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Opinion

<p>In today's digital world, the financial service industry is rapidly transforming. The rise of technology and automation has paved the way for robo-advisors and virtual assistants that promise to change how we make financial decisions.</p>

<p>But the question remains: are these robots poised to replace traditional human financial advisors?</p>

<h3>Understanding robo-advisors &amp;&nbsp;virtual assistants</h3>

<p>Robo-advisors are automated investment platforms that use algorithms to create and manage individual investment portfolios. These platforms have gained popularity due to their cost-effectiveness and accessibility.</p>

<p>They offer investors a streamlined way to invest, typically with lower fees than traditional human financial advisors. One of the key advantages of robo-advisors is their ability to provide diversified investment strategies, harnessing the power of data and algorithms to optimize portfolios based on an individual's risk tolerance and financial goals.</p>

<p>However, the question remains whether they can truly drive financial decisions. On the other hand, virtual assistants are also changing the landscape of financial decision support. These AI-powered tools can provide a bridge between robo-advisors and the human element.</p>

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<p>Virtual assistants can deliver personalized financial advice, answer questions, and guide users through complex financial decisions. Virtual assistants can also leverage data analytics to help individuals make informed decisions, whether it's about budgeting, saving, investing, or debt management. They can provide real-time insights into one's financial situation and suggest actionable steps.</p>

<p>Moreover, the convenience and availability of virtual assistants through smartphones and smart speakers make them accessible 24/7. However, robo-advisors and virtual assistants have limitations in that they cannot understand the nuanced and often emotional aspects of personal finance.</p>

<h3>Importance of adding human touch in financial decision-making</h3>

<p>While robo-advisors excel at optimizing investment portfolios based on quantitative data, financial decision-making is not solely about numbers and algorithms. Humans have unique financial goals, values, and situations requiring a personal touch.</p>

<p>Human financial advisors bring empathy, understanding, and the ability to ask critical questions that delve into a client's life goals and values. They can provide guidance that goes beyond mere numbers, helping clients make decisions that align with their aspirations, like buying a home, sending kids to college, or retiring comfortably. This human touch in financial decision-making is something that robo-advisors cannot replicate.</p>

<h3>A synergy of humans &amp;&nbsp;technology: A future ahead</h3>

<p>The future of financial decision-making lies in synergy rather than replacement. Robo-advisors are exceptional at optimizing portfolios based on quantitative data, while virtual assistants can provide personalized, context-aware advice. However, the human element is crucial in understanding individuals' emotional aspects and long-term life goals.</p>

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<p>By combining the strengths of robo-advisors, virtual assistants, and human financial advisors, a comprehensive and holistic approach can be created. Individuals can benefit from automated investment strategies, real-time data analysis, and personalized guidance informed by empathy and emotional intelligence.</p>

<h3>Conclusion</h3>

<p>Robo-advisors and virtual assistants have revolutionized the financial services industry by providing cost-effective, data-driven, and accessible investment and financial decision-making solutions. However, their roles should not be viewed in isolation. The human element remains an essential part of financial decision-making.</p>

<p>The synergy between robo-advisors, virtual assistants, and human financial advisors will likely define the future of finance. Together, they can offer a well-rounded approach to financial decision-making that combines data-driven insights, personalization, and emotional understanding. In the end, financial decisions are deeply personal, and the combination of human and technological expertise will truly drive financial success.</p>


Alankar Saxena, CTO of Mudrex talks about how the era of robo-advisors and virtual assistants will change the way we make financial decisions. 

How will virtual assistants and robo-advisors change financial planning?

opinion

Will robo-advisors & virtual assistants truly drive financial decisions? | Opinion

Will robo-advisors truly drive financial decisions? 

<p>Our eyes have moved from our streets, walls, TVs and malls to the screens in our hands. Art is moving from museum rooms to immersive audio-visual experiences. Film production is moving from physical sets to virtual sets that save time and money.</p>

<p>Our grocery lists are now voice commands delivered to connected devices. Take for example the Sphere in Las Vegas - which was built to offer an immersive audio-video experience to an audience of over 18,000 people, and opened with a performance by U2 on the 29th of September.</p>

<p>Or consider the immersive art experiences now available across Japan, USA, UK and France. Creativity, content and technology have become increasingly intertwined, helping brands deliver what every human being wants more of - an experience.</p>

<p>Thanks to advances in Telecommunications, this experience can now be delivered anywhere - to a greater or a lesser degree. We see a similar pace of transformation in how content is created for these experiences. Technology is already at the heart of content ideation, creative collaboration, creative processes management, production, asset management, content delivery, audience engagement and ROI measurement.</p>

<h3>AI in branded content development</h3>

<p>While AI can help remove quite a bit of the drudge work creative people put in now and ensure they don’t miss the necessary yet mundane aspects of everyday coordination in the content creation process, the real focus for most of us in brand content production is delivering content as an experience, and embracing more technology to achieve this.</p>

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<p>Yes, the change feels “Scary, exciting, collaborative” as Sebastian Tomich of The Athletic said, but it’s here and the audiences love it. On a side note, a similar technology-driven transformation is happening in sports too. It’s no wonder then, that more and more technology companies are patrons of arts and sports. Now, let’s pause for a moment and discuss the term “brand content”.</p>

<p>Traditionally, brand content has been defined as videos, influencer posts, blogs, etc. But that approach is archaic in today’s context where customer journey mapping is a foundational necessity, personalisation can be easily automated in some areas and generative AI is already in the early stages of being used for service and product discovery. Today, brand content needs to be integrated into the user experience, rather than primarily be a one-way message delivery mechanism.</p>

<h3>Exploring beyond conventional methods</h3>

<p>Content can no longer be for content's sake - it needs to be conceptualised and built with a clear brand purpose and strong business utility. And the clever marketer will not only deploy high-utility brand content to attract new customers but also for post-purchase engagement. Imagine a luxury car showroom offering an augmented reality experience to help customers customise interiors.</p>

<p>Imagine an auto-insurance company using a game to assess the driving style and habits of its applicants. A bank using interactive content to help customers use their services. A home interiors brand launching an app to provide an intuitive design experience to its customers. A psychotherapy service that’s based on virtual reality. All of these are examples of brand content as an experience.</p>

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<p>They are enabled by technology. And they deliver both on brand purpose and on business utility. Like with any product and service: the audience and their context are the primary radars that need to guide brand content strategy and production. And the only way to know if something will work is to experiment with different ways of creating a unique customer experience using brand content.</p>

<p>And in this context of rapid technological changes, being ready to experiment is a necessary mindset. As for creative agencies out there and for brand content agencies such as ourselves - while there’s all the excitement around leveraging technology for innovative content experiences, there’s also the challenges around scaling creativity and content production. This is possibly why it makes so much sense looking back now - that we started our business, Red Bangle, by building a proprietary technology platform for managing the content production process.</p>


What is the role of emerging technologies in shaping the future of branded content? Here's Lakshmi Rebecca, Co-founder, Red Bangle talking to us about how branded content is going to be revolutionised with the advent of advanced tech like AI, AR and more. 

How is tech transforming branded content?

The age of experience: How technology is transforming the world of brand content

<p>What’s the purpose of blockchain? I’m often asked this question when outside the Bangalore tech circle. I mostly talk about the need for decentralisation, digital security, transparency in our digital life without compromising on privacy, and trust through immutability.</p>

<p>Each of these are complex topics are worthy of a deep dive of their own. Perhaps then a more effective way to answer this question would be to go back into the history of the technology—to understand why the smartest minds in universities, technology circles, and more dove deep into this field.</p>

<h3>The history of Blockchain</h3>

<p>The history of blockchain technology is often traced back to the 2008 release of the Bitcoin whitepaper by Satoshi Nakamoto. However, the underlying concepts of the technology have been in the works for much longer.</p>

<p>In 1982, computer scientist David Chaum proposed a system called <span lang="EN" style="font-size:12.0pt;line-height:
115%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;;
color:#1F1F1F;mso-ansi-language:EN;mso-fareast-language:EN-US;mso-bidi-language:
AR-SA">“</span><span lang="EN" style="font-size:11.0pt;line-height:115%;
font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:Arial;mso-ansi-language:
EN;mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><a href="https://sceweb.sce.uhcl.edu/yang/teaching/csci5234WebSecurityFall2011/Chaum-blind-signatures.PDF"><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:#1155CC">blind signatures</span></a></span><span lang="EN" style="font-size:12.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:#1F1F1F;mso-ansi-language:EN;
mso-fareast-language:EN-US;mso-bidi-language:AR-SA">”</span>&nbsp;that used cryptography to create completely private transactions. The paper proposed a privacy-preserving transaction system that still improved upon the suitability of the then-existing payment systems. As you may know, enhanced privacy and auditability are two of the central tenets of modern blockchain technology.</p>

<p>Nearly a decade after Chaum’s paper, Stuart Haber and W. Scott Stornetta added the element of “time-stamping” to this idea. In their paper, they introduced the concept of a “cryptographic timestamp” or “digital timestamp”. The idea was to create a system where digital documents could be timestamped in a way that each timestamp included a reference to the previous one, creating a chain of timestamps.</p>

<p>A chain of such timestamps, Haber and Stornetta proposed, would make digital documents immutable and tamper-evident. Remember, those were the early days of the internet boom, and “copy-pasting” of digital documents, in entirety or certain attributes, was a major concern.</p>

<p>In their paper, <span lang="EN" style="font-size:12.0pt;line-height:
115%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;;
color:#1F1F1F;mso-ansi-language:EN;mso-fareast-language:EN-US;mso-bidi-language:
AR-SA">“</span><span lang="EN" style="font-size:11.0pt;line-height:115%;
font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:Arial;mso-ansi-language:
EN;mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><a href="https://link.springer.com/content/pdf/10.1007/3-540-38424-3_32.pdf"><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:#1155CC">How to Time-Stamp a Digital Document”</span></a></span>, Haber and Stornetta introduced the idea of making use of a family of cryptographically secure “hash functions” to achieve this. The hash would be unique to the document’s content. Any change in the document would alter the hash. Tamper would thus be evident.</p>

