Tegro: A New Web3 Marketplace by WazirX Co-founder
Cryptocurrency has gained massive user popularity in India in recent years. At the forefront of this is WazirX, an India-based crypto trading platform. In many ways, a crypto trading platform is a gateway to other Web3-based applications and use-cases. A trading platform can help you sell your in-game tokens by listing them on the platform. But as the applications of blockchain technology increase, there is also an immediate need for Web3-based marketplaces. These marketplaces can help you sell your in-game assets and NFTs (Non Fungible Tokens) and this is where Tegro aims to help users. Founded by WazirX co-founder Siddharth Menon, in partnership with Pune-based game developers SuperGaming, Tegro is a marketplace for Web3 assets.
The main mission of Tegro is to create a marketplace where users can invest in Web3 assets without necessarily having to play the game. Currently, the marketplace of each game is separate and there is no common platform for investors to trade Web3 assets from popular titles.
The Tegro Marketplace at a glance
Tegro is focused on making Web3 items an investable asset class. This will in turn lead to more liquidity and greater user interest. Siddharth , “Any asset, without the right fundamentals, will fail. Most existing Web3 games are not sustainable. One major reason is that they over-rely on NFTs, and the liquidity for NFTs dries up during bear markets.”
Although this is a broad statement, it justifies the current state of blockchain gaming. A lot of projects are overly reliant on blockchain technology while failing to incorporate Web2 concepts that actually make the game interesting. This often leads to user interest diminishing after the initial hype dies down. To make an in-game economy successful, Siddharth that there needs to be at least three sub-categories. Tegronomics, the framework developed by Tegro to help scale Web3 games, inculcates the use of all three types to form an ideal system. The sub-categories are:
This category includes everything that is essential and forms the basics of a game. Therefore, need-based items should focus on using fungible tokens (FTs) as they ensure sustainability and high liquidity. Using NFTs here can lead to asset devaluation and should be avoided.
Want-based items are usually uncommon but still easier to obtain. Users venture into want-based items as they gradually progress through the game. These are not rare and are usually unlocked after the user spends certain hours playing the game.
This is essentially the only place where companies should incorporate the use of NFTs. Achievement-based items are generally available in very limited quantities. The low supply and high demand ensure that the NFTs that companies launch are valuable and help retain user interest.
Tegro genuinely believes that to ensure the success of a Web3 game, the economy should be built in a sustainable manner. With FTs as a centerpiece, game developers can ensure that the in-game economy does not dry up during a bear market. To help establish this framework, Tegro has launched Tegronomics. Using the Tegronomics framework, companies will be able to build scalable and sustainable in-game economies for their games. This is also where the experience of SuperGaming comes in. As a company, Super Gaming has created many fan-favorite titles like MaskGun and Silly Royale. Games like are an example of how Tegronomics can be leveraged to help build sustainable game economies.
Future plans of Tegro
Although Tegro has a well-rounded mission, it is still in the very initial stages of development. The future plans of Tegro include Market Software Development Kit (SDKs), asset stats, and API. Tegro also has plans to launch Phase one of development in August which will mainly prioritize exchange building and game incubation. As of now, the only revenue Tegro will generate will be through the exchange fees of traders. Speaking on the competition of Tegro, Siddharth explained, “We have indirect competitors for different parts of the ecosystem. For example, while there are horizontal marketplaces that offer game tokens, we are building the world’s first game asset marketplace for institutional investors.”
This story was written in partnership with Linx Games
Linx Games is a community-driven blockchain game distribution platform for gamers and developers to interact, socialize and exchange ideas.