Crypto regulations, DeFi investing and blockchain gaming can be boring to a gamer.
Framework Ventures has earmarked $200 million for their focus on the blockchain gaming industry, this started with its FVIII fund. The FVIII fund was initially $400 million and the company decided that they wanted to allocate $200 million towards investments in blockchain gaming.
The two-man team of Michael Anderson and Vance Spencer firmly believes blockchain gaming could be as big as DeFi. Anderson has been quoted once saying
“We go where the entrepreneurs go , and right now we’re spending most of our time focused on gaming and gaming-related infrastructure companies,publishers, guilds, and everything around the gaming ecosystem. In the next few years blockchain gaming is going to be something that bursts onto the scene in the say way DeFi did in 2019 and 2020”
It is quite obvious the two are prepared to build upon blockchain gaming and think the future of web3 and the metaverse will be built on the back of this new way to play. New games are coming out at the beginning of 2023 and soon the world will be able to tell if blockchain gaming is the way of the future or a faulty experiment.
Gamers and the blockchain
The current issue at the moment is the fact that most gamers don’t trust web3 technology when it comes to gaming, especially NFTs. Many in the gaming community see web3 as nothing more than a cash grab scenario, just another way to take money from gamers that are already tired of paying for DLC and expensive games.
Games such as Axie Infinity came with a very high entry price of at least $1500 to even begin to play what would turn out to be a very monotonous game. Many gamers lamented on the state of blockchain gaming, many stating that the games were no fun and more of a chore than anything. There were some that took advantage of the fact that others couldn’t afford the entry fee and created what would be known as the “scholar” system. This all has created a rather negative outlook on gaming in the web3 space.
The team at Framework Ventures believes that future web3 games will not work that way. Traditional gaming studios are currently building on the blockchain with companies such as SEGA and Square Enix being interested in the technology as well. This interest in gaming on the blockchain by big companies will probably find the current way eliminated and replaced with something much better. This new way may or may not have a native token attached but instead may have on-chain assets that can be used as virtual currency or be traded amongst the community .
Vance Spencer believes that the issue at the moment is that most blockchain games are being called blockchain or web3 games, a label that carries a lot of negative baggage at the moment. Vance believes that by removing that name most projects will do considerably better.
Traditional gamers have not yet warmed up to the thought of web3, NFTs, the blockchain , and tokenization. Traditional players are more focused on the experience and the fun factor of gaming. To push too much of the technology at them at this moment would probably just alienate players.
Spencer made it a point to state that developers that make the games enjoyable and use virtual reality, augmented reality , and GPS would see the most growth and success.