Project SEED 101: Blockchain gaming is more than just a buzzword
The gaming industry is experiencing massive growth more than ever before with increasing player attention to multiple gaming platforms. People today spend more time playing all sorts of games brought by innovative technologies that only emerged just over one decade ago. Now combining with blockchain, the duo becomes the ultimate driver of the industry’s significant boom.
Blockchain gaming explosion
As expected, blockchain gaming companies have seen big betting from investors. They received nearly $500 million funding in the first half of 2021, according to Investgame’s latest Gaming Deals Activity Report. Over the last six months, crypto gaming companies closed 24 deals (doubling the 12 deals in 2020FY) with a total value exceeding $476m.
The rise of blockchain-powered gaming does not stop there and its potential size is worth the investment mentioned above. The global gaming market was valued at $175 billion in 2020 (NewZoo) while the traditional game sector was only around $57 billion, accounted for 32.5% of the whole market size. It’s exciting to think about how blockchain gaming can accelerate given the technology’s impressive Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025 (MarketsandMarkets Research).
As a blockchain gaming ecosystem with a strategic focus on mobile devices, Project SEED is expected to witness further growth. Project SEED has been funding by a series of prolific venture capital firms and blockchain incubators with strong investment portfolio backing up the success of multiple projects. Our notable investment partners are Gains Associates, Exnetwork Capital, Tokenomik Inc., Moonwhale, Black Mamba Ventures, and other capital firms in the crypto industry.
What’s it in for the players, developers, and investors?
Apparently, blockchain gaming is representing a golden opportunity for all who involve in the market.
- Asset ownership: Players will have access to all in-game items and gears for their favorite titles that most often would have to be hacked online in other types of games, especially subscription and pay-to-play models. A sense of asset ownership for players can protect their investments as time or money they have made.
- Lower transaction costs: The emerging innovations of blockchain result in lower transaction costs in a secured consensus mechanism. After Project SEED announced integration with Solana, our processing capabilities reach up to 50,000+ transactions per second at sub-second finality and average transaction costs of only $0.00001. That means players could buy 1 sword cost penny on Project SEED marketplace without fee concern.
- Security: With powerful data encryption technology, blockchain platforms create a decentralized network and marketplace meaning highly secured backbone. It’s almost impossible to hack a blockchain system as the hackers must get the correct nodes at the correct time.
- Reward model: DeFi enables players to earn rewards and increase financialization through blockchain-based tokens and other assets. They can use buy, sell, and trade these digital collectibles in the marketplace. With Project SEED’s play-and-earn model, players can enjoy an open economy that provides financial benefits simply by just playing the game.
- Collaborations and partnerships: The consensus nature of most blockchains means players and developers can have open communications, allowing endless opportunities to collaborate between them. Altogether, it’s a gaming platform with strong community ownership where gamers, developers, and investors can partner up anytime.
- New revenue model: Blockchain technology creates a more realistic economic system in the game, which allows publishers to focus on in-game currency value and develop richer experiences for players. They can find unique ways to monetize their model from deeper spending willingness of players.
- Better economic flow: Decentralized ownership of projects not only benefit players. Game developers could also use that technology to leverage secondary markets to generate new money flow when players use the items across games.
Apparently, the transparent and open-source network of blockchain has many powerful impacts on the industry when both players and developers can benefit from it.
Project SEED is a cutting-edge gaming ecosystem built on blockchain with aiming to make mass adoption available for everyone through gaming. The project is to bring the best of both worlds, for both the players and gaming developers & investors, or even ones that do not know about blockchain to make the most of this technology.