Let’s go back two years when data from various media sources indicated that China and the US were significant worldwide Esports income providers.
India still had a substantial amount, but after the BGMI prohibition, the numbers have significantly decreased. The world has already shifted to Web3 Gaming, but we are still working to build esports in India.
India, one of the largest markets with a population of 1.3 billion, is still lagging behind in the esports ecosystem, which is the main cause of the absence of an official federation in India that can oversee the industry’s legal structure.
We will go into detail about three reasons why India needs to transition quickly to Web3 gaming in this article:
3. It is imperative that India adapt to the current global demands, where investors from all over the world are beginning to migrate toward Crypto Gaming and NFT. Many nations have already progressed past NFT, and pay-to-earn models are beginning to draw more VC interest.
Even venture capitalists are swarming into western markets, and Indian esports must take advantage of this trend to fully utilise this market.
2. Esports in India have enormous potential. Low-cost cellphones and internet access have given aspiring gamers the chance to compete in major tournaments.
According to projections, there would be more than 500 million gamers in India by the year 2925. The AVGC (Aviation, Visual Effects, Gaming and Comics) budget for 2022–23 includes Indian gamers as well. Esports enthusiasts can find a wide range of opportunities in this industry across other domains.
1. The global esports market may have had a decline in financial figures, but the Indian esports business is enjoying great success. Additionally, the number of mobile players has surged, making a shift to the Web3 gaming industry urgent.
