WazirXcofounder Siddharth Menon teams up with SuperGaming to launch Tegro

WazirX cofounder Siddharth Menon is teaming up with Pune-based game development firm SuperGaming to launch Tegro, a Web3 game ecosystem marketplace.

This announcement comes on the heels of SuperGaming roping in Menon as an adviser for its upcoming Web3 initiatives that include building its crypto platform and games. Tegro will, however, be a separate company, it said.

Tegro is building game asset (game content) marketplaces for players, traders and institutional investors, enabling them to trade, hold and play with these game assets. It will also provide asset stats to help them trade and invest better, the company said.

With growing crypto adoption in India, blockchain and non-fungible token (NFT)-based gaming firms are gaining steam and it is expected to be one of the key trends in the sector in 2022 as sources reported.

However, the company said most existing Web3 games and their economies didn't put players at the centre and were built "in a way that is unsustainable".

Existing Web3 games tend to have poor game economies that are not designed for sustainability, which means they don't survive for a long time and provide zero visibility into asset activity, Menon said on Twitter on February 15. "You really don't know when to sell or when to buy as there are no data to refer to," he said.

Menon said video game microtransactions hadn't evolved "since the days of horse armour in Elder Scrolls IV: Oblivion from 2006. They largely serve publisher interests with Web3 + crypto + blockchain there is a way to make it so much more for players."