Despite the frustration of the uncertainty surrounding the crypto space in the country, thousands of Indians seem to favor non-fungible tokens (NFTs) and metaverse projects, encouraged by the involvement of Bollywood stars and cricket players who funded various projects built. near the NFTs.
More than half a million Indian users have expressed interest in non-rise tokens, or NFTs, and metaverse projects from early November to date, a new report reveals. In addition, India is ranked fifth, behind the US, Indonesia, Japan and the Philippines only in terms of interest in metaverse projects, according to a report by DappRadar, a company that monitors user behavior across all blockchain projects, published in November 24.
“The metaverse trend is controlled by the US. However, the presence of Asia is more pronounced as India, Singapore, and Indonesia grow their audience by 500% (November to date),” the report notes.
Metaverse projects refer to blockchain-based games and applications, set worldwide. Such games follow a gaming model for profit, in which game players are rewarded with an investment in the game. In-game items are converted to NFT, which can be traded in the game market, while their private funds can be traded.
The report added that approximately 100,000 Indian users are involved in metaverse projects such as Decentraland and Axie Infinity. These are gaming games for profit, rewarding users with crypto money by performing various actions in the game. The report said India was ranked third behind the US and Indonesia in terms of interest in metaverse projects.
“NFT and metaverse games are like an extension of what we are already doing online,” said Dheeraj Shah, a crypto podcaster and teacher who plays such games. “You don’t really have to learn the intricacies of Bitcoin and blockchains to get into. These games and games,” he added.
Shah also said that the fact that playing these games leads to the realization of the real world is “a powerful concept.” “If I was playing a web2 game like Farmville for six months and then stopped playing, I just wasted six months of my life. In blockchain games, I can sell all my assets and do something in the time I spend, ”he said.
“Overall, the Asian market is well involved in the industry. The combination of emerging economies, overcrowding, and a strong desire for sports and technology, have made the region one of the most attractive industries to discover. It is a region that oversees the gaming movement to earn money more than anywhere else, ”said a DappRadar report.
According to the report, NFTs raised more than $ 675 million worldwide in November, surpassing October figures by 6%. Trade prices, which reflect the demand for these digital items, are also expected to increase by 25% by the end of November.