What does India's P2E scene say👾

Good Morning folks,

Welcome to your one stop shop for some chill crypto news. 🤗

We are sprinting into the weekend ‘cause it's parrrtaayyy season! But hey, there ain’t no party without some fun and games (sneak peak into today’s hot goss? Take a guess we say).

Here’s what we have for you today:

• Market pulse

• P2E to make some money

• Creator's Spotlight

• News that makes noise

• The Crypto Comic

Market pulse 📈

The market’s as stiff as a traders neck 😐

Are we heading towards yet another “weakend”? No pun intended, but the crypto market hasn’t changed sides over the past 24 hours, trading mostly flat on an early Friday morning. Currently, the broader space is up by 0.11%, with the global market capitalization still trying to reclaim the psychologically important level of $950 billion ($942.70 billion at present).

 Key crypto assets like BTC and ETH are in the red— down 0.24% and 0.76%, respectively. Amid the jaded players, Ripple (XRP) is the clear outperformer, up 8.55%, thanks to positive global sentiments.

Play-to-Earn is making heads turn🎮🤑

CoinSwitch’s in-house influenza — Ankit Vengurlekar is back to enlighten us with some mind boggling crypto concepts. And this time our guy is here to show us how to make money without losing our hair and honey (yeah man we are all heart-broken here what can we say).

How big is India’s gaming scene?

So, our panelist — one of the leading Indian gaming firms, Nazara Technologies’ CEO, Manish Agarwal told us that India’s play-to-earn (P2E) market is massive. How massive? 50cr gamers kinda massive. Damn that’s massive! 

Plus, he told us that the majority of these gamers use mobiles and not those fancy-schmancy console setups that cost more than a coronary artery bypass surgery. Moving on from our broke and depressed existence, we have got some good news for you. So, given that Indian mobile gamers are spending a considerable part of their day playing games…How much time? So much time that after whatsapp, these mobile games are consuming the most time. Jeeyo Jio! 

But wait, why are Indians spending so much time playing games?

First things first. Most of this gaming Content is FREE. Yes, Yes it's free and us Indians love some Muft-Khori and then some Seenah-zori. Wah! Wah!

On top of that playing games releases dopamine because games are interactive, unlike most men on dating apps. 

You may argue that Bollywood is definitely bigger than India’s gaming industry. No kidding, we thought the same because “tujhe dekha toh ye jana sanam, pyaar hota hai deewana sanam…ab yahan se kahan jaein hum…” to the gaming industry dude! The gaming industry is in fact bigger, this is because these virtual games are actively consumed, while movies are passively consumed, hence them Dopamine vibezz.

How can P2E take over the Indian market? 

Now imagine, if these 50cr Indians can get paid to feel good with all that dopamine? If that can be made accessible enough, we don’t think there's any lack of slumdog millionaires or even billionaires?

Furthermore, P2E in-game assets have the appealing feature of interoperability. Wait, did we spell that wrong? What kind of inability are they referring to? Its Interoperability of in-game assets aka one asset, multiple use cases. 

It's like buying a new pair of joggers. At first, its aesthetic slounge-wear for cazh brunches with besties. Then it is sweat-it-out gym wear. Then it's a cutesy-smutesy bedtime fit. After that it's ready to get dipped in Holi colors and at last get slaughtered as locha-free pocha. Yep, our moms are very happy right now.

Now, the goal is to shift the Indian gamer landscape from web2 to web3 without freaking them out with words like “interoperability”, “sharding”, “no discount sorry”. 

Creator’s Spotlight 📹

When memes meet crypto, we get memecoins! Besides the fact that they are ridiculously cute, memecoins have seen massive price rallies over the years. Catch our our crypto ninja Arunima deep-dives into meme coins.

Aur, scene kya hai? 🤨

🤝BIS partners with many central banks for CBDC project

The Bank of International Settlements (BIS) partnered with the central banks of Israel, Norway, and Sweden to explore the possibility of using Central Bank Digital Currencies (CBDCs) for retail and international remittance payments. Read more.

💸This CryptoPunk NFT was sold for $4.5 million

Despite the ongoing NFT winter, a CryptoPunk NFT #2924 was just sold at a whopping $4.5 million aka 3,300 ETH. This is the largest single NFT sale in recent months. Read more.

⭕Circle to expand USDC to five new blockchains

Circle, the issuer of USD Coin (USDC), the second-largest stablecoin, is potentially going to expand to five new blockchains by the end of this year. Read more. 

🏴󠁡󠁥󠁤󠁵󠁿Dubai plans new economic output metric for metaverse economy

UAE is considering implementing a new economic output metric to measure the contribution of metaverse to its economy, according to Omar bin Sultan Al Olama, minister of state for artificial intelligence, digital economy, and remote work applications. Read more. 

Twitter Gyan:

The Crypto Comic

Well, that's a wrap for today!

Have a good weekend. See you Monday! 👋🏽

Loving Switch Daily? Make sure to share it with your friends and spread the love 💙