How GGX is looking to revolutionise the Web3 gaming industry | INTERVIEW

Web3 has revolutionised various industries, including the gaming sector, which is witnessing a change from free-to-play to play-to-earn. This new-age emerging technology with its introduction of blockchain-based gaming is opening up a plethora of possibilities in the gaming industry.

As per the reports, the Indian gaming market is likely to grow from $2.8 billion in 2022 to $5 billion in 2025 at a CAGR of 28 percent to 30 percent. This climb is aided by a boost in online gaming platforms, affordable smartphones, and greater internet usage. Moreover, the nation’s gaming population is expected to grow from 420 million in 2022 to 450 million by 2023 and will reach 500 million by 2025.

Also, according to the W3 India Business Report 2023, the global market size of Web3 is projected to expand significantly, growing from $3.3 billion in 2021 to $82.7 billion by 2030. Although still in its early stages, there is no denying that Web 3.0 technology is establishing a robust framework for the future of the Indian gaming industry. It has the potential to generate new revenue streams for game developers and provide opportunities for players to earn income from their gaming activities.

That said, we had the opportunity of speaking with Rachit Rastogi, COO, GGX, a Web3 gaming platform which aims to set new standards for value creation & exchange for the global gaming industry. 

What was the thought behind introducing a platform like GGX?

The launch of GGX is driven by the vision to capitalise on the potential for growth in the rapidly expanding sector of Web3 gaming. With India being one of the fastest-growing video gaming markets worldwide, there is a unique opportunity for the country to take the lead in the Web3 gaming domain. India possesses a talented pool of game designers and product developers capable of creating sustainable Web3 economies within games that can achieve tremendous global popularity.

The primary objective of launching GGX is to harness the power of Web3 technology and provide a gaming experience that surpasses traditional gaming by being more fair, transparent, and community-driven.

Additionally, it aims to introduce a new sustainable method of monetisation. Web3 brings value to players by enabling true ownership of in-game assets and facilitating their trade. Developers can benefit from Web3 by accessing a marketplace that can be seamlessly integrated into any game. Through GGX, our goal is to deliver an exceptional experience for both developers and players, allowing them to fully realise the value of Web3 within their games with minimal obstacles via an in-game marketplace.

What does the platform offer game developers?

The main features of the GGX platform revolve around enabling players to own, trade, and rent in-game items of games that partner with GGX. Game developers often face the challenge of allocating time and resources to incorporate player functionality into their immersive game titles. GGX aims to address this issue by offering a straightforward software development kit (SDK) integration for developers.

This integration seamlessly incorporates GGX's comprehensive Web3 infrastructure into their games. Within the SDK, GGX also provides global Know Your Customer (KYC) and payment solutions, allowing for convenient deposits and withdrawals across different geographical regions. Moreover, the platform's in-game trading system can be customised to match the user interface and user experience of any game, ensuring a smooth and frictionless experience for players.

Through these end-to-end solutions, GGX assists developers in effortlessly integrating blockchain technology into their games without the need to build everything from scratch. Additionally, GGX supports developers by offering advisory services and distribution support to scale their games and attract players. This allows developers to concentrate their efforts on creating engaging games, knowing that GGX provides the necessary tools and support for their success.

What does GGT stand for? How does it operate? GGT (Good Game Token) is a utility token that can be used within games which are integrated with the GGX platform. It can be used to craft and upgrade assets within the games that partner with GGX. GGT is also designed to reward all stakeholders who contribute to creating and stimulating value on the platform. For example, players who participate in the GGX marketplace may be rewarded with GGTs as an incentive. Similarly, game developers who launch new games on the platform may also be rewarded with GGTs as a way of incentivising them to continue building and releasing new content.

In what ways has Web3 transformed the gaming industry?

Web3 has brought about a profound transformation in the gaming industry through various means. It has empowered players with true ownership of their game assets, allowing them to freely trade them and unlocking new avenues for monetization and engagement. By storing game assets on decentralised blockchain networks instead of being controlled solely by developers, players now have the ability to buy, sell, and trade their assets on open marketplaces.

This not only increases the value of the assets but also enhances long-term engagement and retention. Moreover, the concept of true asset ownership has opened up disruptive possibilities for Web3 and developers beyond trading, including asset renting, auctions, and more.

From the perspective of game developers, Web3 has introduced a fresh recurring revenue stream that complements existing monetisation methods. The impact has been noticeable, with higher conversion rates among players who understand that assets can be resold, as well as stronger player retention due to increased engagement with the game. The lasting influence of Web3 is evident, and with GGX, the aim is to enable both game developers and players to extract value from this cutting-edge technology. By doing so, the gaming industry can continue to grow and tap into its tremendous potential.

What are the trends that will shape the future of the Web3 gaming industry?

The Web3 gaming industry is still in its early stages but is rapidly evolving, and it is expected to exert significant dominance and disruption in the near future. This presents a remarkable opportunity for India to emerge as a global leader in the Web3 domain, given its flourishing technological sector and rapidly growing economy. With the right investments and support, India is well-positioned to become a key player in the Web3 ecosystem and play a pivotal role in shaping the future of technology.

Several trends are likely to dominate the future of Web3 gaming. There is a growing inclination towards in-game trading due to its enhanced monetisation prospects. This trend allows players to trade in-game items, unlocking new avenues for revenue generation.

Moreover, decentralised game development is expected to gain traction, enabling the creation of games without a central authority. This approach fosters transparency, security, and player ownership within the gaming experience. Consequently, the demand for blockchain-as-a-service (BaaS) solutions is anticipated to rise, offering developers the tools and infrastructure they need to implement decentralized features seamlessly. This is where GGX aims to contribute value to the ecosystem. Another significant trend on the horizon is interoperability, which empowers players to utilize their assets across multiple games.

With GGX, our objective is to support developers in capitalising on these key trends. We aim to assist them in building sustainable monetisation models for their game titles, leading to improved player retention and engagement. Furthermore, we prioritise transparency for players, providing a secure gaming experience that instills trust and confidence.