34. With the power of social media right on people’s devices, information circulates at a swift pace. Information about what’s happening in the world reaches you now faster than ever before. On the other hand, 29.1% are between 35 and 54 years of age.
In India, 38.1% of men have played P2E games, compared to 29.2% of women.
A survey revealed that the younger population is more attracted to such games. Globally, NFT gamers are likely to increase by 6–15%, with France having the highest adoption.
“In this decade we will see 90 percent of the gaming industry moving to the blockchain as the benefits are obvious,” he adds. “User information is secure and anonymous and there is no tracking and selling of data to third parties.” said Amanjot Malhotra, Country Head — India, Bitay, an upcoming Turkish Crypto Exchange.
With Metaverse on the rise, reimagining how humanity at large will exist, NFT games sure will be integrated with Metaverse. With increased accessibility and transparency, NFT games are the future when it comes to gaming where earning capacity and credibility will be a significant factors. Gamers will have fun as well as earn a significant amount of money to sustain their living which is mind-blowing in itself!
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