The gaming startup OWN aims to launch an NFT game later this year. Educating the consumers on virtual assets will help the crypto market grow, executives insist.
Tech Investments Essential to Propel India’s Digital Market
A growing number of desi consumers have heard, dealt with or own crypto assets. However, the virtual assets market is still at its early stages in terms of nationwide awareness and has immense unexpressed potential. Media reports view acquisitions and investments into crypto-based enterprises as the foundation for more consistent growth of the sector in India.
The Bengaluru gaming startup One World Nation (OWN) has just received a $2 million backing by an investor consortium. Among other projects, OWN plans to use the funds to step up preparations for a new game launch in May 2022. The play-to-earn game will be based on NFT tokens and is a prime illustration of an “educational” resource that contributes to the segment’s growth.
The funding will also be used to diversify the gaming studio’s product range and improve its marketing network reach, executives reveal.
Buying crypto assets is as simple as purchasing an online lottery ticket for some users but definitely not the majority. It is also used in a similar manner for investment and earning purposes, not only for secure transaction and monetary clearance.
The OWN startup wants to gamify the purchase and trade experience for crypto assets and improve the players’ understanding of the entire ecosystem of Decentralized Finance (DeFi). They see this as a gateway to the crypto metaverse, known also as Cryptoverse, widely anticipated as the next step in the digital market integration.
So far, non-fungible tokens (NFT) have been extensively used for the trade of digital art and other collectibles. Launched only in 2017, NFTs are based on third-party blockchain technology but allow more independence in the creation of branded value and protection of unique content.
Riding on the enthusiasm of millennials and Gen Z consumers, NFT-based games have brought new business models to the market. Investors have also flocked to support blockchain gaming, with InMobi’s Glance acquiring Gambit Sports and Dream Sports leading a sizable funding effort (up to $100 million) in Rario, an NFT startup focusing on cricket.
Startup Exec Calls for Businesses to Educate Consumers and Raise Crypto Awareness
Akhil Gupta, the OWN cofounder, holds the conviction that the industry should do more to spread awareness and teach the end users about the benefits of crypto assets. Digital currencies, tokens and blockchain technology in general can and should be introduced to all demographics in a gamified format, Gupta insists.
The imminent extensive use of crypto might catch many users unprepared for the Web3 reality. Guiding the market through the transition and educating consumers through games and other fun applications has been proven the right approach in similar scenarios.
Play-to-earn games provide another incentive as well. Already popular in developing markets, they allow players to understand virtual jobs and get digital tokens in return, all with real-world monetary value. Gamification also makes complex products and concepts seem easy and accessible, the company executives remind.
Personification, avatars and game-based learning paths can be rewarding and entertaining at the same time. Similar technology can be the driver for NFT-based business concepts and will nurture India’s market to a more mature phase.