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Category: News, NFT News

Gaming co Nazara enters Web3 with launch of digital marketing protocol

By Editorial team of BIPNs│Published On: December 6, 2024│1.3 min read│Views: 26│0 Comments on Gaming co Nazara enters Web3 with launch of digital marketing protocol│

BENGALURU: Gaming and esports company Nazara on Wednesday announced its entry into the Web3 space, via a letter of intent it signed with Singapore-based Lysto.
Lysto, a Web3 game infrastructure startup, will help Nazara build a ‘The Growth Protocol,’ a Layer 1 (L1) infrastructure layer for digital marketing and growth applications on the blockchain.
A L1 blockchain is the base layer of a decentralised cryptocurrency network that is responsible for the fundamental functions of a blockchain. Examples of it include Bitcoin, Ethereum, Solana and Cardano.
With an aim to shake up the digital marketing landscape, The Growth Protocol proposes to bring in greater transparency, equity, and monetary benefits to all participants in the Web3 marketing ecosystem.
The Growth Protocol made its public debut at India Blockchain Week in Bengaluru on Wednesday. Alongside a private testnet launch, the team released a proof-of-concept loyalty dApp for game marketing, showcasing the practical application of Web3 technology in the gaming industry.
Further to the collaboration, Nazara is also expected to release games in Web3, expanding from its hold in Web2 game development. As per findings shared by blockchain technology investor Hashed Emergent at the same conference, India’s gaming industry is to reach $9.2 billion over the next five years with Web3 gaming emerging as a key contributor driven by higher average revenue per user.
Web3 gamer’s annual spend was found to be double that of Web2 gamers with a significantly higher proportion of gamers (38%) spending over $500 annually, the findings added. On an average, Web2 gamers spent $120 annually, whereas the Web3 counterpart spent $220.

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