Mobile games are evolving in terms of visuals, technical complexity and design, but their monetization should also evolve. That’s what Tegro, a new initiative from Siddharth Menon, co-founder and COO of WazirX, and Indian game development company SuperGaming aims to achieve. Tegro is building a gaming marketplace for gamers which allows them to trade in-game assets and play with those gaming assets which is basically powered by Non-fungible tokens (NFT).
For the uninitiated, Web3 is the next generation of the Internet, based on blockchain technology. It incorporates concepts such as decentralization and is powered by cryptocurrency. Compared to the previous iteration of the Internet, known as Web2 or Web2.0, where data and content are in the hands of a few previous companies, commonly referred to as “Big Tech”, Web3 is an attempt to empowerment of end users and decentralization of control. .
In an interview with indianexpress.com, Roby John, co-founder and COO of Tegro and Siddharth Menon, who is also co-founder and CEO of Tegro, talk about the future of Web3 games and the challenges associated with it.
How will Web 3.0 make gaming easier?
Siddharth Menon: The future of gaming will be shaped by Web3. We believe that just as mobile and free-to-play were paradigm shifts for games, Web3 is the next evolution. Gamers today are familiar with in-app purchases in battle royale games like BGMI, but they have no value beyond the scope of the game. This is where crypto gambling helps.
It allows users to add value to their purchases. Store tokens, such as gaming products, are often stored on a distributed ledger on top of a cryptonet in crypto games. This distributed ledger, known as blockchain, is what allows gaming products to be exchanged for cryptocurrency, which can then be transferred into real money.
What are the challenges associated with the current game scenario? How does Tegro solve this?
John Roby: Consider video game microtransactions. They haven’t really evolved since the days of horse armor in 2006’s Elder Scrolls IV: Oblivion. They largely serve the interests of publishers (nothing wrong with that).
Now imagine if players could resell this horse armor or earn money from the schematics of it by selling it to other players? With Web3 + crypto + blockchain, there is a way to achieve this in a decentralized and frictionless way, without any dependency on a single platform. In-app purchases allow players to purchase items such as coins, extra lives, custom characters, outfits, accessories, etc., directly from within the game. When applying this to crypto games, in-app purchases are made when players buy items using cryptocurrency or buy the crypto itself.
In contrast, in traditional games, assets are usually purchased from a central store owned by a developer, which enriches the developers and not the players who play them. Also, in traditional games, the game life cycle cannot be controlled by players.
When companies decide to stop running a game and shut down its servers, rendering it unusable as we’ve seen with recent games such as Minecraft Earth and Harry Potter Wizards Unite to name a few , unused virtual properties are taken away by the company and the player will not have access to them. All ownership of any in-game merchandise remains solely with the company, not the player.
Together with Tegro, we are building a safe gaming asset marketplace for institutional level players and traders. To do this, Tegro will create a marketplace for gamers to trade with proper data points to make an informed decision and SDKs for developers to bring their savings to market.
What are the problems associated with Web3 games?
Siddharth Menon: At the moment, Web3 lacks good games that respect players’ time and effort. With few exceptions, they also lack in gameplay, visuals, and any other department by which you usually judge a game. On top of that, they have weak in-game savings that aren’t designed to keep players coming back.
There is no visibility into asset activity – you really don’t know when to sell or when to buy because there is no data to refer to. SuperGaming builds new crypto games in line with the sustainable economy which is the principle on which Tegro is based. And we will also integrate third-party games on Tegro to help them design more sustainable economies, and also offer SDKs and platforms that will allow them to make their game very easy to be Web3 and ready to be traded on n’ any market.