The Indian fantasy sports industry has been exploding for several years. From just a paltry 2mn players back in 2016, the number has skyrocketed to over 100mn as per a study by the Federation of the Indian Fantasy Sports in collaboration with KPMG. While the numbers make for good reading, stakeholders in the Indian gaming industry have always chased excellence. There has been a high sense of proactiveness to address the elephant in the room. Today, it is the need of the hour to change perceptions amongst gamers that nothing has been done to address betting fraud, game fixing, and data manipulation for the benefit of game creators.
This utter lack of transparency is the prime reason why the time is now for leading gaming platforms to implement blockchain. Its introduction in gaming and fantasy sports can help track data associated with teams, winners, and prizes in an immutable way. We’re already seeing a host of big names in the industry usher in a new era of innovation by adopting blockchain technology to enhance their user experience and unlock new sources of efficiency and value.
Moving Gaming to a decentralised economy, one build on trust
Currently, the blockchain market is small, but it’s all about to rise exponentially. And the Indian gaming industry will play a crucial part. Along with introducing games that bring players together on a medium where they can engage, create and share, game developers are creating a blockchain-based sports and gaming platform that is capable of NFT creation and trading. It will allow gamers the chance to receive a tangible return on their investment which they can transfer from one game to another through a decentralised economy. It’s a win-win situation for gaming giants as they can make further inroads into this $2.5bn market (according to a Ficci-EY report) with their revolutionary approach to fantasy sports.
Addressing the challenges in fantasy gaming head on
Many Indians have now adapted digitization, in the near future blockchain games will dominate the market. With crypto adoption being high, it makes perfect sense for developers and gaming platforms to implement the digital asset in their games. After all, the benefits to be enjoyed are plenty. There’s an increase in trust, additional security, user anonymity, easier and faster transactions, and the biggest advantage of them all – there being no cross-border discrimination.
A win-win situation for developers and gamers
The introduction of blockchain technology in games has enhanced the trust level between a gamer and the developer as every single transaction that is made is transparent and is protected. Furthermore, users feel safe and also enjoy a level of anonymity as they don’t have to provide many details due to the technology being used. It also ensures that the games being conducted are done so fairly and are not fixed in favour of the gaming platform, thereby giving winners their due earnings. The biggest benefit that blockchain games will bring is that gamers will no longer experience cross-border discrimination. The entry of cryptocurrency will open up a whole new world, filled with innovation, enabling users from any part of the globe to participate.
A new way for gamers to earn
Along with the games that have changed with time, so have the preferences and demands of the people playing them. They today value experiences more. With the web3 paradigm of Play-to-Earn, where gamers can monetize their time and in-game achievements – this market is set to grow multifold in the coming years. Looking at the situation from the consumer’s POV, the play-to-earn model will continue to grow as blockchain technology enables it in a seamless and decentralised manner. The phenomenon of play to earn and earn through NFT or token is going to be the next growth chapter for the gaming industry.
(This article has been contributed by PlayerzPot co-founder Mitesh Ganger and AnimationXpress does not necessarily subscribe to these views)
