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Interpretation of FTX's latest IE0 project IndiGG, the P2E model creates economic opportunities for 400 million players in India

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Unlike previous IE0s that were all DeFi or GameFi protocols, this time IndiGG is a game guild DAO.

Original source: FTX

According to the FTX announcement, this time IE0 is IndiGG, which is the DAO (decentralized Autonomous Organization of Globalization) with the aim of establishing a Play-to-Earn game guild in India to create economic opportunities for the 400 million players in the Indian market.

The rules for participating in IE0 this time are the same as last time, and the number of pledged FTTs has been greatly reduced. Get more users involved.

IE0 Auction Rules

According to FTX purchase page, this IE0 auction will start at 9:00 pm Taiwan time on March 8. Users who want to participate in the auction must pledge 150 FTT 24 hours before the start, and pass the KYC of level 2.

The total number of subscription coupons is 3,000, each share is 4,000 INDI, a total of 12 million INDI Token. The minimum subscription price for each subscription ticket is 350 USD(T), and the maximum is 400 USD(T)+5 FTT.

Participating users need to create a sub-account of "INDI-IE0" and transfer the subscription funds to the sub-account. If the subscription is successful, the account funds for subscribing IE0 will be converted into INDI in a few hours Token , if the subscription fails, all funds will be refunded, and all FTTs that have successfully subscribed this time will be destroyed.

Auction rules arrangement:

1. Before March 7th at 9:00 pm, pledge more than 150 FTT (150 FTT) and pass the KYC of FTX level 2

2. Create sub-account INDI-IE0 to transfer subscription funds

3. The minimum subscription price for each subscription coupon is 350 USD(T), and the maximum is 400 USD(T)+5FTT (the latter is recommended)

4. More FTT can be pledged to get more auction qualifications for subscription tickets

IndiGG Introduction

IndiGG is a DAO under Yield Guild Games (YGG). It is currently supported by two leading companies in the Web3 field, YGG and Polygon. It is the largest game in India The purpose of the guild is to establish a Web3 game ecosystem and a "P2E" (Play-to-Earn) game guild in India.

YGG used to invest in games such as Axie Infinity and The SandBox, and then earn income by selling and renting game NFTs. With the support of YGG, IndiGG will be able to invest in Polygon's on-chain games through guilds, and use scholarships and other methods to attract more players to join the P2E ecosystem.

In addition, through Polygon Studios, Indian players can enter Polygon’s GameFi ecosystem and experience chain games, including Zed Run, Skyweaver , Decentraland's game ecosystem. According to the official website, IndiGG has already cooperated with several games, including Axie Infinity, Pegaxy, Fancy Birds, Cyball, Wonderhero, Synesis One, Epiko Regal, etc.

Why the Indian market?

There are two main reasons why IndiGG is targeting the Indian market: the huge scale of the Indian game market and the gap between rich and poor in India serious.

At present, there are about 400 million gamers in India, and 100 million of them will buy game treasures or applications players. As of 2021, the economic size of the Indian game market is as high as US$2.2 billion, and the compound annual growth rate is expected to be about 30% in the future.

The gradual maturity of the Indian game market can also be seen from the increase in the number of game developers. In 2015, India had about There are only 25 game studios, but in the last year, the number of studios has increased to more than 500.

Another reason for the business opportunity of Web3 games is the gap between rich and poor in India.

Coronavirus has further widened India’s already stark wealth gap, according to a Credit Suisse report. By the end of last year, the country's top 1 percent had risen to 40.5 percent of national assets, up 7 percent from 2000. India's Gini coefficient (Gini coefficient) soared from 0.747 in 2000 to 0.823 last year.

[Note]: The Gini coefficient is an index to measure the degree of inequality, ranging from 0 to 1, and the larger the coefficient, the income distribution The higher the degree of unevenness.

Source: A pager for key opinion leaders

Three major features of Web3 games can promote capital circulation

1. Establishment of property rights: all items in Web3 games are acceptable Treated as NFT.

2. NFT transaction liquidity: Web3 has created peer-to-peer transactions of virtual treasures, and also created a secondary market to increase transaction liquidity.

3. Establish human rights: everyone has the right to legally earn game tokens, and everyone is a first-class citizen of Web3 games. Careers are treated differently.

According to the official website, IndiGG has already cooperated with several games, including Axie Infinity, Pegaxy, Fancy Birds, Cyball, Wonderhero, Synesis One, Epiko Regal and other games, In the future, IndiGG will also cooperate with more chain games to give full play to its greatest advantages in the field of obtaining game assets.

Supported by two leading Web3 companies and traditional game companies

IndiGG is now supported by Backed by two leading players, YGG and Polygon, it is the largest gaming guild in India.

YGG is the world's largest earn-by-play game incubator with over 15,000 players, over $250 million in funding and a $2.5 billion valuation. 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 the largest game companies in India - India The listed company Nazara Technologies, the live competitive game platform MPL (Mobile Premier League), Hungama, which recently announced that it has cooperated with Asia's largest film production company to launch NFT, and WinZo Games, which claims to be Netfiex in the game industry.

The goal of IndiGG is to use the marketing network of Web2 and Web3 to enter the Indian game market, import Web3 games, and introduce the GameFi mechanism so that players can directly play Earn money in the game. Through solid blockchain and cryptocurrency basic education, coupled with the economic mechanism of sponsoring game props and assets, Web3 gamers can become GameFi investors at the same time, laying the foundation for the Indian game market.