<p>The paper was a major breakthrough, opening up for the first time the possibility of securing digital records in finance, legal, and other critical fields.</p>

<p>And yet, these scientific breakthroughs did not move the needle. The world was still communicating and transacting online with little to no privacy. Documents were as easy to forge as it was in the early days of the internet. Instead of moving documentation online with the internet, the world was printing out online documents for physical authentication.</p>

<h3>Roadblocks during Blockchain's journey</h3>

<p>Majorly, there were three roadblocks in the way of these academic feats to be widely adopted in the real world: Lack of incentive, technical limitations of early consensus mechanisms, and a lack of network effect.</p>

<p>This changed in 2008. On October 31, 2008, participants of a private mailing list received a paper, “Bitcoin: A Peer-to-Peer Electronic Cash System”. The paper provided the foundational principles and technical details of how this system would work, detailing a proposed proof-of-work (PoW) consensus mechanism, and the concept of mining.</p>

<p>Nakamoto’s proof-of-work consensus was revolutionary.&nbsp;For the first time, there existed a practical and repeatable system that brought together decentralised or unrelated parties and incentivised them to validate a transaction system without having to trust each other or a central authority.</p>

<p>In summary, Bitcoin's PoW consensus mechanism was revolutionary because it introduced a decentralised, secure, and trustless digital currency system that operates without the need for intermediaries. It paved the way for the broader adoption and development of blockchain technology and has had a profound impact on the financial and technological landscapes.</p>

<p>The Bitcoin paper consolidated all of the great works done before and then took it forward. In hindsight we know, what it truly accomplished: It transformed blockchain from an academic pursuit to a real-world technology—an answer to perennial problems of data privacy, trust, and digital ownership.</p>

<p>In an era of generative artificial intelligence that scrapes every data online—personal or otherwise—these characteristics of public blockchain have become ever more relevant. And that is the purpose of blockchain: To redesign our online interactions and transactions for the better, to build a better internet.</p>

<h3>Recognising the utility behind Blockchain</h3>

<p>As the purpose of this technology is realised by an increasing number of people, its real-world utility has unfolded multiple times, with new use cases solving age-old friction points faced by the government, the public, and even big institutions. This has led to the emergence of blockchain technology as a new industry poised to revolutionise the world at the internet scale.</p>

<p>However, a progressive regulatory framework is pivotal for any emerging sector. In case of the blockchain technology, which is a global phenomenon, it requires global regulations that are localised for domestic use cases. With regulations as the next logical step for the industry, India has used its presidency of the G20 to drive this conversation.</p>

<p>Throughout its G20 Presidency, India has taken a strong lead in encouraging international agreement on crypto regulations. The conversation has certainly moved away from a ban on this technology, as the government undertook measures to not only expand the dialogue but also improve the understanding of virtual digital assets (VDAs).</p>

<p>Our leaders today believe in the potential of technological advancements and being inclusive of them. This doesn’t just reflect a forward-thinking approach but also represents a positive stride for the country in leading the next technological revolution.<br />
<br />
(<em>The views expressed above are the author's own.</em>)</p>


An opinion piece by CoinSwitch's Mr. Govind Soni unlocking the hidden history of blockchain technology,  the technological advancements being made, and how the blockchain tech as a new industry is poised to revolutionise the world at the internet scale. 

Govind Soni, CTO at CoinSwitch talks about blockchain.

Blockchain is older and more evolved than you thought |OPINION|

Unveiling the evolution of blockchain: A deeper look

<p>India’s digital economy is rapidly evolving, and with it, the adoption of crypto assets is gaining momentum. Among the various types of crypto assets, stablecoins have potential to emerge as a game-changer in the digital financial landscape. Stablecoins, by definition, are designed to maintain price stability, making them an attractive option for businesses, investors, and consumers alike.</p>

<p>In this article, we explore the role stablecoins can play in India’s digital economy and their potential to revolutionise the financial sector.</p>

<h3>Price stability and reduced volatility</h3>

<p>One of the key advantages of stablecoins is their price stability. Unlike traditional crypto assets like Bitcoin and Ethereum, stablecoins are pegged to fiat currencies or commodities. This pegging mechanism ensures that the value of stablecoins remains relatively stable.</p>

<p>For businesses operating in India’s digital economy, stablecoins offer an efficient and secure means of conducting transactions. As more businesses adopt digital payment methods, stablecoins can provide a seamless payment solution that reduces transaction costs and processing times.</p>

<h3>Cross-border payments and remittances</h3>

<p>India is a key hub for remittances from expatriates and global trade. Traditional remittance channels often involve high fees and lengthy processing times. Stablecoins present a more efficient alternative, enabling near-instant, cross-border payments at significantly lower costs.</p>

<p>As India explores the possibility of introducing a central bank digital currency (CBDC), stablecoins could play a complementary role. A digital rupee, if launched, would have the backing and trust of the central bank, and stablecoins could provide additional options for digital payments, investments, and financial services.</p>

<h3>Banking and DeFi opportunities</h3>

<p>Stablecoins can play a critical role in promoting financial inclusion. In a country where a significant portion of the population remains unbanked or underbanked, stablecoins offer an accessible and user-friendly alternative to traditional banking services. With just a smartphone and internet connection, individuals can access stablecoins, conduct transactions, and participate in the digital economy without the need for a traditional bank account.</p>

<p>Stablecoins are also a critical component of the burgeoning DeFi ecosystem.DeFi platforms, right now, offer services such as lending, borrowing, and yield farming. Here, stablecoins act as a bridge between traditional finance and DeFi by providing a stable value that users can rely on while accessing these decentralized financial services. The growth of DeFi in India can democratize financial access and empower individuals with greater control over their finances.</p>

<h3>Stablecoins can be a short-term store of value</h3>

<p>Financial markets are subject to periodic volatility, influenced by global and domestic factors. Investors often seek shelter in stable assets during turbulent times. Stablecoins offer a refuge from market fluctuations, allowing investors to park their funds in a stable value while they do a ‘wait-and-watch’ of the markets. This shielding effect can be particularly valuable during economic uncertainties, providing individuals and businesses with a safer option to keep their capital.</p>

<h3>Challenges and way forward</h3>

<p>However, despite the benefits of stablecoins, there are also challenges and risks that we must overcome. Issuers of stablecoins have been under scrutiny globally on how they have backed the digital asset with traditional vehicles. There isn’t a consistent approach yet to stablecoins - its creation, distribution and consumer protection - globally.</p>

<p>Regulatory clarity and oversight are essential to protect consumer interests and prevent illicit activities. As the Government of India deliberates on its approach to crypto and digital assets as part of G20, a well-balanced regulatory framework that fosters innovation is crucial.</p>

<p>Many nations are considering stablecoins as a competitor to their own CBDCs while, in fact, they can play a complimentary role that brings in trust.</p>

<p>As India embraces the digital revolution, it will be essential for policymakers, businesses, and investors to collaborate in shaping a regulatory environment that nurtures responsible innovation and maximises the benefits of stablecoins for all stakeholders in the digital economy.<br />
<br />
(<em>The views expressed above are the author's own</em>)</p>


An opinion piece by Giottus crypto platform's Vikram Subburaj on exploring the significance of stablecoins in India's growing digital economy and its role in the country's burgeoning DeFi ecosystem.

Unveiling the crucial role of stablecoins 

Stablecoins: How will they transform India's digital economic landscape |OPINION|

Role of stablecoins in India’s digital economy

<p>In the rapidly evolving digital landscape, maintaining a competitive edge in search engine rankings is crucial for businesses striving for online visibility and success. Search Engine Optimisation (SEO) has long been a key strategy for driving organic traffic to websites, but traditional SEO approaches are undergoing a transformative shift. With the advent of <a href="https://www.web3cafe.in/artificial-intelligence">Artificial Intelligence</a> (AI), the SEO landscape is being revolutionised, offering businesses new ways to enhance their optimisation strategies and achieve even better results. In this article, we will delve into the concept of AI-powered SEO and explore how it is reshaping the realm of optimisation.</p>

<h3>Impact of AI on SEO</h3>

<p>AI-powered SEO has brought a new dimension to the traditional methods of optimising websites for search engines. While manual analysis, keyword research, and content optimisation still hold importance, the integration of AI-driven tools and algorithms has introduced unparalleled efficiency and precision to the process.</p>

<p>AI's ability to analyse vast amounts of data, recognise patterns, and understand user intent has transformed keyword research, content creation, and technical optimisation. By leveraging AI-powered insights, businesses can optimise their content with highly relevant keywords, create engaging and impactful content, and improve technical aspects such as website speed and user experience. The fusion of AI and SEO has opened up new possibilities for businesses to achieve higher search engine rankings and attract a wider audience.</p>

<h3>How has Keyword Searched improved with AI</h3>

<p>One of the key areas where AI-powered SEO excels is keyword research. Keywords are the backbone of SEO, determining the relevancy of content and its visibility in search engine results. AI-powered tools leverage natural language processing and machine learning to identify the most relevant keywords and their variations. By understanding the context and intent behind search queries, AI algorithms can suggest optimal keywords that align with user preferences and search trends. This enables businesses to optimise their content with highly targeted keywords, enhancing their chances of ranking higher in search results.</p>

<h3>AI-driven content creation &amp; optimisation</h3>

<p>Content creation and optimisation is another aspect significantly impacted by AI. Content is king, and producing high-quality, relevant content is essential for SEO success. AI-powered tools can analyse vast amounts of data to identify patterns and trends, helping businesses understand what type of content resonates with their target audience. By leveraging sentiment analysis and user behaviour insights, AI algorithms can provide valuable recommendations for creating engaging and impactful content. These tools can also generate content outlines, offer suggestions for headlines, and even optimise content for readability and search engine friendliness.</p>

<h3>Technical optimisation</h3>

<p>AI-powered SEO also extends to technical optimisation. Search engines consider website speed, mobile-friendliness, and overall user experience when ranking websites. AI algorithms can analyse website performance data and identify areas for improvement. For example, AI can provide insights on page load times, image optimisation, and overall website responsiveness. By leveraging these recommendations, businesses can enhance their website's technical aspects and provide a seamless user experience, leading to improved rankings and higher engagement.</p>

