The Web3 sector in India is surpassing adoption expectations beyond just cryptocurrencies. Blockchain gaming and non-fungible tokens (NFTs) are also attracting tech-savvy Indians for what they have to offer – from digital assets in the metaverse to copyright and royalty rights on purchased NFTs. Partha Chadha, CEO of Indian Web3 firm STAN, said this growth in the NFT sector will help creators protect their intellectual properties and generate revenue for their craft from this advanced technology stream.
“Indian players getting in-game items and characters nft, which holds utility and value within the gaming universe. These NFTs bring liquidity options to their holders and the fact that they can be developed, monetized, or resold makes them a practical as well as potentially profitable investment,” Chadha told Gadgets 360.
India hosts the third largest number of NFT companies in the world with five per cent of the global share of NFT companies, claimed community platform NFT Club in its reports Last year. People are using NFT investment for many purposes in India.
For example, last year, Bollywood actor Vishal Malhotra funded his directorial debut film titled ‘Ilm’ by selling NFTs. Banking on the growing NFT culture, Malhotra, 42, began collaborating with Indian NFT artists from June 2021. By selling these NFTs, the actor raised funds to produce his film, making it India’s first NFT-funded film.
Some way or the other, the NFTs were helping domestic artists and creators in their ventures, said the STAN CEO.
“Indian Musicians, Writers and Others creative professional are using NFTs to tokenize and market their copyrighted material. This allows them to retain a share of future royalties and potentially profit from the resale of their creations,” Chadha said.
Earlier this year, backpacker hostel chain Zostel decided to offer Bengaluru’s NFT community a physical space to meet, greet and create together. From this the Zoe House was born. The initiative has been able to garner promising responses from the Web3 community.
so so so! :Wave:
had a great time @BLRxZo :Fire:
Zoe House is an incomparable experience. The moment I walked in, I felt completely at home in their cozy and colorful environment. :purple_heart:
The rooftop terrace was an excellent highlight, offering stunning views of the cityscape while you relax.… pic.twitter.com/I76uOGGYEW
— VaibhavRajput.eth/lens :herb: || SOCLLY (@Vaibhav_SOCLLY) May 13, 2023
India’s gaming sector was projected to have over 507 million gamers by November 2022. The Indian gaming sector was valued at $2.6 billion (roughly Rs. 21,502 crores), according to Lumikai, an interactive media venture capital fund. Allegedly said a study. By 2027, the Indian gaming sector is expected to skyrocket to a valuation of $8.6 billion (roughly Rs. 71,106 crores).
However, India’s regulatory uncertainty stands in the way of widespread adoption of NFTs and blockchain gaming. while the country is working make laws To steer the crypto sector internationally, the Indian authorities have maintained a tight silence on the classification of NFTs.
An official clarification on whether NFTs are digital assets or not will help investors make a wise decision.
“We believe it is important for India to embrace this technology and create a clear regulatory framework for NFTs that fosters innovation and protects the interests of all stakeholders. As the non-fungible token market expands Indians are likely to find even more innovative ways to benefit from the practicality and value of NFTs. Currently, NFTs are already being used to represent event admissions or one-of-a-kind experiences, which ensures secure, authentic and easily transferable entry into special events organized by the community,” Chadha said.
STAN, which started as a Bengaluru-based esports fan engagement platform, Expansion In a Community market in February 2023. The marketplace aims to be a one-stop destination for blockchain gaming fans to trade digital collectibles.
Meanwhile, the blockchain gaming sector The arena is anticipated to explode in the times to come with the entry of new players to intensify the competition with the established players.
In his latest research report, DappRadar stated that the Asian countries of India, China, Japan and South Korea collectively have more than 1.7 billion video game players, and this large number has attracted the Web3 gaming community to prioritize their focus on this market . More than 55 percent of the global gaming community resides in Asia. The continent contributes over $72 billion (roughly Rs. 5,88,229 crores) in annual gaming revenue.
A recent Chainalysis report also Thrown light on that in the second quarter of 2022, 58 percent of web traffic for crypto services from Asian countries was related to NFTs. Another 21 percent of traffic was related to play-to-earn blockchain games.
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