Players are increasingly demanding better playability and interactions that make Web3 games enjoyable.
Unlike earlier GameFi projects that primarily focused on play-to-earn mechanics, the latest wave of blockchain-based games requires significant investment, often costing seven to eight figures and spending years in development before hitting the market.
According to Yezi, the Chief Operating Officer of Korean gaming studio Seraph, their upcoming dark fantasy ARPG “Seraph: In the Darkness” on Arbitrum has already cost over $10 million in development. Yezi explained, “Initially, our project was self-funded and self-developed. We recently completed our first external fundraising round, with an official announcement coming soon.”
Yezi believes Web3 games offer substantial advantages over their Web2 counterparts. “Web3 games foster a greater sense of co-creation and promotion among players,” he noted. “The interaction between Web2 and Web3 players creates unique dynamics that boost market transactions and attract more participants.”
However, Yezi also stressed the need for new GameFi projects to provide a superior gaming experience alongside robust tokenomics: “Gamers no longer settle for simple profit-driven models like those of Axie Infinity and StepN,” he remarked. He shared that “Seraph: In the Darkness” recently launched its preseason, attracting significant engagement:
“Over 60,000 players participated, with more than 30,000 owning advanced game characters and over 10,000 making purchases. During this test phase, we generated $3 million in fiat revenue and allocated over $1 million for token buybacks as outlined in our white paper.”
This test phase demonstrated the potential for converting traditional gamers to the Web3 space, aided by veteran players’ livestreams. The game is set to officially launch later this year, offering both a free-to-play version and a paid version for those interested in trading and monetization.
Currently, the floor price of NFT equipment is 0.2 Ether (ETH), and there is a $50 entry fee to access the in-game transactions market. Yezi added, “While Seraph Studio doesn’t plan to release other games at the moment, our in-house developed custodial wallet ActPass will soon become a platform for issuing gaming assets, facilitating the launch of more quality games through investments or collaborations.”
Recent reports highlight that Web2 players have often spent hundreds or thousands of dollars on in-game purchases, only to find that these assets aren’t truly theirs. In contrast, blockchain technology has begun to solve this issue by allowing players to buy, sell, and own immutable in-game assets.
Summary Review: The evolution of GameFi projects reflects a growing demand for richer gaming experiences and secure asset ownership, marking a significant shift in how games are developed and enjoyed.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
