Game7 is a new blockchain ecosystem acceleration decentralized autonomous organisation (DAO), that has been formed by several gaming and technology leaders. It has a budget of $500 million. The DAO aims to bring together the $180 billion gaming sector with blockchain technology.
Blockchain adoption in the gaming industry is increasing
CryptoPotato saw a press release announcing the initiative. Game7 is a proposed $500M blockchain gaming DAO. It will aim to accelerate blockchain adoption within the gaming industry. Magnus and Forte Labs were two of the most prominent projects behind this idea.
Game7 is also supported by several prominent entities such as BitDAO and Alameda Research. Polygon Studios, Avalanche. Interchain Foundation, Offchain Labs.
1/ BIP-5 is now complete! @Game7_Official is a diverse group from the gaming and technology industry. It will help create a future in which blockchain and gaming unite! https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD
— BitDAO (@BitDAO_Official) November 16, 2021
Game7’s primary goal is to give gamers true ownership of digital goods in-game. Globally, the gaming community spends approximately $100 billion on their favorite games. They buy skins, assets and other items but never actually own them. Game7 is able to make a significant change by allowing players to own virtual goods that are tokenized on blockchain.
“The interplay of blockchain and games creates real world opportunities for billions.” The statement states that this change is so massive, so global impactful, and so urgent that no one centralized entity can make it happen.”
Game7 will offer educational content for all users as well as strategic capital. Forte has committed $100M in crypto and fiat to establish a grants program for funding blockchain gaming initiatives. BitDAO contributed $400M to its Treasury. Over five years, the funds will be released and education will be provided both by blockchain leaders and those from the gaming industry.
Game7 will also establish an economic governance system that provides incentives for the community. BitDAO will have the majority of governance rights, but most will be granted to community partners. Game7 will still retain its major ownership rights for its contributions.
Blockchain is Revolutionizing Gaming Industry
Although blockchain technology was initially seen as a revolutionary solution to the old financial system, innovation is continuing in this space and it may play a greater role in the gaming sector.
This year, play-to-earn videogames and blockchain-based games have seen a surge in popularity. The world’s largest crypto gamers are earning a living selling and buying in-game items using NFTs. July. After witnessing the rapid growth of the gaming community through its platform, Polygon created a division for blockchain gaming and NFT.
This initiative will also assist developers in their efforts to integrate blockchain technology within the gaming industry. It could be a start of a more immersive user-experience with tokenized tokens, transparent data stored on blockchain, and possibly even a better user experience.
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