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<p>Link building, a critical factor in SEO success, has also seen a transformation with AI. AI-powered tools can analyse and evaluate the quality and relevance of backlinks, helping businesses identify potential link-building opportunities. By utilizing AI algorithms, businesses can streamline the process of identifying authoritative websites and building high-quality backlinks, which are vital for improving search engine rankings.</p>

<h3>Search engine evolution</h3>

<p>One of the most significant advantages of AI-powered SEO is its ability to adapt to evolving search engine algorithms. Search engines like Google constantly update their algorithms, making it challenging for businesses to keep up with the changes. However, AI algorithms can quickly adapt to these updates, ensuring that SEO strategies remain effective and aligned with the latest requirements. By analyzing search engine updates and user behaviour patterns, AI-powered tools can make proactive adjustments to SEO strategies, helping businesses stay ahead of the competition.</p>

<h3>Challenges of AI in SEO</h3>

<p>Despite the numerous benefits, AI-powered SEO also comes with its challenges. Ethical considerations regarding data privacy and security need to be addressed to maintain user trust. Additionally, there is a learning curve associated with understanding and utilizing AI algorithms effectively. However, as AI technology advances and becomes more accessible, these challenges are likely to be mitigated.</p>

<h3>Conclusion</h3>

<p>To sum up, the integration of Artificial Intelligence (AI) into Search Engine Optimisation (SEO) has revolutionised the way businesses approach online visibility and success. With AI-powered tools and algorithms, businesses can achieve higher efficiency, precision, and adaptability in their SEO strategies. From intelligent keyword research and content optimisation to technical enhancements and adaptive tactics, AI empowers businesses to navigate the ever-changing digital landscape and stay ahead of the competition.</p>

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<p>As AI technology continues to advance and become more accessible, embracing AI-powered SEO is essential for businesses looking to optimise their websites, drive organic traffic, and establish a strong online presence. By harnessing the capabilities of AI, businesses can unlock new opportunities and secure a prominent position in search engine rankings, ultimately leading to long-term growth and success in the digital realm.</p>


How can we leverage artificial intelligence to ace the SEO game? Here's Pradeep Kumar of Neil Patel Digital talking about how AI can transform the world of search engine optimisation.

Can AI be a gamechanger for SEO?

How can we leverage artificial intelligence to enhance SEO? | Opinion

AI-Powered SEO using Artificial Intelligence | Opinion

<p>As the founder of Seracle, a Web3 Infrastructure as a Service platform, I have been closely following India's Web3 evolution. In this article, I will discuss the opportunities and challenges that India faces as it moves towards a decentralised and Web3-based future.</p>

<p>According to a report by Nasscom<span style="font-size:12.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;background:white;
mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA">,</span> India has a large and rapidly growing population of developers, with an estimated 4.2 million developers in the country as of 2022. India's Web3 evolution has been shaped by a variety of factors, including the rise of blockchain technology, the growth of the Indian startup ecosystem, and the country's unique socio-economic landscape. A Nasscom<span style="font-size:12.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;background:white;
mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA">&nbsp;</span>report also states the Indian blockchain industry is expected to grow at a CAGR of 66.2% between 2021 and 2025.</p>

<p>The adoption of blockchain technology in India has been on the rise, with the Indian government recognising its potential to transform key sectors such as finance, healthcare, and supply chain management. This has been further fueled by the growth of the Indian startup ecosystem, which has seen a surge of Web3 startups such as Polygon gaining international recognition and driving innovation in areas such as DeFi, NFTs, and DAOs.</p>

<h3>How did it begin?</h3>

<p>In the early days of blockchain, the technology was still largely unknown to most people in India. However, a few forward-thinking individuals and startups saw the potential of this new technology and began experimenting with it.</p>

<p>One such early adopter was an Indian startup called Koinex, which launched in August 2017 as a cryptocurrency exchange. Koinex quickly gained popularity, attracting thousands of users in a matter of months.</p>

<p>Around the same time, the Indian government was starting to take notice of blockchain technology, recognizing its potential to transform key sectors such as finance, healthcare, and supply chain management. The government launched several initiatives to promote blockchain adoption, including the creation of a blockchain-based e-governance platform and the implementation of blockchain-based voting systems.</p>

<p>As more people in India became aware of blockchain technology, interest in Web3 and decentralized applications began to grow. This interest was further fueled by the emergence of a vibrant Web3 ecosystem in India, with startups such as Polygon gaining international recognition and driving innovation in areas such as DeFi, NFTs, and DAOs. Polygon (formerly Matic), has seen its native token increase in value by over 22,000% since its launch in 2019.</p>

<p>Today, India's Web3 space is thriving, with a growing number of startups, developers, and enthusiasts working to build a more decentralised and Web3-based future. While there are certainly challenges to be faced, including regulatory uncertainty and limited access to funding and support, the potential for Web3 in India is immense, and the country is poised to become a major player in the global Web3 ecosystem.</p>

<h3>The Opportunities:</h3>

<ul>
	<li>The potential for blockchain technology to transform key sectors such as finance, healthcare, and supply chain management in India, as evidenced by successful use cases such as the Indian government's e-governance platform, blockchain-based voting systems, and financial inclusion initiatives.</li>
	<li>The emergence of a vibrant Web3 ecosystem in India.</li>
	<li>The country's large pool of talented developers who have the potential to become leaders in Web3 development and contribute to the global Web3 ecosystem.</li>
	<li>India’s unique socio-economic landscape, characterized by a large population, rapid urbanisation, and a growing middle class, also presents both opportunities and challenges for the Web3 space in India.</li>
</ul>

<h3>Challenges:</h3>

<ul>
	<li>The lack of regulatory clarity and uncertainty surrounding blockchain and cryptocurrency in India, which has led to a number of high-profile cases of regulatory crackdowns and legal battles.</li>
	<li>The limited access to funding and support for Web3 startups in India can make it difficult for them to compete with established players in the global market.</li>
	<li>The digital divide and lack of internet penetration in certain parts of the country, can hinder the adoption of Web3 technologies and limit their impact on society.</li>
</ul>

<h3>&nbsp;</h3>

<h3>Web3 infrastructure provider’s role in India's Web3 evolution</h3>

<p>The mission of IaaS platforms like yours is to empower Web3 startups and developers in India by providing them with the tools and resources they need to build innovative solutions and scale their businesses. It is our collective commitment to promoting regulatory clarity and fostering a supportive ecosystem for Web3 in India through initiatives such as our partnership with India's Ministry of Electronics and Information Technology and our participation in industry forums and associations.<br />
&nbsp;</p>

<div id="tab-link-wrapper-plugin">
<div class="heading-text">Also Read</div>

<ul class="tab-link">
	<li class="editor-readmore"><a class="editor-rel-content" href="https://www.web3cafe.in/opinion/story/nft-based-decentralised-finance-nfts-will-be-used-to-tokenise-financial-assets-opinion-600598-2023-06-19">NFT-based decentralised finance NFTs will be used to tokenise financial assets | OPINION</a></li>
</ul>

<div id="tab-video-wrapper-plugin">&nbsp;</div>
</div>

<p>To overcome the current challenges and drive innovation and growth in the Indian Web3 space, it is essential that all stakeholders come together and work collaboratively. This means that companies like Seracle must continue to innovate and provide high-quality infrastructure and services to support the development of Web3 applications and platforms. It also means that policymakers and regulators must work closely with industry players to create a supportive and enabling regulatory environment that encourages innovation while protecting consumers and investors.</p>

<p>Finally, it means that developers, entrepreneurs, and investors must continue to collaborate and share knowledge, resources, and expertise to drive innovation and growth in the Indian Web3 space. This could involve everything from participating in hackathons and networking events to investing in Web3 startups and sharing technical knowledge and best practices.</p>


An opinion piece by Seracle's Shrikant Bhalerao on India's Web3 Evolution and the opportunities as well as challenges which the country may face in its path towards becoming a Web3 superpower.

Shrikant Bhalerao

India's Web3 Evolution: Opportunities and challenges & global infrastructure's role in India's Web3 space |OPINION

India's web3 evolution: Opportunities and challenges

<p>Today's consumers don't differentiate between retail channels. They'll jump between mobile, online and in-store shopping channels. Retailers need to position themselves at the intersection of physical and digital realities. Augmented reality/virtual reality is one technology that is still a question mark regarding actual implementation and ROI. As per a leading analyst firm, the AR/VR market is expected to grow to $95 billion by 2025. There are rising expectations for fast, frictionless, cross-channel shopping experiences, which can be enabled via VR/AR. But how effective would it be is a question yet to be answered.</p>

<p>So, let me be the devil's advocate and contemplate why AR/VR isn't the future of the retail industry that we expect it to be. Retail is everything from food to personal care to fashion to essentials, right? Whether AR/VR will work across all these categories. I have my doubts. Several limitations hinder the adoption of AR/VR - cost, accessibility, technical limitations, and Bandwidth. But from my perspective, it is more related to the customer experience, behaviour, and geography.</p>

<p>To my mind webrooming or window shopping is something we all do, irrespective of whether we buy the product or not; the joy it provides is relaxing, but is it possible for AR/VR to give a similar experience to a physical outlet? I don't think so. Does it provide convenience? In Europe and USA, the usage of AR/VR might be convenient due to the stores not being easily accessible for everyone, but in India, it's relatively easy to go to a physical outlet where we can have diversity from small independent shops to shopping malls. One crucial factor that every customer looks upon is authenticity. The opportunity to experience the product and get to know its quality, fitting, and comfortability and have the possibility to test and try things on is a massive help in making a final decision and creates better customer satisfaction. The e-commerce industry has also realised the significance of touch and feel, and that's why "Try and buy" was the catalyst that helped e-commerce explode in India.</p>

<p>During the pandemic outbreak, AR/VR did experience interest and adoption as people were very hygiene conscious. Hence, they were comfortable going through virtual try-on, but now that the pandemic has come to somewhat normal, people are again excited to go out and shop. For AR/VR to infiltrate retail categories like food, fashion, and personal care would be quite strenuous, given that the above factors play a huge role in customer’s final decision.</p>

