Tegro has made a big move to add capital to the Indian web3 space. The company has announced US $1 million in funding for Indian game developers working on blockchain games.
The company has engaged developers to apply for the funding. Each project selected is expected to have an investment of up to $25,000 (approx. Rs. 19 lakhs). Tegro wants to find developers who can tell the difference between real games and poorly run websites and weak virtual economies that could put players’ money at risk.jj
Tegro states clearly in a press release that “Game development and publishing are complex processes themselves.” “Be aware of the list of activities behind those words, not to mention the complexities involved in developing Web3 games with sustainable and long-lived economies.”
The gaming company was founded by Siddharth Menon, who is also behind the crypto exchange platform, WazirX. Tegro, launched in 2022, was shaped in partnership with Pune-primarily based software organisation Super Gaming.
Blockchain gaming has emerged as a class of its very own in recent days based on the advancement of Web3. The gaming company had a customer increase of about 24% in January 2021.
Games are fast becoming another area of use for blockchain technology, which makes up about 52.4% of the users of crypto wallets, which is a rate higher than that of DeFi, which has a smaller comparable value of 34.75%. At present, India has a gaggle of gaming corporations which might be operating on blockchain games.
Arjun Kalsy, the Vice Chairman of Growth, noted that “India is likely the most important gaming marketplace in the world due to the deep penetration of cellular telephones and reasonably-priced information rates.” The chairman also stated that the Web3 paradigm of Play-to-Earn allows gamers to make money from their recreation.
This is really a laudable project and investment from Tegro. This project will further expand the gaming marketplace and it will serve as an impetus for many people to get interested in the development of the Web3 technology.