French mobile game developer invests in blockchain-based mobile phone games
Voodoo, the French mobile game developer backed by companies like Goldman Sachs and Tencent, stated on Thursday that it is looking forward to investing $200 million in studios that focus on blockchain game development.
The company’s bet on blockchain-based games
The video game and blockchain industries collided after the surge in popularity of NFT, which was the catalyst for the creation of the “GameFi” industry. With new monetization options, players and investors around the world are drawing their attention to new crypto related products.
Voodoo’s chief executive officer, Alex Yazdhi, expressed his view that blockchain will change the gaming industry as we know it by allowing the addition of digital assets and unique items.
According to the CEO, the technology will give gamers ownership of their digital assets, which allows for deeper immersion for gamers. The exchange process which includes collecting, exchanging and keeping in-game assets or items is a perfect tool to make the game more interactive.
The $200 million provided will be used to fund various companies that have only started to make their way in blockchain-based game development. Voodoo is looking forward to the creation of approximately 20 internal studios focused on blockchain game development.
How blockchain technologies are changing the game
Although the blockchain was not developed with games in mind, its technology for recording and verifying transactions has found a new use case in the form of NFT, which has grown into a billion dollar industry. .
The GameFi industry is using blockchain technology to both verify unique tokens and as a database that is accessible from multiple private networks. By adding various records on the chain, each individual can access them but not change or remove them.
