Nazara Ventures into Web3 with Launch of Digital Marketing Protocol

On Wednesday, gaming and esports company Nazara announced its entry into the Web3 space through a letter of intent with Singapore-based Lysto.

Lysto, a Web3 game infrastructure startup, will assist Nazara in developing 'The Growth Protocol,' a Layer 1 infrastructure for digital marketing and growth applications on the blockchain.

An L1 blockchain is indeed the base layer of any decentralized cryptocurrency network, on which all the core functions live. For instance, Bitcoin, Ethereum, Solana, and Cardano.

The intention of the Growth Protocol is to change the landscape of digital marketing in a very revolutionary sense by providing more transparency, more equity, and more monetary benefits to everyone within the Web3 marketing ecosystem.

The Growth Protocol was publicly introduced at India Blockchain Week in Bengaluru on Wednesday. In addition to launching a private testnet, the team unveiled a proof-of-concept loyalty dApp for game marketing, highlighting the practical use of Web3 technology in the gaming sector.

Further, Nazara is also anticipated 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 USD9.2 billion over the next five years with Web3 gaming emerging as a key contributor driven by higher average revenue per user.

Reportedly, the research established that on average, Web3 gamers spend twice as much each year as Web2 gamers, with 38 percent of them spending more than USD 500 annually. While Web2 gamers spend approximately USD 120 annually, Web3 gamers have a higher spending average of USD 220 on gaming.