In India, NFT gaming is the most popular (Report)

nft gaming

NFT Gaming : Cryptocurrency

Cryptocurrency has revolutionized the way we think about and use money in just a few years. As cryptocurrency becomes more prominent, game creators have seen the trend and are now creating blockchain-based games. Although the crypto gaming sector is still in its infancy, awareness of the financial benefits on offer is expanding, particularly in emerging economies, and the industry is gaining traction. In India, NFT games provide gamers the possibility to earn money, which is something that traditional gaming ecosystems cannot offer.

nft gaming

According to reports, the top three locations where play-to-earn games thrive are India, Hong Kong, and the United Arab Emirates.

According to a recent poll performed by Finder, 34% of Indian respondents had played a play-to-earn (P2E) game. Hong Kong came in second with 29% of the vote, while the UAE came in third with 27%.

What is NFT?

The acronym NFT stands for “non-fungible token.” An NFT is one-of-a-kind and cannot be expanded with anything else. A bitcoin, for example, is fungible, meaning you can exchange one bitcoin for another and get the identical thing. A one-of-a-kind trading card or work of art, on the other hand, is not fungible. You’d get something altogether different if you traded it for a different piece of art. Because of this capability, NFTs can be used in games by distinct characters or avatars.

In the P2E Universe, India is the undisputed leader.

According to Finder’s NFT Gaming Adoption Report, play-to-earn games have become a very popular niche for consumers all over the world. Men under the age of 35 are more likely to contact with the NFT gaming business, according to the findings.

Every third respondent admitted to playing a P2E game, making India the global top. Hong Kong, China’s special administrative entity, comes in second with 29%.

The United Arab Emirates, a country with a strong crypto presence, came in third, with over a quarter of its inhabitants stating they have played such games.

With 6% and 4%, respectively, France and Sweden were at the bottom of the list.

The number of people investing in blockchain games is increasing (NFT Gaming)

According to a recent research by DappRadar, blockchain-based games raised $2.5 billion from investors in Q1 2022. Total investments could exceed $10 billion, according to the bold forecast (assuming the current pace maintains).

Yuga Labs and Immutable-X are two famous examples of this type of funding. The former is the studio behind the Bored Ape Yacht Club NFT line (BAYC). It received a $450 million fundraising round led by Andreessen Horowitz two months ago.

Immutable-X (the company behind two of the most successful blockchain games, Gods Unchained and Guilds of Guardian) raised $200 million. As a result, its market capitalization increased to $2.5 billion.

The most appealing games for the player base were Splinterlands, Alien Worlds, and Crazy Defense Heroes.

NFT games are here to stay in India, and they will change the gaming business as we know it. More gamers will be drawn to crypto gaming as it becomes more advanced. NFTs and blockchain games are, without a doubt, the way of the future.

What do you think?

Written by Kingsley odor

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