Why does FTX Gaming cooperate with IndiGG?

Original source: FTX

India currently has over 400 million gamers and this number is expected to grow by 2025 to 650 million. The size of the Indian gaming industry has grown from $800 million in 2019 to about $2 billion in 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 funding for the Indian games industry rising from $371 million in 2020 to over $800 million in 2021.

There are many factors behind this impressive growth: high penetration of low-cost wireless Internet, widespread use of affordable smartphones, a younger population, and premium gaming surge.

In order to seize this trend, FTX Gaming and IndiGG announced a formal cooperation to launch game business in India. IndiGG is the official subDAO of Yield Guild Games (YGG), which aims 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.

As part of the partnership, IndiGG, which is incubating indie games as part of its platform, will work with FTX to help studios use the FTX Whitelabel technology platform in Integrate Web3 into their products in a compliant environment. Gaming companies within the FTX Ventures portfolio and client network can also leverage on IndiGG's distribution channels, guilds and offline teams to launch their games in India.

Accumulating experience for crypto games in the process of currency digitization

Compared with other Southeast Asian countries However, crypto gaming in India, especially P2E gaming, is still in its early stages. 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 is still 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 now 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, Indian officials 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. Over the past 5 years, UPI payments have grown over 200% annually. 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.

Cryptocurrency adoption, combined with an already thriving gaming industry and a per capita income of $6,000, one of the lowest in the world, has made India It has become a booming high-potential market for crypto games. IndiGG is planning to lead this wave, co-incubating with FTX and importing Web3 games into the Indian market.

Quick understanding of IndiGG in five minutes

IndiGG is decentralized The Indian Game Association DAO (Decentralized Autonomous Organization) under Yield Guild Games (YGG), founded in January this year, established a Play-to-Earn Web3 game ecosystem for 400 million Indian players . IndiGG is now supported by YGG and Polygon, two giants in the Web3 field, and 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 of several of India's largest game companies - including Indian listed companies Nazara Technologies, the live competitive game platform MPL (Mobile Premier League), Hungama, which recently announced a partnership with Asia's largest film production company to launch NFT, and WinZo Games, which claims to be the Netfiex of the gaming 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.  

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