<p>It's a clear NO that AR/VR is the future for every retail brand or e-commerce portal; simultaneously, there are a few selected categories where they are making excellent progress. AR/VR has given a different approach to the furniture business with the "try before buy" concept. The Italian furniture brand Natuzzi has launched a virtual-reality shopping experience. It lets customers enter a digital version of their home and decorate it with Natuzzi pieces. AR also enables Lenskart to provide a virtual try-on feature, making it less time-consuming, more convenient and enjoyable. Luxury brands can benefit from AR/VR by providing customisation and virtual try-on options on their exclusive products.</p>

<p>Theme parks are somewhere the integration of VR technology might flourish by giving a glimpse of the expanded ride experiences, attractions, and entertainment shows which can create captivating experiences to attract visitors to their e-commerce booking portal. Companies like BookMyShow can integrate AR/VR to give a peek to their customers to help them choose a better seat in the theatre with a superior screen angle or while booking a restaurant table to decide on getting a better view while dining.</p>

<p>It's clear that virtual reality has a place in e-commerce. The bad news is that AR/VR is still not what sci-fi movies hyped it to be — a fully immersive experience that transports us to another dimension. Even the leading systems still lack some basic features. However, we're still at the beginning of the journey; we haven't scratched the surface of this technology in some areas. It will eventually gain some traction in a few sectors, but it won't be able to provide the return on investment and disruption as much as Automation and AI had in retail.</p>


An opinion piece by Happiest Minds' Priya Prasad on whether virtual reality is going to revolutionise the e-commerce experience and if 'try before buy' concept will play a catalyst to help e-commerce explode in the country. 

Is virtual reality going to revolutionise the e-commerce experience?

<p><a href="https://www.web3cafe.in/blockchain/defi">DeFi</a> and <a href="https://www.web3cafe.in/blockchain/nft">NFTs</a> are the two notable developments in the crypto industry. Decentralised banking and non-fungible tokens are the two prominent <a href="https://www.web3cafe.in/blockchain">blockchain</a> uses. DeFi enables asset tokenisation through decentralised access to financial services, while non-fungible tokens enable asset tokenisation.</p>

<p>However, it is possible to speculate about the evolution of NFTs as a viable tool for DeFi. NFTs as digital art or collectibles command exorbitant prices at auctions. Let’s take a look at the potential advantages of organizations utilizing the NFT-DeFi combination.</p>

<h3>What is DeFi?</h3>

<p>DeFi, short for Decentralised Finance, provides a blockchain-based platform for accessing financial services such as borrowing, lending, savings, trading, and liquidity. The distinguishing feature of DeFi is the absence of middlemen. Intermediaries play an important role in conventional finance by facilitating transactions, authenticating identities, and offering banking services.</p>

<p>Smart contracts that are self-executing immutable bits of code on a blockchain are the basis on which DeFi functions. Once on the blockchain, no code modification is possible. DeFi projects and apps are decentralised, using token-based governance structures. While decentralised applications (dApps) and services help with the procedures, DeFi users connect to parties that want to trade, lend, or lend to them directly.</p>

<h3>Benefits of DeFi</h3>

<p>The following are the prominent use cases of DeFi:</p>

<p>❖ <strong>Accessibility</strong>: Any individual who has a wallet may use DeFi services.</p>

<p>❖ <strong>Transparency</strong>: All information on the blockchain and all transactions are transparent.</p>

<p>❖ <strong>Decentralisation</strong>: As the name suggests, there isn't any centralised authority that handles transactions. Traders and users interact with each other directly, which is made possible by transparent smart contracts.</p>

<p>❖ <strong>Interoperability</strong>: DeFi products are used to build new products across various blockchains.</p>

<h3>How can NFTs be used in DeFi</h3>

<p>Integrating NFTs with decentralised finance becomes immediately possible, especially given the potential of NFTs to reflect the commercialisation of digital items and services. Some advantages that stem from the combination of NFT and DeFi, include collecting native tokens to unlock additional NFT assets.</p>

<p>Ethereum, for instance, has launched ERC-20 tokens to provide representation for digital assets. As a result, NFTs might prove ownership rights for digital art. Ethereum has emerged as a popular platform for artists to showcase their work and interact with an interested community of collectors. With the ability to prove ownership, NFTs might provide significant value in DeFi.</p>

<p>Let's look at the applications of NFT in DeFi.</p>

<h3>Collaterals</h3>

<p>The combination of NFTs with DeFi has enormous potential for unlocking significant value. However one difficulty arises, how to evaluate the worth of NFTs? NFTs have an answer to this problem by allowing lenders to calculate the collateralisation amount in DeFi. DeFi and NFTs work together by utilising NFT collectibles and art as collateral against DeFi loans. The lender examines the loan amount in conjunction with the collateral value of the NFT, by considering numerous aspects. Lenders may safely identify the right collateralisation amount by utilising the power of NFTs. Another method, where NFTs aid in resolving liquidity difficulties in DeFi, is by tokenisation of NFTs.</p>

<h3>NFT ownership and DeFi</h3>

<p>Art commercialised via NFTs is the fundamental aspect of the NFT narrative. NFT-DeFi platforms working in the music industry have shifted the working methodology. NFT owners can earn a consistent portion of streaming income. Furthermore, NFTs grant ownership rights and income to the original authors. NFTs can potentially resolve the challenges of royalty sharing, licensing, and copyright ownership.</p>

<p>Fractional ownership is a result of the confluence of NFTs and DeFi. It presents a notion of producing fractional shares of NFTs, allowing investors and fans to own a part of an NFT without purchasing it entirely. Fractional ownership in the DeFi sphere is still in its early phases, with immense potential waiting to be explored and tapped. As fractional ownership continues to evolve, it will revolutionise how individuals interact with and profit from the NFT ecosystem inside decentralised finance.</p>

<h3>NFT Staking benefits</h3>

<p>Staking NFT assets over a DeFi protocol in exchange for staking incentives and other perks is what NFT staking entails. Staking allows users to earn income from their NFTs while keeping ownership. It's similar to staking cryptocurrency, in which users keep their money and get incentives for doing so. When users stake their NFTs, they are committing them as collateral in exchange for incentives. The benefits are in the form of a native token connected with the staking platform, although they may also earn tokens from the NFT ecosystem.</p>

<p>To take part in NFT staking, users must own an NFT qualified for staking. Because not all NFTs are eligible for staking, they should verify with the relevant project to see if they support their asset. Once qualified, they may stake it by storing it on a staking platform.</p>

<h3>Governance</h3>

<p>In DeFi governance, users are granted voting rights to token holders proportionate to their token holdings. However, certain DeFi projects have encountered constraints with this model, leading them to explore alternatives. One method is the incorporation of permanent members or councils into the governance process.</p>

<p>To enable this, these DeFi projects introduce the concept of NFTs that bestow voting rights upon their holders. These tokens are known as soulbound tokens (SBTs) and possess unique qualities as they are non-transferable and forever remain within a designated wallet. By embracing SBTs, these projects aim to enhance the governance structure and empower dedicated participants with unwavering influence.</p>

<div id="tab-link-wrapper-plugin">
<div class="heading-text">Also Read:</div>

<ul class="tab-link">
	<li class="editor-readmore"><a class="editor-rel-content" href="https://www.web3cafe.in/opinion/story/why-social-media-and-messaging-apps-on-blockchain-may-be-a-better-option-opinion-column-545075-2023-04-20">Why social media and messaging apps on blockchain may be a better option | OPINION</a></li>
</ul>

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</div>

<h3>Final Thoughts</h3>

<p>NFTs represent unique cryptographic assets that possess inherent value and security. When combined with decentralised financial products, these tokens have the potential to unlock a multitude of specialised financial services. This technical innovation opens up possibilities, including in-game currencies, investment opportunities, and liquidity mining.</p>

<p>The versatility of NFTs in the DeFi space is boundless, with roles waiting to be explored and embraced. As the industry continues to evolve, we eagerly anticipate the emergence of new and exciting projects that will push the boundaries of what is possible with NFTs, further revolutionising the intersection of finance and technology. Stay tuned for the captivating ventures that lie ahead.</p>


We're entering times when physical assets are being transformed into digital code through NFTs. Here's a look at how DeFi NFTs will change this space. 

DeFi platforms are looking to tokenise real-world assets

NFT-based decentralised finance NFTs will be used to tokenise financial assets | OPINION

DeFi NFTs will be used to tokenise assets | OPINION

<p>In the ever-evolving landscape of finance and technology, few events have had the far-reaching impact of Bitcoin Pizza Day on the global adoption of cryptocurrencies. Interestingly, what started as a simple purchase of two pizzas in 2010 has grown into a significant milestone in the journey toward the widespread acceptance and integration of digital currencies into our daily lives.</p>

<h3>What is Bitcoin Pizza Day?</h3>

<p>On May 22nd, 2010, Laszlo Hanyecz, a Bitcoin enthusiast, made history by completing the first-ever real-world purchase using Bitcoin. The day commemorates the moment Laszlo Hanyecz exchanged 10,000 Bitcoins for two pizzas, signifying a transformative turning point in the history of cryptocurrencies. This seemingly ordinary transaction showcased Bitcoin's potential as a medium of exchange. It sparked a wave of innovation and public interest that continues to shape the future of finance and technology. At the time of the transaction, the value of 10,000 Bitcoins was nominal, as they were just a few cents. It's easy to look back now and marvel at the fortune that slipped through Hanyecz's fingers. However, his actions symbolize something far more profound: the recognition of Bitcoin as a medium of exchange.</p>

<h3>What is Bitcoin Pizza Day's Importance?</h3>

<p>Bitcoin Pizza Day serves as a reminder that cryptocurrencies are not merely speculative assets but possess real-world value. It demonstrated that Bitcoin could be used to purchase goods and services, challenging the notion that traditional fiat currencies were the only means of conducting transactions.</p>

<p>This realization planted a seed in the minds of early adopters and laid the foundation for the subsequent growth and acceptance of cryptocurrencies. The impact of Bitcoin Pizza Day extended beyond the immediate transaction itself. It sparked a wave of innovation, leading to the creation of numerous alternative cryptocurrencies and blockchain-based projects.</p>

