FTXGaming

Announcing FTX Gaming’s official partnership with IndiGG for India gaming.

The Indian gaming industry is at a once-in-a-generation inflection point.

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.

A number of factors underlie this staggering growth: high low-cost wireless internet penetration, abundance of affordable smartphones, a young demographic, and a surge in good quality games.

To pursue this opportunity, FTX Gaming and IndiGG are excited to announce an official partnership today to take on gaming in India. IndiGG is an official subDAO of Yield Guild Games (YGG) and aims to incubate and drive the adoption of Web3 gaming in India. FTX Gaming supports web3 studios, providing full stack infrastructure technology to integrate digital assets into their products in a compliant environment, advisory, and also funding via FTX Ventures.

As part of our partnership, IndiGG, who is incubating indie games as part of its platform, will work with FTX to help studios integrate web3 into their products using FTX’s whitelabel tech platform and compliance. Gaming companies in FTX’s venture portfolio and customer network will also have access to IndiGG’s distribution channels, guilds, and on-the-ground team to launch their games in India.

Lessons from Digitization of currency for Crypto Gaming

Crypto gaming, and especially play-to-earn gaming, is still on the rise in India compared to other Southeast Asian countries. However, the conditions remain ripe for this to change and for India to become the biggest crypto gaming market in the world.

A barrier to adoption remains a lack of education. Not enough Indians are comfortable dealing with or even aware of cryptocurrencies. This is slowly changing, though. Over 30 million Indians are registered and trading on crypto exchanges. These exchanges are increasingly allocating bigger budgets to advertisements, further increasing awareness. Crypto-specific content creators are also on the rise, leading the charge to educate more Indians about this new asset class.

This is not the first time Indians have had to adapt to a novel technology. In 2016, the Indian government introduced UPI, or Unified Payment Services. UPI made it very simple for users to make direct bank transfers to other users and merchants using their smartphones. Over the last 5 years, UPI payments have grown over 200% annually. In 2020, UPI achieved about \$457 billion worth of commerce, which is about 15 percent of India’s GDP. The adoption of UPI in a society that historically valued cash over digital payments is a good sign for the potential mass adoption of cryptocurrencies next.

The adoption of crypto, combined with an already established and booming gaming industry and an income per capita of \$6,000 (one of the lowest in the world), makes India a high-potential market for crypto gaming to thrive in. IndiGG plans to lead and incubate this change along with us at FTX.

To learn more about IndiGG, please visit Twitter or Discord. For business queries and partnership proposals, reach out to IndiGG here.

For more information on FTX Whitelabel, please visit our website.