FTX Gaming, a subsidiary of the global cryptocurrency exchange company FTX has announced its partnership with the India arm of Yield Guild Games (YGG), IndiGG. FTX has recently raised more than $1.8 Bn in Series C Funding, led by Sequoia, who invested $1 Bn in the crypto company. IndiGG, in January, raised $6 million in fresh funds from Sequoia India and Lightspeed.
2/ India is one of the most exciting and fastest growing gaming markets in the world, with 400M gamers there today, and estimated to grow from a $2B to $7B gaming market by 2025, led by mobile. 🇮🇳
— Amy Wu (@amytongwu) March 2, 2022
Also read: Play-to-Earn crypto game MonkeyBall raises $3 Mn in seed round
As part of the partnership, IndiGG, which is incubating indie games as part of its platform, will work with FTX to help studios integrate web3 into their products using FTX’s white-label tech platform and compliance. The partnership will also see gaming studios under FTX Gaming’s portfolio get access to IndiGG’s distribution channels, guilds, and on-the-ground teams to launch their games in India.
4/ @YGGIndia is building a leading web3 games publishing platform in India and incubating both first and third party games. FTX Gaming will provide our core infra technology to help @YGGIndia games launch in-game NFTs and tokens.
— Amy Wu (@amytongwu) March 2, 2022
In a blog post, FTX said, “FTX Gaming and IndiGG are excited to announce an official partnership today to take on gaming in India. IndiGG is an official subDAO of Yield Guild Games (YGG) and aims to incubate and drive the adoption of Web3 gaming in India.”
Also read: Twitch co-founder creates new marketplace for gaming NFTs, Fractal
FTX said, “India has over 400 million gamers with the number expected to grow to 650 million by 2025. Gaming grew from a $0.8bn industry in 2019 to a $1.8bn industry in 2021. This number is expected to cross $7bn by 2025. Mobile gaming dominates, accounting for 80-85% of users and revenue. Investors have taken notice. VC funding to the Indian gaming ecosystem rose from $371mn in 2020 to $800mn+ in 2021.”
FTX said the adoption of crypto, combined with an already established and booming gaming industry and an income per capita of $6,000 makes India a high-potential market for crypto gaming to thrive in.