Dream11, online gaming operators in India want to join NFT fray amid legal uncertainties

December 24, 2021 Emerging Markets Industry Updates

Online gaming companies in India are looking to launch their own non-fungible tokens (NFTs), according to sources familiar with the matter.

NFTs may replace in-app purchases
Reports surfaced recently that Indian gaming platforms like Dream11, Mobile Premier League (MPL), and Nazara Technologies’ subsidiary Nextwave Multimedia are making their foray into the NFT space, following the success of online games that sold NFTs for a sizable sum of money.

NFTs are non-interchangeable units of data stored on a digital ledger like blockchain for public proof of ownership. Though they can’t be replaced with another unit, these tokens can be associated with items that are easily reproduced like photos, audio, video, and even digital art. With the real money gaming sector experiencing a steady growth in user base as casual games gain more popularity, experts say digital tokens appear to be the next logical step for the industry and has the potential to even replace in-app purchases.

The India gaming market for instance has seen a dramatic rise in adoption, especially during the pandemic as more consumers turn to the digital route to play their favorite roulette game in the comforts of their homes.