Seraph Studio Spends $10M on GameFi Project: Advantages of Web3 Blockchain Games Revealed
Summary:
The COO of Korean gaming studio Seraph, Yezi, discusses the shift in GameFi projects towards better gaming experiences alongside play-to-earn features. This recent wave, involving blockchain-use, is more expensive and requires a longer development period. Seraph has spent over $10 million developing their new dark fantasy ARPG - Seraph: In the Darkness - and concluded its first external fundraising round. Yezi also sheds light on the advantages of Web3 blockchain games, which encourage player collaboration and generate a unique market dynamic. However, he emphasizes that newer GameFi projects need to offer enhanced gaming experiences and solid tokenomics.
Differing from the preceding wave of GameFi projects that heavily leaned towards play-to-earn features, the latest wave of blockchain-driven games incurs costs reaching seven to eight figures and undergo years of development before releasing into the market. This information comes from Yezi, the COO of Seraph, a Korean game studio. Their upcoming game, Arbitrum dark fantasy ARPG Seraph: In the Darkness, has already exhausted over $10 million in development costs, Yezi revealed. Initially, the funds come from their own pockets, but they have begun to seek external investments recently and already concluded their first round of fundraising, to be officially announced soon.
According to Yezi, Web3 blockchain games provide distinct advantages over traditional Web2 games, fostering a stronger sense of collective creation and promotion among gamers. The interaction between Web2 and Web3 gamers produces a unique dynamic that stimulates market transactions and draws more players. However, Yezi also stresses the importance of newer GameFi projects delivering a superior gaming experience alongside quality tokenomics. He commented that gamers are increasingly demanding more than straightforward profit models available in prior games like Axies Infinity and StepN.
Their game, Seraph: In the Darkness, just had its preseason release, drawing considerable player engagement: over 60,000 players partook, with 30,000+ possessing advanced characters and over 10,000 making purchases. The test phase pulled in $3 million in fiat revenues, and they've allocated over $1 million towards token buybacks under our white paper's stipulations, Yezi said. This test phase made initial progress in transitioning traditional users to the Web3 realm, particularly via experienced gamers' livestreams. The game is scheduled to launch later this year, offering a free version and a paid one that allows players to involve in trading and monetization.
At present, the NFT equipment base price is 0.2 Ether (ETH), and there's a $50 admission fee for the in-game transaction market. Yezi adds that while Seraph Studio has no plans for new games currently, their internally developed custodial wallet ActPass will soon become a game asset issuance platform, possibly introducing more high-quality games via investment or collaborations.
Last month, Cointelegraph highlighted the hefty sums Web2 gamers stubbed out for in-game purchases, which were supposed to be permanent but often weren't. On the flip side, blockchain operability has somewhat alleviated this issue, letting players purchase, sell, and truly own their in-game assets.
Published At
6/25/2024 5:04:58 PM
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