YGG's India Unit Indigg Teams Up With FTX Gaming For Web3 & Crypto Gaming
Monday, 14 March 2022, 17:01 IST
FTX Gaming, a subsidiary of FTX, a cryptocurrency exchange located in the Bahamas, has announced a collaboration with IndiGG, Yield Guild Games' India unit. The two firms will work together to promote Web3 implementation and proliferation in the Indian gaming market.
According to FTX, “FTX Gaming and IndiGG are excited to announce an official partnership today to take on gaming in India. IndiGG is an subDAO of Yield Guild Games (YGG) and aims to incubate and drive the adoption of Web3 gaming in India.”
IndiGG is already incubating a number of indie games, and with the addition of FTX Gaming, these games will be able to achieve Web3 compliance thanks to FTX's full-stack infrastructure solution.
Gaming studios under FTX Gaming's umbrella will get access to IndiGG's distribution channels, guilds, and on-the-ground staff to help them launch their games in India.
FTX said, “India has over 400 million gamers with the number expected to grow to 650 million by 2025. Gaming grew from a $0.8bn industry in 2019 to a $1.8bn industry in 2021. This number is expected to cross $7bn by 2025. Mobile gaming dominates, accounting for 80- 85% of users and revenue. Investors have taken notice. VC funding to the Indian gaming ecosystem rose from $371mn in 2020 to $800mn+ in 2021.”
According to a survey by the industry research firm Chainalysis, India is a fertile market for crypto firms, with the nation having the second largest cryptocurrency user base in the world. As a result, this might be interpreted as FTX's attempt to go deeper into India's crypto industry by bringing crypto based peer to peer gaming.
Sequoia, which invested $1 billion in the crypto business, led a $1.8 billion Series C funding round for FTX.
IndiGG is a YGG subDAO that was founded in 2021 with the goal of creating a Polygon based blockchain powered play to earn (P2E) gaming guild. A DAO is a software based 'organisation.' In most cases, these rules are self evident.
In most countries, these DAOs operate in a legal grey area, although this seldom affects them because they are largely unconnected with any nation-state in order to be genuinely decentralised.
P2E games, at their most basic level, are games that reward their users by paying them. By engaging, gamers gain digital assets such as NFTs, which can subsequently be sold and transferred on other platforms.
The integration of crypto based games utilising Web3 technology should not be a difficulty because FTX is first and foremost a marketplace. IndiGG is already developing independent games, and with FTX on board, the two firms will be able to provide high quality Web3 games to India.
Last month, IndiGG received $6 million in seed investment from Sequoia Capital India, Variant Fund, Light speed Venture Partners, Play Ventures Dune Ventures, and Jump Capital, as well as numerous other organisations and individual investors.
According to FTX, “FTX Gaming and IndiGG are excited to announce an official partnership today to take on gaming in India. IndiGG is an subDAO of Yield Guild Games (YGG) and aims to incubate and drive the adoption of Web3 gaming in India.”
IndiGG is already incubating a number of indie games, and with the addition of FTX Gaming, these games will be able to achieve Web3 compliance thanks to FTX's full-stack infrastructure solution.
Gaming studios under FTX Gaming's umbrella will get access to IndiGG's distribution channels, guilds, and on-the-ground staff to help them launch their games in India.
FTX said, “India has over 400 million gamers with the number expected to grow to 650 million by 2025. Gaming grew from a $0.8bn industry in 2019 to a $1.8bn industry in 2021. This number is expected to cross $7bn by 2025. Mobile gaming dominates, accounting for 80- 85% of users and revenue. Investors have taken notice. VC funding to the Indian gaming ecosystem rose from $371mn in 2020 to $800mn+ in 2021.”
According to a survey by the industry research firm Chainalysis, India is a fertile market for crypto firms, with the nation having the second largest cryptocurrency user base in the world. As a result, this might be interpreted as FTX's attempt to go deeper into India's crypto industry by bringing crypto based peer to peer gaming.
Sequoia, which invested $1 billion in the crypto business, led a $1.8 billion Series C funding round for FTX.
IndiGG is a YGG subDAO that was founded in 2021 with the goal of creating a Polygon based blockchain powered play to earn (P2E) gaming guild. A DAO is a software based 'organisation.' In most cases, these rules are self evident.
In most countries, these DAOs operate in a legal grey area, although this seldom affects them because they are largely unconnected with any nation-state in order to be genuinely decentralised.
P2E games, at their most basic level, are games that reward their users by paying them. By engaging, gamers gain digital assets such as NFTs, which can subsequently be sold and transferred on other platforms.
The integration of crypto based games utilising Web3 technology should not be a difficulty because FTX is first and foremost a marketplace. IndiGG is already developing independent games, and with FTX on board, the two firms will be able to provide high quality Web3 games to India.
Last month, IndiGG received $6 million in seed investment from Sequoia Capital India, Variant Fund, Light speed Venture Partners, Play Ventures Dune Ventures, and Jump Capital, as well as numerous other organisations and individual investors.
