India is a leader in cryptocurrency-based P2E games; can he keep the throne?

The euphoria for non-fungible tokens (NFTs) may have faded in 2022, but NFT-based games have advanced rapidly.

An average cryptocurrency user has adopted the new gaming trend at a very fast pace over the past year. Finder’s latest report on the adoption of global NFT games also confirms this.

Users have grown at a much faster rate than the average population in various countries over the past year. The fact is evidenced by a recent report published by Finder.

The study revealed that India took the top spot in terms of adoption of NFT games, with 34% playing P2E games and 11% willing to play them in the future.

P2E games are digital games that necessarily require cryptographic and NFT resources for games. They help players earn rewards by generating incentives at various levels of the games.

Kameshwaran Elangovan, co-founder and chief operating officer of GuardianLink, said that playing and earning aren’t both new to Indians.

The adoption of P2E shows that men are more inclined to play P2E games than women, globally. 17% of men played NFT games compared with 12% of women.

In India, 38.1% of men are involved in P2E games, while the number of women is 29.2%. A total of 41.7% of P2E players are between the ages of 18 and 34, while 29.1% are between 35 and 54.

Abhay Aggarwal, founder and CEO of Colexion, said that the adoption of NFT games in India has seen an intriguing surge in the recent past.

“The response to P2E games in India has been quite extraordinary with the rewards and incentives attached to different tiers,” he added. “India is expected to lead the NFT gaming universe.”

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Hong Kong is in second place, with 29% of NFT players, and the UAE is in third place with 27% of users. The Philippines, with 26% of NFT players, is in fourth place.

Sweden, Germany and the UK are in the bottom three places with 4.3%, 7.4% and 7.8% of NFT players respectively.

The younger population is more attracted to these games, the survey revealed. Singapore leads the disparity between men and women, while the gender gap is the lowest in Sweden.

The survey results suggest NFT players are likely to increase by 6-15% worldwide, with France having the highest adoption. It is likely to be accompanied by countries such as Peru and Spain.

There is an exodus of games from web2 to web3 as industry leaders have realized that the future of games is on the blockchain, said Amanjot Malhotra, Country Head – India, Bitay, an upcoming Turkish cryptocurrency exchange.

“In this decade we will see 90% of the gaming industry move to blockchain as the benefits are clear,” he adds. “User information is secure and anonymous and there is no tracking and sale of data to third parties.”

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