FTX Gaming Announces Cooperation with Indian Game Association IndiGG to Establish a Web3 Game Market
The Indian gaming industry is at a once-in-a-lifetime inflection point.
India currently has more than 400 million gamers and this number is expected to grow to 650 million by 2025. The size of the Indian gaming industry has grown from $800 million in 2019 to about $2 billion by 2021, and by 2025, the figure is expected to exceed $7 billion. Among them, mobile games dominate, accounting for about 80-85% of users and revenue. Investors have already started to take notice of the market, with venture capital investment in the Indian games industry rising from $371 million in 2020 to over $800 million in 2021.
There are many factors behind this astonishing growth: high penetration of low-cost wireless internet, widespread use of affordable smartphones, a younger population, and a proliferation of premium games.
In order to seize this trend, FTX Gaming and IndiGG announced an official partnership to launch gaming business in India. IndiGG is the official subDAO of Yield Guild Games (YGG), aiming to incubate and promote the development of Web3 games in India. FTX Gaming supports Web3 studios, provides full-stack infrastructure technology, helps studios integrate digital assets into their products in a compliant manner, and provides consulting and financial support through FTX Ventures.
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Accumulate experience for crypto games in the process of currency digitization
Compared to other Southeast Asian countries, crypto gaming in India, especially P2E gaming, is still at an early stage. However, there is still a long way to go to improve the status quo and promote India as one of the largest crypto game markets in the world.
The barrier to developing crypto games remains a lack of education. There is still a considerable number of Indians who are unwilling to use or even know about cryptocurrencies. However, the situation is slowly improving. More than 30 million Indians have registered and traded on cryptocurrency exchanges. And with huge advertising budgets, cryptocurrencies are becoming more and more popular. Cryptocurrency-focused content creators are also on the rise, able to educate more Indians about this new asset class.
This is not the first time Indians have tried new technologies. In 2016, India officially launched UPI, the Unified Payment Service. UPI makes it very easy for users to make bank transfers directly to other users and merchants using their smartphones. UPI payments have grown over 200% annually for the past 5 years. In 2020, UPI processed transactions totaling about $457 billion, which is about 15% of India's GDP. In a society that has traditionally valued cash over digital payments, the adoption of UPI sends a positive signal for the potential mass adoption of cryptocurrencies to come.
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Quickly understand IndiGG in five minutes
IndiGG is an Indian game association DAO (Decentralized Autonomous Organization) under the decentralized game association Yield Guild Games (YGG). Web3 game ecology. IndiGG is now supported by YGG and Polygon, two leaders in the Web3 field, and is the largest gaming guild in India.
YGG is the world's largest earn-by-play game incubator with more than 15,000 players, over US$250 million in funding, and a valuation of US$2.5 billion. YGG will fully support IndiGG, and share the experience of operating DAO in the past with IndiGG's operation team to help them realize their mission of bringing Web3 into the Indian game market faster.
Polygon is a solution for the expansion of Ethereum, providing AWS solutions for the blockchain, with more than 2 million monthly active users. Through Polygon Studios, let Indian players enter the GameFi ecosystem and experience ecosystems including Zed Run, Skyweaver, and Decentraland.
Not only in the Web3 field, IndiGG has also received the support of the traditional game market, including the support of the founders and CEOs of several of India's largest game companies - including Nazara Technologies, a listed company in India, the live competitive game platform MPL (Mobile Premier League), Hungama, which recently announced the cooperation with Asia's largest film production company to launch NFT, and WinZo Games, which claims to be Netfiex in the game industry.
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