WazirX Co-Founder and Chief Operating Officer Siddharth Menon and Indian game development firm SuperGaming on Tuesday launched Tegro as their Web3 game ecosystem marketplace. The new offering is aimed to create standalone markets for gamers, traders, and institutional investors where they can trade, hold, and play with their game assets. It is also touted to help protect players and investors with a sustainable economy model. Web3 has emerged as a nascent space for gamers where technologies including blockchain and non-fungible tokens (NFTs) have been deployed to advance user experiences.
The announcement of Tegro comes just a week after Menon of cryptocurrency exchange WazirX announced the decision to join SuperGaming as an advisor to support the Web3 initiatives of the Pune-based firm.
Menon is projected to help bring his expertise in Web3 ecosystems to Tegro to make it a distinctive place for the gaming industry.
“Web3 games will be the next paradigm shift in gaming, opening new economic and creative opportunities for players, and have the potential to unlock a 2 trillion-dollar market,” he said in a prepared statement.
SuperGaming will work with Menon to make Tegro an engaging space for gamers alongside onboarding institutional investors and traders.
The game developer said that most existing Web3 games didn’t put players at the centre of growing their economic opportunity.
“We see Web3 technologies complementary to our player-first ethos, allowing us to produce new creative and economic opportunities for them,” said Roby John, Co-Founder of Tegro and SuperGaming. “With the potential of Web3 games and Tegro, we can do so in a way that’s sustainable, fair, and transparent for all.”
Tegro is projected to have a dedicated marketplace where game assets will be available, alongside allowing trading among gamers, traders, and investors. It is also teased to offer game asset stats to help gamers and traders trade in a more effective way.
In addition to being the marketplace, Tegro will have market SDKs and APIs to help developers integrate the experience.
SuperGaming is already claimed to have over 300 million players across the 100 games in its portfolio. The games include titles such as MaskGun and Silly Royale that are known among mobile gamers. Additionally, the developer is working on the battle royale game Indus.
Alongside games, SuperGaming is offering its gaming engine to third-party studios that may embrace Tegro over time.
Web3 (or Web 3.0) has become a strong buzzword within the gaming industry around the globe. However, major success through the new blockchain-based iteration of the World Wide Web is yet to be seen.
Earlier this month, game retail giant GameStop introduced its native NFT marketplace to enter the Web3 world. It also announced an “up to $100 million” fund to support game developers using the newly created marketplace.
Similarly, Axie Infinity and OpenBlox are the few other NFT marketplaces where gamers can create, buy, and trade their in-game assets.
But nonetheless, the move by Tegro seems to go beyond bringing Web3 games and offering an NFT marketplace for gamers. It is claimed to help solve the fragmented liquidity problem and enable gamers and traders to come together and increase the capital flow process.
San Francisco, California-based Forte is also working on the same avenue for the last few months. It partnered with Zynga in December to introduce blockchain-based Web3 games for the mobile game publisher.