<p>Entrepreneurs and developers recognized the potential of digital currencies and began exploring their applications in various industries, ranging from finance to supply chain management. Furthermore, Bitcoin Pizza Day highlighted the power of decentralized technologies.</p>

<p>Bitcoin operates on a decentralized network, meaning that any central authority or government does not control it. This decentralized nature was critical in Hanyecz's transaction, showcasing the independence and autonomy that cryptocurrencies could offer. The absence of intermediaries and the ability to conduct peer-to-peer transactions opened up a new world of possibilities, challenging traditional financial systems.</p>

<h3>How did it Impact the Adoption of Crypto?</h3>

<p>The global impact of Bitcoin Pizza Day cannot be understated. It captured the attention of mainstream media and generated significant buzz, drawing people from all walks of life into the world of cryptocurrencies. The ensuing media coverage and public interest led to increased awareness and curiosity about Bitcoin and other digital assets. As a result, more individuals began to explore and invest in cryptocurrencies, fueling their growth and driving innovation in the space. Bitcoin Pizza Day also highlighted the potential for cryptocurrencies to disrupt traditional financial systems and empower individuals in emerging economies.</p>

<p>In countries with volatile currencies and limited access to banking services, cryptocurrencies provide an alternative means of conducting transactions and storing value. Bitcoin's borderless nature and low transaction fees make it an attractive option for remittances and cross-border payments, providing financial inclusion to the unbanked and underbanked populations. As of today, 24 countries have legalized cryptocurrency, and others are in a position to regulate it with progressive rules. Bitcoin tops the list with the highest market capitalization of around US$518.63 Billion.</p>

<p>Since Bitcoin Pizza Day, the global adoption of cryptocurrencies has experienced exponential growth. Today, cryptocurrencies have evolved beyond mere investments or speculative assets. They are becoming integral to the future of finance and technology. Major companies and institutions are embracing cryptocurrencies, and governments are exploring the development of central bank digital currencies (CBDCs). The blockchain technology underlying cryptocurrencies is being applied to revolutionize various industries, from supply chain management to healthcare.</p>

<h3>Conclusion</h3>

<p>Bitcoin Pizza Day was more than just a whimsical transaction; it represented a turning point in the history of cryptocurrencies. It brought attention to the potential of digital currencies as mediums of exchange and triggered a wave of innovation and adoption.</p>


Here's a look at what Edu Patel, CEO and Co-founder of Mudrex has to say about Bitcoin Pizza Day and how it has changed crypto.  

Bitcoin Pizza Day Opinion

Bitcoin Pizza Day: How a causal transaction shaped the future of crypto? | OPINION

Bitcoin Pizza Day: How a causal transaction shaped the future of crypto?

<p>Cryptocurrencies have become a popular alternative investment asset in India, with millions of traders and investors participating in the digital currency market. However, along with the potential returns and risks of crypto trading, there is also a need to understand the tax implications of crypto transactions, especially in light of the recent announcements on crypto taxation by the Indian government.</p>

<p>The government has introduced a new taxation framework for cryptocurrencies and other virtual digital assets (VDAs) in the Union Budget 2022-2023, which levies a flat 30% tax on the profits arising from the transfer of crypto assets on or after April 1, 2022. The government has also imposed a 1% Tax Deducted at Source (TDS) on the transfer of crypto assets exceeding more than Rs 50,000 (or Rs 10,000 in certain cases) in a single financial year.</p>

<p>In this blog, we will demystify crypto taxation in India and provide you with a comprehensive breakdown of how different types of crypto income are taxed, what are the reporting requirements, and what are some practical tips to ensure tax compliance and avoid penalties.</p>

<h3>Understanding Crypto Taxation in India</h3>

<p>The Indian government has recently introduced a new taxation framework for cryptocurrencies and other virtual digital assets (VDAs) in the Union Budget 2022. According to the Finance Minister, Nirmala Sitharaman, the government aims to bring clarity and certainty to the crypto industry and ensure that all crypto transactions are tracked and taxed appropriately.</p>

<p>The government has classified cryptocurrencies and other virtual digital assets (VDAs) as something different from traditional currencies. Essentially, they are treated as a form of property or asset rather than traditional money.</p>

<p>The government has also introduced a new section 115BBH in the Income Tax Act, which levies a flat 30% tax (plus applicable surcharge and 4% cess levied by Central Board of Direct Taxes) on the profits arising from the transfer of crypto assets on or after April 1, 2022. This tax rate applies to crypto income, whether it is capital gains or business income, regardless of the holding period.</p>

<p>In addition, the government has also imposed a 1% Tax Deducted at Source (TDS) from July 01, 2022, on the transfer of crypto assets exceeding more than Rs 50,000 (or Rs 10,000 in certain cases) in a single financial year under section 194S. This is to ensure that all crypto transactions are reported by the taxpayers and that the tax authorities have access to the relevant information.</p>

<p>Taxation Categories Depending on the nature and source of your crypto income, you may have to pay different types of taxes on your crypto transactions. Here are some common categories of crypto income and how they are taxed in India:</p>

<p>➔<strong> Trading</strong>: If you buy and sell cryptocurrencies for profit, you will have to pay a 30% tax on your trading income under section 115BBH. This applies whether you trade crypto using fiat currency (such as INR) or other cryptocurrencies.</p>

<p>➔ <strong>Gifts</strong>: Gifting cryptocurrencies or other virtual assets means transferring them from one person to another as a present. If you receive cryptocurrencies as a gift from someone non-relative, you will have to pay a tax if the value is more than INR 50,000 on the fair market value of the crypto assets under section 115BBH. However, if the value of the gift is below Rs 50,000, it will be exempted from the tax.</p>

<p>➔ <strong>Salary</strong>: If you receive cryptocurrencies as a salary or remuneration for your services, you will have to pay income tax at your Slab rate</p>

<p>➔<strong> Airdrops</strong>: Airdrops are tokens or coins that you receive before a crypto project launches. They are a marketing strategy for crypto projects, but they can be taxed in India. The tax on Airdrops depends on their value and trading activity. For instance: if you receive tokens as Airdrop and do not trade them, you have no income from airdrops. If you trade them, you have income from airdrops equal to their value at the time of receipt. If you sell them later, you have taxable gains equal to the difference between the selling price and the value at the time of receipt.</p>

<p>➔ <strong>Mining</strong>: Crypto mining is a way of participating in the public crypto blockchain and getting rewards for it. The tax on crypto mining income depends on the type of activity. For example, it can be declared as Income from Business or Income from Other Sources depending on the type of mining activity.</p>

<p>➔ <strong>Staking</strong>: If you stake cryptocurrencies to earn interest or rewards, you will have to pay income tax at your individual tax rate.</p>

<p>➔ <strong>NFTs</strong>: If you buy, sell, or exchange non-fungible tokens (NFTs), you will have to pay a 30% tax on your NFT income under section 115BBH. This applies whether you deal with NFTs using fiat currency or other cryptocurrencies.</p>

<h3>Practical Tips for Crypto Tax Compliance</h3>

<p>Now that you have a basic understanding of how crypto taxation works in India, here are some practical tips to help you comply with your tax obligations and avoid any penalties or disputes with the tax authorities:</p>

<h4>Maintaining Accurate Records</h4>

<p>One of the most important aspects of crypto tax compliance is maintaining accurate and detailed records of your crypto transactions. You should keep track of the date, time, amount, quantity, and type of each crypto transaction, as well as the exchange rate and fees involved. You should also keep the receipts, invoices, statements, or other documents that support your crypto transactions.</p>

<p>Maintaining accurate records will help you calculate your taxable income, report your transactions, and file your tax returns. It will also help you in case of any scrutiny, inquiries, or disputes with the tax authorities.</p>

<p>However, keeping track of your crypto transactions manually can be tedious and time-consuming, especially if you have multiple accounts, wallets, or exchanges. That's why you should consider using a crypto tax tool that can automate the process of tracking, calculating, and reporting your crypto taxes. A crypto tax tool can help you import your transaction data from various sources, classify your income and expenses, calculate your gains and losses, and generate tax reports.</p>

<h4>Engaging Professional Assistance</h4>

<p>Another practical tip for crypto tax compliance is engaging professional assistance from a tax professional or accountant. A tax professional or accountant can help you understand the complex and evolving regulations regarding crypto taxation in India, advise you on the best tax strategies for your situation, prepare and file your tax returns, and represent you in case of any scrutiny, inquiries, or disputes with the tax authorities.</p>

<p>However, not all tax professionals or accountants are well-versed in crypto taxation. That's why you should choose an expert who has experience and knowledge in dealing with crypto taxes. You should also check their credentials, reputation, fees, and services before hiring them.</p>

<h4>Education and Awareness</h4>

<p>The final practical tip for crypto tax compliance is education and awareness. You should stay updated on the latest developments and guidelines regarding crypto taxation in India, as the regulations may change from time to time. You should also educate yourself on the best practices and common pitfalls of crypto taxation, as well as the rights and responsibilities of crypto taxpayers.</p>

<p>You can find various resources and communities online that can help you learn more about crypto taxation in India. For example, you can visit the official website of the Income Tax Department, read blogs and articles from reputable sources, join forums and groups on social media platforms (such as Reddit or Telegram), or attend webinars and workshops from experts in the crypto industry.</p>

<h3>Conclusion</h3>

<p>Crypto taxation in India is a complex and evolving topic that requires careful attention and compliance from traders and investors. By understanding how different types of crypto income are taxed, maintaining accurate records, engaging professional assistance, and educating yourself on the latest regulations and guidelines, you can ensure that you pay your fair share of taxes and avoid any penalties or disputes with the tax authorities.</p>

<p>However, you should always consult a qualified professional before making any decisions regarding your crypto taxes.</p>


Are you confused about crypto taxation in India? Punit Agarwal, Founder KoinX breaks down the complexities of crypto taxes and how you should be aware of the legalese. 

