Experts Discuss The Potential Of Web 3.0 To Rule Gaming Industry In India

The gaming space has also emerged as a significant pillar in a few of the blockchain-based protocols. The decentralised blockchain-based protocol has plans to empower game developers to create blockchain-based games and also provide the best gaming experience to users around the world.

An increasing number of people are seen getting hooked on to new gaming models such as play to earn, and hence a multibillion-dollar gaming industry is seen rising at an astounding rate. The proliferation of technology in the gaming space has dramatically changed the industry to a greater extent over time. Gaming industry players are already at the cusp of a paradigm shift in the industry as web 3.0 evolves and takes on. 

Dhruv Garg highlights the challenges faced by Web 3 gaming. He said that governments around the globe, including India, have often viewed this technology through a narrow lens, primarily focusing on speculation and potential financial risks. However, it is crucial for them to recognise the vast array of applications this technology offers. Web 3 gaming opens doors to innovative experiences, but it requires the government's understanding and support to thrive.

Manish Agarwal, Founder and Custodian of IndiGG DAO, emphasises the incredible opportunities for gamers to leverage their skills, time and fandom. “By allowing the manifestation of economic value, gamers can now become owners of their own success. Whether you're a streamer, influencer or gamer, you can trade and monetise your achievements, creating a captivating marketplace within the gaming community," Agarwal added.

Recognising the pivotal role of Web 3.0 in e-gaming, Parth Chadha highlighted how Indian developers are fueling the growth of Web 3 companies worldwide. “By harnessing this technology, we have an opportunity to keep the circulation of money within our country. Previously, funds may have flowed outside India, but now, Web 3 can help us ensure a thriving economy that benefits all,” said Chadha.

Abhishek Agarwal, Co-founder and CEO of Trinity Gaming India mentioned “Many creators face difficulties understanding analytics and tax compliance. We should work on how to guide these creators in adopting new technologies. Our aim should be to build a formidable army of gaming content creators who will seamlessly embrace Web 3 gaming as it arrives in India.”

Experts believe that exciting times lie ahead for the gaming industry in India. Web 3 gaming brings unprecedented possibilities, bridging the gap between technology and entertainment.

This discussion was taking place at BW Businessworld Web 3.0 Summit and Awards 2023.