Openfort’s Wallet-as-a-Service: Revolutionizing Crypto Gaming or Overhyping Infrastructure?

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Crypto infrastructure startup Openfort has successfully raised $3 million in seed funding, with the goal of developing its wallet-as-a-service software product specifically for game developers and publishers. The funding round was co-led by Gumi Cryptos Capital and Maven 11, and also saw participation from Game7, NGC Ventures, and Newman Capital.

Openfort aims to provide video game studios with “frictionless” wallet technology via multiple APIs compatible with browser games as well as PC games built in Unity and Unreal Engine 5. Furthermore, the firm is working on a solution for mobile games support. Openfort co-founder Joan Alavedra has a vision for a user experience in which the cumbersome elements of crypto transactions are “abstracted” away through technology.

Alavedra believes that all the cliches around interacting with wallets can finally disappear, thanks to the integration of game sessions, or session keys. These sessions would allow users to interact less with the blockchain, akin to internet cookies that remember player activity and information. This kind of user experience would enable game developers to craft experiences for each type of player, effectively catering to their individual needs.

Investors in Openfort see the startup’s approach to account abstraction as a method that simplifies and enhances the gaming experience. In this context, account abstraction means that users wouldn’t have to approve as many of the less important transactions, and more of the crypto gaming experience could be automated in the background.

According to Rui Zhang, Managing Partner at Gumi Cryptos Capital, account abstraction provides the best foundation technology for handling Web3 gaming customer accounts, enabling Web3 games to offer superior user experiences while maintaining Web3 functionality. Zhang also stated that Openfort is the technology leader for this emerging vertical and use case.

Openfort’s wallet solution will be white-label, allowing game developers to fully customize the software and design their own user interfaces without any trace of Openfort’s branding. The wallet will support the Ethereum Virtual Machine (EVM), making it usable with games that transact across any Ethereum-compatible network such as Polygon, Immutable, Avalanche, Arbitrum, BNB Chain, Optimism, Cronos, and Ethereum itself.

As Openfort enters the fiercely competitive crypto gaming market, it will have to contend with reputable firms like MetaMask, Sequence, Phantom, Immutable Passport, Coinbase Wallet, Ronin Wallet, GameStop’s wallet, and Fractal’s wallet, among others. While the company holds promise with its innovative wallet solution, only time will tell if it can truly disrupt this space and carve out its own niche.

Source: Decrypt

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