Punit Agarwal, Founder, KoinX talk about crypto taxation in India

Crypto taxation in India: A comprehensive breakdown

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">A technological sensation of the 21st century that has dazzled netizens and tech enthusiasts is now under the pump with the possibility of ending up on the endangered list. Non-fungible tokens (aka NFTs) have garnered immense popularity among digital art creators and collectors. However, this lull period in the crypto space has dented the NFT ecosystem as trading volumes at popular NFT exchanges have plummeted by a whopping 97 percent from their 2022 highs.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Research firm Dune Analytics said that trading on NFT platforms dropped from $17 billion at the beginning of 2022 to just $466 million in September this year. Top NFT platforms like OpenSea, Rarible, and MagicEden among others have seen a more than 90 percent drop in trading volumes.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">So, is this it for NFTs? The inevitable end to what many refer to as 'glorified JPEGs'. As morbid as the situation might look, there's more to come for this convoluted yet coveted form of technology.<o:p></o:p></span></p>

<h3 class="MsoNormal" style="text-align: justify;"><span style="font-size: 16px;">A House of Cards</span></h3>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">The crypto market is seeing one of its worst phases. The trading volume of some of the top cryptos has hit new lows and investors are turning their backs on new projects. Even in India, the high taxation and the air of uncertainty around crypto have left investors on the fence about whether to trust their hard-earned money in digital assets or hold on for the long winter.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">NFT platforms have long tried to draw a line between crypto and NFTs stating that the two are universally very different from each other. However, reality seems to be unfolding right in front of our eyes. The $2 trillion wiped off the crypto market has had a cascading effect on the entire industry and NFTs aren't an exception.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">I spoke to some NFT proponents a few days ago and they got highly emotional and defensive when I was referring to NFTs and crypto in the same sentence. They were almost about to get their pitchforks out when I decided to leave the room.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">I agree that NFTs aren't the same as cryptocurrency, but the fact that both have their associations with blockchain technology makes them a part of the same technological ecosystem.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Also, data from Footprint Analytics shows that Defi (Decentralised Finance), GameFi, crypto exchanges and even the Metaverse have suffered overwhelming losses to the extent that many have been forced to shut shop (3AC and Voyager are classic examples).<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Most of the NFTs are minted using ETH (Ethereum) which plays a crucial role in the value of NFTs today. Ever since its highs in November 2021, Ethereum's value has dropped significantly and that has affected the value of some of the top NFT projects. The cheapest Bored Ape NFTs was once valued at $429,000 and today it's trading at just $100,000.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Some sellers who paid millions for their NFTs are now in a spot of bother trying to find buyers. A businessman from Malaysia bought Jack Dorsey's first tweet ever for $2.5 million and later struggled to get bids for it in April 2022. A sentiment that pervading through the NFT marketplace.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">The overall inflationary state has left investors in a fix with funding for NFT projects also dropping from $6.68 billion in January 2022 to $3.92 billion in June. Terms like "money laundering", "scam" and "bubble" are being thrown around when one speaks about NFTs and that's scaring investors away. Very few seem to be having conversations about the real-world value of NFTs because most 'influencers' are busy drawing the wrong picture and aren't talking about what the actual hype should be around: the technology.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">On top of that, it seems the bear market is hell-bent on punishing the 'believers' of NFTs who for various reasons don't see a gleaming beam of light at the end of this dark tunnel.<o:p></o:p></span></p>

<h3 class="MsoNormal" style="text-align: justify;"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">The Wrong Influence<o:p></o:p></span></h3>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">You'll hardly find any ads for the sale of NFTs on TV or online (unlike the torrent of crypto ads we saw in 2021). These digital assets have found acceptance and fame among digital artists who have propagated the idea of ownership for their digital artwork.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Celebrities have jumped on the NFT bandwagon with rap music icons like Eminem and Snoop Dogg appearing in a music video as their Bored Ape NFTs. Paris Hilton, Shawn Mendes, Amitabh Bacchan, and Justin Bieber are a few of the many celebrities who have launched their own NFTs to "engage" with their fans.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Brands like Coca-Cola and Nike have also dabbled in the NFT space accelerating the popularity of bespoke technology. But, are these brands and celebrities the right people to promote NFTs?<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">I feel that NFTs need ambassadors who truly understand the technology and its application. I know it's a stretch finding the glamour quotient with geeks but it's the right move toward educating people. The fact that you're turning to musicians and actors to promote something they're oblivious to, seems like a desperate move.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">While it's true that the celebrity card can help you sell anything from a hairclip to an aeroplane, we need more developers and people who work in the NFT space to come forth and talk about the technology from more than just a 'digital collectible' perspective.<o:p></o:p></span></p>

<h3 class="MsoNormal" style="text-align: justify;"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">More Than What Meets the Eye<o:p></o:p></span></h3>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Web3 technologies like Blockchain, Metaverse and even NFTs are yet to gain some recognition among the masses. At the moment, only big corporates, technology giants, startups and the developer community seem to be talking about them. The more people are educated about the utility of NFTs, the better they'll understand it as more than just exorbitantly prices JPEGs on the internet.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Get this: researchers at the Baylor College of Medicine say that citizens can have ownership of their medical data by converting them into NFT and power them by smart contracts. Hospitals and medical institutions are already selling this data to pharmaceutical companies for millions of dollars! Imagine, you can be paid for this data.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Another problem that NFTs can solve is the transfer of royalties to artists. These royalties can be put via NFTs on blockchains so that artists are remunerated every time someone uses their intellectual property. Tons of such examples can be put to use which is why I believe that NFTs need to be given the time to nurture and develop so that more solutions can be constructively enhanced.<o:p></o:p></span></p>

<h3 class="MsoNormal" style="text-align: justify;"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">The Future of NFTs<o:p></o:p></span></h3>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Every new technology is going to have its bad apples. While many have been able to reek in some serious moolah, there have been innumerable scammers who have flooded the NFT marketplaces to dupe investors. This has earned NFTs a bad name, but not for long. These little chinks will be fixed in the long run and we'll get to see the true potential of NFTs in the future.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">Marcus Feistl of Limewire believes that music creators are moving from Web2 to Web3 model on content ownership which is based on NFTs. Big techies are diving deeper to understand the unlying technologies behind NFT which moves beyond just putting NFTs as your social media profile pictures. This needs to be a community-driven initiative where education and innovation need to co-exist.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span style="font-size:12.0pt;
line-height:115%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin">So, are NFTs being driven to an early grave? Not really. I believe this technology will add more versatility and security and could be deployed in the judicial and medical sectors as well apart from gaming where it's hitherto thriving. Remember, NFT technology is beyond images of 'Bored Apes' on the internet and the real application will kick in once blockchain has evolved and more people are aware of what NFTs can truly bring to the table.<o:p></o:p></span></p>


So, is this it for NFTs? The inevitable end to what many refer to as 'glorified JPEGs’. As morbid as the situation might look, there’s more to come for this convoluted yet coveted form of technology.

Are NFts dying?

Are NFTs being driven to an early grave? | OPINION

Are NFTs being driven to an early grave? 

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">“So, what’s going to happen to crypto now?”. That’s a common question I am hearing these days. People’s faith in one of the most coveted technologies of the 21st century is dwindling and it’s going to be a while till the sun shines again on ‘cryptoland’. At least that’s what many experts are saying.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">How crypto got here is a long story and you can have a look at my detailed report about it here. As an avid believer in blockchain tech, I have invested in the fundamentals and am in this for the long run, but somehow the sentiment around this space has been so negative recently that one can’t help but think: “Am I going to lose my money?”.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Headlines like: “Crypto needs to be banned”, “Top crypto exchange files for bankruptcy” and “ Hackers steal millions in crypto” have done nothing but add fuel to the fire.&nbsp;</span><br />
<br />
Face it, the crypto universe has a lot of villains right now who are&nbsp;trying to eradicate its existence from the face of the earth. Can you imagine if the power of money fell into the hands of the people? It’d be like yielding an Infinity Stone. And you know that Thanos, in this case, the governments and institutions that control money, would not like that at all.</p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">So, am I the only one who feels that crypto needs more heroes right now?<o:p></o:p>&nbsp;Let’s regulate the duck out of this.<o:p></o:p></span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Crypto till November last year was on a vertiginous climb to supremacy. The $100,000 mark wasn’t far and most crypto enthusiasts were rooting for it. Then crypto had a fall and even the king’s horses had a tough time putting it back together.<o:p></o:p><br />
<br />
Crypto is seeing its worst days and villain number 1, i.e regulation, has a strong chokehold around its neck. While the European Union was once considered the ‘Wild West’ for crypto, it is now shaping up to become a more regulated landscape for crypto investors and businesses. The new rules in the EU mandate crypto stakeholders to acquire licenses to operate in the country with stablecoin issuers informed to hold reserves in case of another Terra-like calamity.<o:p></o:p></span></p>

<p>Reports about the UK and US looking to regulate crypto are flooding the internet, leaving the community in a frenzy. I mean, the whole idea behind the creation of crypto was a decentralised, unregulated economic system but regulation changes that.</p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">While China has banned crypto totally, Russia has passed a law that prohibits crypto and NFTs to be used as payment for goods and services. To add to this, India’s central bank, the Reserve Bank of India (RBI) has suggested prohibiting crypto in India, citing the “destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country”.<o:p></o:p></span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Currently, banks control the flow of money and the longer crypto stays in the system the more threat it poses to these financial institutions. Though the Finance Minister of India has said that there needs to be “significant global collaboration” for India to prohibit crypto, it’s worrisome for the community that the RBI has suggested prohibiting crypto completely.<o:p></o:p></span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">I just want to remind you that crypto isn’t a small change anymore you can kill easily. This is a trillion-dollar ecosystem now.</span></p>

<p>I just want to be clear that I am not against regulations. Like many experts have said before, a regulated structure can ensure that a mishap like the Terra LUNA calamity doesn’t happen again. If regulation is put in place, it should not stifle technology and its growth, but rather protect investors while keeping a check on bad actors.</p>

<p><span style="font-size: 12pt;">However, technology has commanded the reputation of finding a way to thrive. Just like the good people of Jurassic Park couldn’t keep the dinosaurs from multiplying, a crypto ban would not stop its flow.</span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">If not legally, businesses will take their transactions underground and that will lead to an increase in the black market trade. So, I feel that we need to come up with a holistic approach that doesn’t lead to a blanket ban on crypto but also doesn’t make it a breeding ground for malicious activities.<o:p></o:p></span></p>

