By
Steve Muchoki
April 19th, 2024
According to Game7, most Web3 games are still in their infancy and cannot attract mainstream users due to their lack of sophistication.
Web3 gaming DAO Game7 has announced the launch of a $100 million grant for the development of web3 games across different blockchains.
Created to accelerate the adoption of blockchain-enabled game economies, Game7 seeks to plug the leaks preventing mainstream adoption of blockchain games. The DAO recently published a list of pain points after surveying 100 web3 game developers.
How the Grant Will Be Distributed
Game7 will pull the grant funds from its Treasury of $500 million contributed by BitDAO, Forte, and other seed investors. The grant will support qualified open-source projects looking to drive innovation across the gaming sector. The fund will be distributed in USDC at about $20 million per annum across five categories: diversity, education, events, research, and technology.
Per the announcement, the fund will support blockchain game development, smart contracts and standards, core infrastructures, and community tooling. Asides from funding, successful applicants will also enjoy tech support, mentoring, and early access to Game7 initiatives.
Game7 has noted that developers can apply regardless of their existing blockchain networks as the program is chain agnostic. Already, the program has support from Arbitrum, Immutable, Polygon, and Solana. There are also plans to incorporate other chains in the coming months.
Meanwhile, the gaming DAO warned applicants not to see the grant as an alternative to venture funding. The DAO encouraged the web3 gaming companies to pursue additional funding as may be necessary. Consequently, the grant is devoid of any exclusivity agreements.
Web3 Games Need to Improve to Drive Mainstream Adoption
According to Game7, most Web3 games are still in their infancy and cannot attract mainstream users due to their lack of sophistication. Game7 noted that issues around chain election, sustainability issues, and wallet custody, need to be addressed.
Game7 core contributor Ronen Kirsh expressed similar sentiments. He said:
“Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial to global adoption of Web3 games.”
Thus, the grant will fund gaming projects that address these challenges, hoping that it will help the industry build sustainable game economies.” According to BitDAO representative, Jon Allen, the new model of crypto games can “help greater distribution of equity and ownership.”