Unlike earlier GameFi projects that prioritized play-to-earn over gaming experience, the latest wave of blockchain games costs millions.
In contrast to the previous wave of GameFi projects, which prioritize play-to-earn features over the gaming experience, the subsequent generation of blockchain-inspired games undergo years of production and cost at least seven to eight figures before they are released.
According to Yezi, the chief operating officer of Seraph, a Korean gaming studio, “We have spent over $10 million on development costs,” he told Cointelegraph regarding the firm’s upcoming Arbitrum dark fantasy ARPG Seraph: In the Darkness. “Initially, our project was self-funded and self-developed. Only recently did we start our first external fundraising round, which has already been completed, and an official announcement will be made soon.”
Compared to their Web2 counterparts, Web3 blockchain games offer Yezi substantial advantages. He stated,“Web3 games encourage a greater sense of co-creation and promotion among players,” further stating that, “The interaction between Web2 and Web3 players creates a unique chemistry that energizes market transactions and attracts more participants.”
Nevertheless, the blockchain developer also underscored the necessity for newer GameFi projects to offer a superior gaming experience to players in addition to high-quality tokenomics. “Gamers are no longer satisfied with simple profit-calculating models like the previous games of Axies Infinity and StepN,” he stated. The preliminary launch of Seraph: In the Darkness was recently conducted, as Yezi elucidates, and it was met with significant engagement.
“Over 60,000 players participated, with more than 30,000 owning advanced game characters and over 10,000 users making purchases. During this test phase, we achieved fiat revenues of $3 million, and we were able to allocate over $1 million for token buybacks according to the clause of our white paper.
“This test phase preliminarily achieved the payment and conversion of traditional users to the Web3 domain, especially through veteran players’ livestreams,” said the researcher. The game is expected to be released later this year. It will be available in both a free-to-play and a paid version, with the latter being available to players who desire to engage in trading and monetization.
Currently, the floor pricing of NFT equipment is 0.2 Ether (ETH) a $50 entry fee is required to access the in-game transactions market. “Seraph Studio does not have plans to release any other games at the moment. However, our in-house developed custodial wallet ActPass will become a gaming asset issuance platform in the near future, and launching more quality games through investments or collaborations,” Yezi stated.
Crypto journalists reported last month that Web2 players had spent hundreds, and in some cases thousands, of dollars on in-game purchases that are purportedly theirs to retain.
However, they frequently end up with nothing that is enduring. However, blockchain operability has partially resolved the issue by enabling players to acquire, dispose of, and possess their immutable in-game assets.