<h3><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">The 'Bad' Paradise<o:p></o:p></span></h3>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">I recently read a story about a couple who allegedly stole around 119,000 Bitcoin which is today valued at&nbsp;around $2.6 billion. That’s a lot of money. Hackers have been haunting the tech space since the 1970s and everything today that is connected to the internet can be hacked.</span></p>

<p>There are some crypto exchanges today with lesser market caps. With new technologies, there’s always the risk of bad actors plaguing the platform and crypto hasn’t been spared either. According to Comparitech.com, the total crypto stolen to date amounts to more than $33 billion!</p>

<p><span style="font-size: 12pt;">That’s more than the GDP of some of the lesser-developed countries. Since the technology is still in the development stage, hackers are looking for vulnerabilities in crypto platforms and exchanges to exploit them.</span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">A steadfast approach and robust cyber infrastructure are the only way to keep hackers at bay and you need to be more vigilant with your crypto. Educate yourself about ways to store your crypto offline (read about cold wallets) and stay away from questionable emails and promotions online that guarantees free crypto. They are all malware!<o:p></o:p></span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">But hang on! Hackers aren’t the only hard-nosed nefarious habitants of the crypto world. Some also use the platform to carry out illegal trade and Bitcoin has often been referred to as the ‘Darknet currency’. Trading in illegal weapons, drugs and ransom from malware attacks are often exchanged in crypto. Due to the anonymity cryptocurrencies offer, it’s almost impossible to track where the money is going.</span></p>

<p>This is one of the primary reasons that governments across the world are playing hardball with crypto. But here’s my counterargument: even when crypto didn’t exist, illegal weapons were being sold in the black market, drugs were being smuggled across borders and unaccounted money was finding its way into the system through various nefarious channels.</p>

<p><span style="font-size: 12pt;">This is why we need to stop demonising crypto as the ‘smuggler’s currency’ and work towards making the technology more secure rather than find flaws and castigate it.</span></p>

<h3><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Because of the 'Bear'?<o:p></o:p></span></h3>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">In the past 6 months, three major crypto exchanges have filed for bankruptcy and God knows what perils the smaller exchanges would have had to face in these dark times. Inflation, the negative sentiment around crypto and the overall bear market have painted a red picture across exchanges with most of the cryptos registering record lows.<o:p></o:p></span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Though there isn’t a single factor to blame for crypto’s despondent predicament, many analysts and pundits believe this is just one of those downs that crypto has suffered in the past. Let’s hope it’s true, at least for their sake.</span></p>

<p>Crypto’s esoteric nature is what makes it difficult to believe in it which is why more education is needed in this sector. Albeit, the crypto guild and enthusiasts have been trying to beguile the non-believers, I still feel it’ll be a while till people in general start warming up to the idea of crypto as a currency they can use to trade.</p>

<p><span style="font-size: 12pt;">The market will recover eventually and there is the possibility that crypto will once again find itself among the most-coveted assets in people’s financial portfolios. However, as I have always said, crypto is a volatile asset class and one should analyse the risks of investing in this space.</span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">I am not saying that crypto will supplant regular currency, but it will find a way to co-exist with paper money just enough to ensure that the technology thrives and has the opportunity to grow.<o:p></o:p></span></p>

<h3><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Accepting Applications for Heroes<o:p></o:p></span></h3>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Undoubtedly there is ambivalence about the future of crypto, but there will always be proponents of the technology who will back it unconditionally. Elon Musk has been very vocal about his support for DogeCoin and even countries like El Salvador and the Central African Republic have declared Bitcoin a legal tender.<o:p></o:p></span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Billionaire Sam Bankman-Fried, CEO of one of the largest crypto exchanges, FTX, recently rescued two crypto lending firms, Voyager and BlockFi, from bankruptcy just to keep the industry strong, which is a testament that there are people who are ready to believe in this technology and are willing to fight it out till the end.</span>&nbsp;<br />
<br />
Crypto’s second-half prognosis of 2022-23 might be relatively better than how the year kicked off or it might just completely die (highly unlikely).</p>

<p><span style="font-size: 12pt;">For the technology to nurture and survive, I believe it needs more heroes to come forth and talk about its fundamentals and educate people about blockchain technology. Technology is still in its nascent stage and a deep understanding of it is needed. Because at the moment we have enough who are propagating a false narrative and spreading rumours about crypto.</span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Regulation in a more constructive manner will help re-establish people’s faith in this sector and who knows, we may see cryptocurrency return to its glory days again, maybe even more.<o:p></o:p></span></p>

<p><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">[<em>Disclaimer: All of the information in this opinion piece is for educational purposes only and is not investment or financial advice. We suggest you do your own research before making any investment decisions. Cryptocurrencies are volatile and high-risk in nature. Don't invest more than what you can afford to lose. India Today will not be liable for any loss incurred if you refer to this article for details on crypto or any other form of investment.</em>]<o:p></o:p></span></p>


From strict regulation policies and inflation to hackers plaguing the internet, crypto has had to deal with a lot in the past couple of months and needs a few ‘heroes’ to help it get back up.

Crypto has too many villains right now and needs more heroes | OPINION

Crypto has too many villains right now

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Dark clouds are looming over top tech companies as Silicon Valley behemoths have been hit with mass layoffs. Twitter, Meta, Apple, Amazon and even Netflix have sent pink slips to thousands of employees. This has been the worst phase that Web2 companies have seen over the past few years and it’s getting worse. Even retail giant Amazon is struggling to sustain some of its businesses in India and plans to shut them down next year! It’s all collapsing like a house of cards and Alan Walker’s ‘All Falls Down’ is reverberating on a loop in my consciousness.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">What I say may come across as foofaraw but this is serious. Innovation seems to have saturated in Web2 with run-off-the-mill products and services being churned out which, quite frankly, have begun to pinch the eyes. While ‘over-hiring’ during the pandemic seems to be the wrecker in chief in most cases, these tech giants are not able to sustain a profit-making model with the current workforce especially when consumption has dipped because of inflation and the economic turmoil.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Seemingly, it’s not been as hunky-dory for Web3 as well, with most start-ups and companies struggling for funding and mass adoption. The beleaguered crypto market has exposed some of the chicks in future technologies and that’s affected the overall sentiment of the industry.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Lay-offs, FTX, recession and death of Cartoon Network. It’s been the worst year.<o:p></o:p></span></p>

<h3 class="MsoNormal" style="text-align: justify;"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">The Dreaded Dichotomy<o:p></o:p></span></h3>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">While some experts are trying to draw parallels between the two, Web3 is working on establishing its own distinct identity and trying its best to circumvent the fallout due to the Web2 slump. Despite the crypto backlash, Web3 startups have been recipients of intermittent investments that have kept the wheel in motion. So, is it finally time for Web3 to shine?<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Realise that this isn’t a battle to reign supreme. Web3 is not here to compete or replace Web2. They’re good friends and I think they can be like the Jai and Veeru of the ‘Ramgarh’ Metaverse.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Sharat Chandra, who is the co-founder of the India Blockchain Forum and an influential voice in the Web3 space in India, believes that a “healthy co-existence of Web2 and Web3 models is necessary to reap the benefits of centralisation and decentralised business models.” I agree! At least for the next decade, both technologies will have to co-exist and assist one another for the greater good.</span><br />
<br />
&nbsp;</p>

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<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN"><o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">As the fate of Web2 companies hangs by a thread due to global macroeconomic headwinds, these firms have realised that they need to embrace future technologies to sustain themselves in the long run.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">To get the masses interested in Web3, I feel we need more Web3 products and services that intrigue consumers and directly impact them. Like the blockchain phone from Solana.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Poorvi Sachar from Tezos India echoes that sentiment and believes “companies should focus on more real-world applications for Web3 companies and builders should create projects and protocols while the Web2 market is down.” Therefore, this is the perfect time to build and risk a little by investing in emerging technologies.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Meta (Facebook before), which is one of the biggest tech companies working on Metaverse tech has poured billions of dollars to create the Metaverse and the internet of tomorrow. However, the lack of real-world consumer-centric technologies and applications has forced the company to rethink its plans for future tech. Mark still hasn’t given up on his ‘Meta’ dream and understands that innovation needs to happen at a pace that doesn’t compromise the future of his company.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">New-age Web3 developers are mushrooming across the globe and in the current job market, this would be a good time to cherry-pick some of the best talents you can find out there.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Web2 will find ways to recover over the next few months (if the economy stabilises) since it already has an established market but Web3 needs to be a bit more aggressive with its approach towards expanding. But like I said before, growth should not be at the cost of customers’ money.<o:p></o:p></span></p>

<h3 class="MsoNormal" style="text-align: justify;"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">A Conscientious Approach<o:p></o:p></span></h3>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">A report I read a few days back, highlighted that investments in Web3 technologies may have dropped substantially over the past few months but remains to be a point of interest for venture capitalists. Compared to biotech and fintech, Web3 technologies continue to receive a majority of the funding and that is a good sign for people working and building in this space.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">However, it is the responsibility of investors, developers and various stakeholders to identify sustainable business models and keep away from chains and projects that do not offer scalability, security and have a short-term growth strategy. Invest in the fundamentals; that’s key. The pursuit of quick cash and short-term growth in this space has never ended well.</span><br />
&nbsp;</p>

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<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN"><o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Web2 will find ways to recover. Twitter will be back on its feet in no time as Elon is going to want returns on his $44 billion in quick time. Companies like Meta may alter their approach towards developing Metaverse technologies and adopt a more sustainable model. Amazon will shut shop on some of its businesses across the globe to save costs. You may get to see more layoffs in the tech space in the next few months but things will get better in the long run. Think of this as the system cleansing itself.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Remember when the internet bubble popped in the 1990s? Boy, that was a mess. Most companies which survived that phase had a sustainable business model and weren’t pegged to short-term profits. Today, these are some of the biggest names in tech like Amazon and Microsoft.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">A similar approach is necessary when you’re looking to build the future of the internet. While many see Web3 as the next big thing, it’s undeniable that the current iteration of the internet, i.e. Web2, will have a major role to play even in the next 10-15 years.<o:p></o:p></span></p>

