Nazara Technologies has signed a Letter of Intent with Web3 game infrastructure startup Lysto to launch The Growth Protocol, a purpose-built Layer-1 (L1) infrastructure layer for digital marketing and growth applications on the blockchain.
This launch comes amid renewed optimism in the Web3 ecosystem and growing adoption of blockchain technology across industries.
The Growth Protocol, a collaboration between Nazara's Dubai subsidiary Nazara Technologies FZ LLE and Lysto, comprises a team of experienced professionals, including executives from tech giants Microsoft and Google, the company said in a statement. The platform made its public debut at the ongoing India Blockchain Week event in Bengaluru.
Nazara Technologies, the country's only publicly listed gaming company, stated that along with a private test net launch, the Growth Protocol team also released a proof-of-concept loyalty dApp (decentralised application) for game marketing to showcase the practical application of web3 technology in the gaming industry.
"We are very happy to innovate on new and upcoming technologies such as web3, virtual reality, and artificial intelligence and look forward to integrating our games with relevant web3 technologies that can add value to our players," said Nazara Technologies founder Nitish Mittersain.
The Growth Protocol aims to bring greater transparency, equity, and monetary benefits to all participants in the Web3 marketing ecosystem. By leveraging blockchain technology, the protocol enables users to take control of their digital identities through decentralisation, facilitating trustless digital interactions.
“The Growth Protocol is a platform for developers and all marketing roles. Our team is working with developers to launch a series of growth applications on the L1 blockchain, empowering users through decentralization for marketing and growth initiatives” said Sadiq Ahamed, founder of Lysto and The Growth Protocol.
Founded in 2021 by Ahamed, Lysto aims to help game studios with their growth initiatives through playtesting, acquisition, and retention tools.
The startup counts Tiger Global, Hashed, Beenext, Square Peg, and Better Capital as well as prominent angel investors such as former Coinbase CTO Balaji Srinivasan, Polygon founders Sandeep Nailwal and Jaynti Kanani, Flipkart co-founder Binny Bansal, and CoinGecko co-founders Bobby Ong and TM Lee. It has raised over $15 million to date.
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