Blockchain-based games are the latest hot trend in the cryptocurrency space. 2021 has ushered in more capital and industry expansion as major players continue to jump in. French gaming giant Voodoo, better known for its hyper-casual games, plans to invest $ 200 million in 2022 in new studios developing the Games blockchain.
Voodoo Powering Blockchain-based Gaming Sector
As the company announced, its investment in the sector will be deployed to fund early-stage gaming studios and create 20 internal branches over the next year. The platform already has ten studios, internal and external, that are exclusively involved in building blockchain games and features.
Alex Yazdi, CEO of the Paris-based company, believes blockchain technology will disrupt the game, as gamers are already used to buying digital assets.
By giving them true ownership of their digital assets, and creating “deeper interactions” between players in the form of collecting, trading, selling in-game digital currencies and game assets, blockchain will enhance the experience and increase “fun and engagement.” While talking about the objective behind the move, the exec added,
“It will also allow players to profit from their assets, thus opening a new model of” play-and-earn “. Our vision is to bring the blockchain paradigm to more casual and mobile users and to help any young or up-and-coming studio succeed in this segment.
Voodoo’s financial investment will also be accompanied by its full-stack platform to enable other projects to build, test, and launch games, in addition to tech tools, data analytics integration, and analysis support.
NFT Games Generated Over $ 2.3 Billion In Third Quarter Revenue
The booming video game industry has seen a paradigm shift with the inclusion of blockchain, crypto, and NFT this year. The investment of the French unicorn in space shows that the blockchain game is the new darling of the industry.
According to the latest report by Blockchain Game Alliance (BGA), NFT-powered games spawned $2.32 billion in revenue in the third quarter this year, thanks to the tremendous consumer growth participation.
This means that approximately 22% of collective NFT trading volume in the industry this quarter came from blockchain games. From 29,600 at the start of 2021 to 754,000 in the third quarter, the number of portfolios associated with games has jumped an astonishing 2,453%.
NFT games developed by Vietnamese studio Sky Mavis, Axie Infinity continued to reign supreme for the first half of the year with a trading volume reaching $2.5 billion in September.