<h3 class="MsoNormal" style="text-align: justify;"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">The Challenges Ahead<o:p></o:p></span></h3>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Being a Christian, I am taking a big risk writing this: Humans, as beautiful as they are, are products of evolution. Yes, we have evolved from monkeys. A process that took billions of years. The lesson here is all good things take time(and not all humans are good).<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Every successful invention or technology is a by-product of rigorous testing and countless hours of research and development. While Web2’s objective now is to focus its resources on staying relevant and innovating further, Web3 has to focus on innovating and prioritising large-scale adoption. People need to be patient with the process and simultaneously this needs to be achieved without any compromises.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">We cannot let ourselves be consumed by the hate for people like Sam Bankman-Fried (the FTX guy) or let events like the crypto market collapse affect our long-term objectives. Undeniably, these events have dealt a major blow to consumer sentiment but we need to look at the bigger picture.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Even in a growing market in India, Web3 companies and start-ups are getting into the stride and focusing on developing consumer-centric technologies. India has more than 450 Web3 start-ups and this number is sure to grow.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">However, there have been certain challenges that seem to be stifling growth. Prayag Singh who is the co-founder of a decentralised social media platform called SOCLLY believes that many Web3 companies are looking to relocate outside of India due to the lack of a regulatory framework and clarity around crypto here. Not to mention the burden of high taxes imposed. This needs to change!<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">With a competitive talent pool, a high adoption rate, and the development of products for the global market, India can emerge as a global player in Web3. The regulatory framework and taxation policies for Web3, blockchain, cryptocurrency and other emerging tech need to be more conducive for businesses to set up here in India. Various stakeholders also need to educate the masses about these technologies so that a single ‘crypto’ narrative doesn’t pervade peoples' minds.<o:p></o:p></span></p>

<p class="MsoNormal" style="text-align:justify"><span lang="EN-IN" style="font-size:12.0pt;line-height:115%;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;mso-ansi-language:EN-IN">Ironically, Web3’s path to success can only be achieved by leveraging Web2. At the moment, there seems to be a little friction between the two but I believe things will get better after the dust settles around the whole crypto debacle. Till then, stay curious and keep believing in Web3.<o:p></o:p></span></p>


Some of the top Web2 companies have been struggling with mass layoffs plaguing these tech giants. While Web3 is also trying to make strides in the industry, does the Web2 slump provide a window of opportunity for Web3?

web2

Web2 woes a window for Web3? | OPINION

Web2 woes a window for Web3? 

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">As a teenager, I used to spend hours on my ‘study’ desktop playing video games. Every time I finished a tough mission, the little devil on my shoulder used to give me a pat on the back with a sidenote that read: “Damn, you’re good! Keep playing! Maybe you’ll be able to make money off of this someday.”<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">My skills as a ‘boss killer’ never gained any recognition, nor could I mention it on my resume. I used to indulge in small wagers with other players at the local video game arcade, but that was hardly a sustainable revenue model for a kid who used to spend more than half of his pocket money on video games. Plus, I’m here to talk about a different money-making scheme.<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">The idea of ‘Play-to-earn’ games in those days sounded ludicrous, which is why the focus remained on making games more entertaining and engaging. However, play-to-earn as a concept is gaining considerable recognition now that the internet is evolving into its next iteration, aka Web3.<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">The advent of a democratised version of the internet brings the power of data to people and also gives them the opportunity to earn from the content they produce or the skills they deploy to play video games. This has given a rise to the number of play-to-earn games in recent years. But are these games good? Will play-to-earn disrupt the current status quo? Is this a sustainable approach? Here’s my two cents.<o:p></o:p></span></p>

<h3 class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Mission 1: Beat the Death Trap<o:p></o:p></span></h3>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Gaming and eSports is a much sought-after industry which is estimated to be worth $5 billion by 2025 in India, where the global gaming industry is worth almost 200 billion dollars! The main source of income for gamers in this industry is sponsorships and tournament prizes. While this model ensures that the best of the best and the cream are able to garner the winnings, it leaves little for aspiring gamers who devote the same amount of time but aren’t good enough to sustain any revenue for themselves. And that sucks. Play-to-earn can be a game-changer for this segment.<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Then there’s the other crop, the streamers. Though there are a handful who have made millions just by playing and streaming games on their YouTube channels, this industry has added more creators and grown since the ubiquitous influx of free online multiplayer games. Seemingly, they’ve also made insane amounts of moolah via brand endorsements and sponsorships. Reminiscing the good old days, the jealous little narcissist in me gets upset, having missed out on the opportunity of becoming a gaming sensation. As alluring the prospect of streaming or sponsorship-based revenue channels in gaming sounds, a play-to-earn model ensures gaming companies or video-streaming platforms have no leverage over gamers.</span><br />
&nbsp;</p>

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<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN"><o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Currently, game streamers are dancing to YouTube’s beats. Imagine if YouTube or Twitch wakes up one day and decides that it isn’t happy with streamers and chooses to reduce their rewards. Or if sponsors declare they’re having a cash crunch and decide to withdraw sponsorships. Then what?<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">While there is cutthroat competition for engagement and followers amid the online gaming community, a play-to-earn model democratises this whole ecosystem to make sure that player incentives aren’t decided by tophats at YouTube or Nvidia, rather decided by a community of equally passionate gamers who do not mix empathy with the competition.<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">I’m not saying that this stream of revenue is under any kind of threat for gamers, nor that YouTube will stop rewarding streamers anytime soon. I believe that play-to-earn is going to be a pivotal part of the future of gaming and gamers need to explore this side of the spectrum as well.<o:p></o:p></span></p>

<h3 class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Mission 2: Own Your Sh**<o:p></o:p></span></h3>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Web3 games which are mostly developed on the blockchain, have successfully introduced a play-to-earn model where gamers are rewarded for the number of hours they’re investing in the games. Every time you successfully win a round or defeat an opponent, you’re rewarded in tokens (derived from crypto) or digital collectibles (aka NFTs). Additionally, these games allow you to have complete ownership of the assets you claim in these games, be it skins or costumes. And when I say you own them, I mean YOU, not the game developer unlike how it is with current free-to-play games.<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Some of the most common Web3 games today are Axie Infinity, Decentraland and CryptoKitties. They have a massive subscriber base. It is estimated that Axie Infinity, since its inception, sits at a value of $4 billion with close to 2.5 million monthly active users. Thanks to an in-built market and blockchain support, players are able to trade their collectibles and sell them in the game in exchange for crypto which they can later convert to fiat. It’s an actual economy in the virtual world and also profitable for the developers of the game.<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">While current centralised multiplayer games like PUBG, and Call of Duty command a rich user base and have a massive fan following globally, they still don’t offer ownership of items that you buy in the game. Additionally, free-to-play multiplayer titles like Valorant, Apex Legends and even Fortnite are successful money-making projects despite being free for users. How exactly? Thanks to the in-game skins and upgrades. Developers of these free games frequently push updates to offer visual and combat enhancement upgrades at a premium. To gain a competitive edge over other streamers and gamers, these players buy these upgrades. It is estimated that Fortnite alone is able to earn $5 billion annually just by selling these upgrades.</span><br />
&nbsp;</p>

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<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN"><o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Now here’s the part that cracks me up. If you wanted to buy a new gun on Fornite, you’d pay the developers Rs 100 and upgrade. Though you see that gun in your Fortnite account, technically, it’s still not your property. If Fortnite were to go offline, that Rs 100 gun upgrade also vanishes with it. Nothing you buy on these games belongs to you because even if you buy them, they remain on a centralised server that belongs to the game developers. This is what a decentralised gaming ecosystem on the blockchain can change. You will be the owner of your own sh** which you will be able to later sell, auction or offer as dowry to the bride’s gamer dad. Every item you purchase from the developer will be registered as code (or NFTs) on the blockchain and transferred to your account, making you the owner. This is the real deal and makes it worth every penny you spend on the game.<o:p></o:p></span></p>

<h3 class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Mission 3: The Monotonous Monty<o:p></o:p></span></h3>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">The ‘Achilles heel’ of current play-to-earn games is that they aren’t really fun to play. As much as the earning aspect gives players that competitive push, these games don’t offer anything that is visually appealing, which is one of the biggest challenges for the current play-to-earn gaming ecosystem. Online multiplayer games like Axie Infinity and Decentraland are neither a visual treat nor piqued my interest in terms of the gameplay. There’s also the issue of monetary incentives.<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">A friend who plays Axie said that he could make around $2 (roughly Rs150) after having invested more than 7 hours in the game. The time spent-to-earnings ratio is hardly anything at all! “Then why play the game?”, I asked him. “Something is better than nothing”, he replied.<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Play-to-earn is a new category and something which will develop over time. Certain upcoming play-to-earn projects like Nemesis Downfall, which is a multiplayer FPS (First Person Shooter) like Call of Duty are some titles I am looking forward to. It promises to be on par with current FPS games in terms of graphics and gameplay and if you’re able to make a buck or two while playing, then what’s the harm?<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">Play-to-earn titles will also have to establish a sustainable rewarding model as gamers tend to get greedy with progress. Seemingly, the rewards system would have to be carefully thought of so that players don’t lose interest in the game and still fight it out to win in the end.<o:p></o:p></span></p>

<p class="MsoNormal"><span lang="EN-IN" style="mso-ansi-language:EN-IN">I strongly believe that upcoming play-to-earn titles should first focus on being entertaining and later focus on economics. A video game is meant to be fun and if you compromise on that just to add the ‘earning’ element, then you’re betraying the gamers and the whole sentiment around which the gaming industry has been established.<o:p></o:p></span></p>


The play-to-earn gaming industry is on the rise but faces stiff challenges to gain adoption and popularity.

Play to earn games are here to stay

Play-to-earn games: A downer now but could be the next big thing! OPINION

<p>Read opinions and&nbsp;voices&nbsp;from&nbsp;industry leaders&nbsp;working in Metaverse, Blockchain, NFT, Cryptocurrency and other upcoming technologies.</p>


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