Blockchain gaming has suffered from the increased congestion and high gas prices that Ethereum experienced over the last year. This was due to the fact that blockchain gaming requires large transaction volumes at low fees. This caused blockchain game developers to change their models or move to different networks.
Polygon’s Layer-2 solution was able to attract more than 100 000 blockchain gamers to the network. This announcement by the team also stated that Polygon’s infrastructure has helped to create high-quality gaming experiences through top Web3 games and metaverses.
Polygon Studios will be a division within the network and is expected to make the network the destination of choice for the top game creators in the NFT and gaming ecosystems who want to explore Web3 development.
Polygon will contribute $100 million to Gaming NFT Projects
NFTs and blockchain gaming go hand in hand in most cases. NFTs are proving to be reliable ways to give gamers ownership over their assets, and developers with a way of preventing the creation of black markets while also decreasing security concerns.
For this reason, the new studio will make use of Polygon’s $100 million treasury to boost the growth efforts of gaming NFT projects by providing funding, technical assistance, and community support.
Shreyansh Sing, Polygon’s head of gaming and NFTs, commented on the studio’s vision.
“We don’t want to become a VC. This is not what we are good at. We will help incubate products and teams who want to create projects. We might be able to get them an outside license and help them. We’re here to support the ecosystem. We are here to help the ecosystem grow and provide value for the next 100 million users.
This support will be particularly valuable for games that rely on a free-to-play model (F2P), which often experiences difficulties in getting off the ground. This is especially worrying considering that only 2% of gamers spend money on those games.
Experts consider gaming to be the key to the widespread adoption of blockchain and cryptocurrency technology. Many of the Blockchain gaming platforms have proven to be very successful.
This allows developers to integrate the technology and offer gamers their benefits without them even realizing it. It is the first step in the adoption process of any technology.
Due to the use of crypto and NFTs, blockchain games such as Decentraland or The Sandbox have been well-known in recent years. This allows their players to take full ownership of all assets.
This has resulted in brands like Animoca Brands gaining notoriety in the gaming space, allowing them to raise $50 in a recent funding round and reaching a valuation of more than $1 billion.
Atari and Ubisoft, gaming giants, have also recognized the potential of blockchain technology and are heavily invested in funding and launching blockchain projects.
As gamers demand greater rights on the platforms they use and support with their capital, this could lead to other companies entering the space. It may even lead to a new way to think about online spaces.
Companies like MakerDao, Atari, AMD, Consensys, Enjin, Ubisoft, and the Web3 Foundation have partnered to boost the blockchain gaming ecosystem by forming the Blockchain Game alliance.
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