Crypto Startups Secure Millions for Web3 Gaming: Dissecting the Pros, Cons, and Future Evolution

Web3 gaming evolution scene, vibrant gaming landscape, abstract artistic style, warm evening glow, air of excitement and innovation, diverse mix of gamers and developers, a futuristic cityscape, seamless crypto transactions, stylized ERC-20 tokens, smart contracts, emerging tech-infused world, emphasis on growth and interconnectedness.

Approximately 12 crypto startups raised a combined total of over $151 million this week, emphasizing the growing interest in Web3 gaming. A standout company during this investment wave was Openfort, which secured $3 million to further develop its wallet-as-a-service product for Web3 gaming. With Gumi Cryptos Capital and Maven 11 leading the seed round, other participants included Game7, NGC Ventures, and Newman Capital.

Founded by brothers Joan and Jaume Alavedra, Openfort aims to provide the infrastructure required to support crypto transactions in popular games. Joan Alavedra, co-founder of Openfort, emphasized the importance of programmable player management in adapting to Web3 gaming, as opposed to the Web2 model seen in games like Clash of Clans.

To achieve a seamless gaming experience for users, Openfort plans to use account abstraction, a technique that allows smart contracts to initiate transactions independently. This potential game-changer has also caught the attention of Visa‘s crypto team, who are considering employing account abstraction to allow users to transact with ERC-20 tokens and abstract gas fees.

Meanwhile, Pomerium, another Web3 game developer, secured a $20 million investment in an angel round from an undisclosed individual. It is also worth highlighting the notable performance of Worldcoin. Despite a bear market in crypto funding, the blockchain-based financial and identity network co-founded by OpenAI creator Sam Altman raised a staggering $115 million in its Series C round, led by Blockchain Capital with participation from a16z, Bain Capital Crypto, and Distributed Global.

Worldcoin, developed by tech company Tools for Humanity, aims to implement a structure akin to a DAO. Its mission revolves around three central ideas: World ID as its digital identity, the Ethereum-based Worldcoin token as a freely distributed currency (similar to universal basic income), and the World App as the crypto wallet for the ecosystem. While still in beta, Worldcoin plans to launch in the first half of 2023.

Alongside these companies making waves, other notable fundraises included Semafor raising $19 million, LabDAO raising $3.6 million, Sort securing $3.5 million in a seed round, and Num Finance winning a $1.5 million investment in a pre-seed round.

The recent surge in investments and development in the crypto and gaming sectors demonstrates that the future of Web3 gaming is full of potential and growth. The shift towards account abstraction and the increasing support for blockchain-based platforms show that the industry is progressing and adapting to embrace the capabilities of new technologies.

Source: Blockworks

Sponsored ad