Game7 launches $100M grant program to foster Web3 game development

Game7, a decentralized autonomous organization (DAO) operating in the web3 gaming space, has announced a grant program that will help the development of metaverse gaming. According to the firm, this venture will accelerate web3 gaming. Its official tweet read

“We’re putting Web3 gaming into hyperdrive by funding promising builders and projects that are focused on technology, events, diversity, education, research.”

Interestingly, one of the world’s largest DAOs, BitDAO, committed $500 million to Game7 DAO’s treasury, alongside the popular web3 gaming platform, Forte. The grant will be disbursed over five years, with $20 million deployed each year in different sectors, starting with technology.

Game7 talks about challenges in web3 gaming

A 46-page report published by Game7 last month outlined the challenges faced by web3 game developers. The report found several key areas that required attention while developing games for the metaverse. Among these was Chain Selection, which involved selecting the optimal chain by comparing transaction fees throughout.

Next came Smart Contract Development. According to the report, the number of credible repositories specifically providing pre-audited smart contracts for game dev use cases was low, which posed a huge challenge. 

Last on the list was choosing an appropriate wallet and SDKs. This had a major impact on the users’ onboarding and in-game experience. Other factors included choosing the right marketplace, finding the right balance between on-chain and off-chain features, keeping up the security measures to prevent exploits, and more. 

A closer look at the web3 gaming industry

According to a report published by Luisa Zhou earlier this week, the overall metaverse market size is estimated to be $38.5 billion. Web3 games account for a significant chunk of this figure and bring in about 400 million active users. 

According to game analytics firm App Annie, metaverse gaming apps will likely generate over $3 billion by the end of this year. Decentraland, ROBLOX, and The Sandbox are some of the largest games in this space.