Blockchain-based gaming is the newest trend in cryptocurrency. As major players continue to jump in, 2021 has opened the door for increased capital inflow and sector expansion. French gaming giant Voodoo is best known for its ultra-casual games. It plans to invest $200m in 2022 to create new blockchain-based studios.
Blockchain-based Gaming Sector Powered by Voodoo
The company announced that its investment in this sector will be used to fund early-stage gaming studios, and to create 20 internal branches within the next year. There are already ten studios within the platform that specialize in developing blockchain games and features.
The chief executive of the Paris-based firm, Alex Yazdi believes that blockchain technology will disrupt gaming as players have a tendency to purchase digital assets.
Blockchain will give players true ownership over their digital assets and create deeper interactions between them in the form trading, collecting, trading and selling digital currencies and assets. This will improve the experience and increase engagement.
This will allow players to earn a profit on their assets, creating a new “play and earn” model. We want to make the blockchain paradigm accessible to more casual and mobile users, and to help any promising studio achieve success in this market.
Voodoo will also invest in its full-stack platform, which allows other projects to develop, test and launch games. It also provides tech tools, data analysis integration and support.
NFT Games generated over $2.3B in revenue in Q3
With the addition of NFT, blockchain, crypto and crypto this year, the booming videogame industry saw a paradigm shift. Blockchain gaming is now the new darling of the industry, as evidenced by the investment made by the French unicorn.
The latest report from Blockchain Game Alliance (BGA) shows that NFT-powered games generated $2.32 billion in revenue during the third quarter of this year. This is due to the high participation rate.
This means that around 22% of NFT trading volume in the industry this quarter was generated by blockchain games. The number of gaming wallets has increased by 2,453%, from 29,600 in the beginning of 2021 up to 754,000 in Q3.
Axie infinity, a NFT game developed by Sky Mavis of Vietnam, continued to be the king for the first half year. In September, it had a trading volume of $2.5 billion.
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