“Web 3.0 will transform the way game assets are sold and moved around the metaverse”

The confluence of games to win and metaverse in Web 3.0 will transform the way assets are traded, noted Nischal Shetty, co-founder and CEO of WazirX, an exchange for bitcoin and cryptocurrency.

“In the traditional gaming system, gaming companies sell assets to everyone that are in unlimited number, and that’s a income mechanism for game companies, ”Nischal said on Friday.

“In Web 3.0, assets are limited, created by players and sold to other players, ”he explained, referring to how blockchain games are prepared for growth. and Web 3.0 will meet, where “Winning” becomes one of the first use cases, outside of leisure.

“Look at the number of people who are interested in online games, that’s 2.3 billion. It’s a huge market, and Web 3.0 is all about interactivity“said Nischal.

In Web 2.0, game resources are limited to the universe of a game. But in Web 3.0, blockchain and crypto will allow players to interact with other players, buy assets in a game and sell or move those assets from a game to another.

“It’s like recreating the world offline, where if I had to change cities I could take all my belongings with me and move out,” Nischal said.

“Traditionally, we think play to win games are fantastic sports. But any game can be made ‘play to win’. The way to do that is to think of every game as a real economy. “

The CEO of WazirX also said that stablecoins could become a window of innovation in India, ahead of the launch of a CBDC (Central Bank Digital Currency). “Nowadays, we don’t have a stablecoin from india, and we won’t be able to do that unless the laws are changed, ”he added.

Stablecoins are cryptocurrencies that attempt to tie their market value to an external benchmark. · Stablecoins can be pegged to a currency like the United States.

N Nappinai, a senior attorney at the Supreme Court of India, said: stablecoins are a problem for banking systems, in addition to its legitimacy as legal tender.

A stablecoin is a cryptocurrency class that attempt to provide price stability and are backed by a reserve asset. They promise the best of both worlds: the instant processing and security or confidentiality of cryptocurrency payments, and stable valuations without volatility of fiat currencies.

“Stablecoin assumes that – because it uses fiat currencies or legal tender as a basis – it creates a feeling of stability, and has a better foundation than other crypto assets, ”Nappinai said.

“But if a crypto asset performs the function of legal tender or a payment system, it is part of a regulatory framework, “she added.

While stablecoin can claim that it creates stability as opposed to the volatility of cryptocurrencies, it still keeps all other transactions away beyond this generation of core value. general banking or financial systems“said Nappinai.

While CBDC obtains its legal basis because it is issued by the central bank of a nation, stablecoin – by its very nature – is a private entity, she added.

“Stablecoin still has to wait affirmation of its existence, and in what form or in what manner they may exist, ”said senior Supreme Court counsel.

“We need laws specific to the field of cryptography, including whether or not it will be allowed, to what extent and in what way it will be allowed,” Nappinai said in the context of the Cryptocurrency and Official Digital Currency Bill Regulation, 2021 be registered for introduction during the current winter session of parliament.

Nappinai and Nischal were panelists in a discussion on ‘CBDC, Stablecoin and tokenization: Future of money ‘at Nasscom Product Conclave 2021.