Blockchain Gaming continues to grow as this network commits $20 million
EOS Network Ventures has committed $20 million in funding to create EOS network-based applications and blockchain gaming products. The initiative is scheduled to take off after the launch of the Ethereum Virtual Machine (EVM) in April.
EVMs are a type of virtual computer for building decentralized apps. They are the environment where all Ethereum accounts and smart contracts exist. EVMs can be used to deploy dapps and decentralized finance (DeFi) applications similar to Ethereum on other blockchains.
CEO of the EOS Foundation Yves La Rose stated,
“EOS Network Ventures (ENV) commits to invest $20 million directly in $EOS EVM and GameFi projects.”
Also, La Rose stated that with the $20 million in funding, he expects a “massive influx of developers.”
Market players have long criticized EOS for raising $4 billion in its initial coin offering (ICO). However, the project had little to show for the first years in terms of both use and technological development. Nevertheless, the increased effort could ultimately increase the price of EOS tokens in the coming months, increasing the value of decentralized applications built on EOS.
Blockchain games not hindered by crypto markets?
According to a DappRadar report from January, blockchain gaming will continue to grow into 2023. Gaming activity on the chain increased by 1.31% in January, accounting for 48% of all dapp activity.
Furthermore, by 2028, the size of the global blockchain gaming market is expected to reach $104.5 billion, growing at a CAGR of 68.2%. In addition, many AAA game publishers are looking to integrate blockchain technology into their projects. Even during the 2022 crash, the blockchain gaming sector was reported to be the least affected. This is said to be due to the fact that people engage in gaming for recreational purposes and care little about profit. However, players, game creators and gaming companies have criticized blockchain technology for being unsustainable and exploitative.
In addition, mobile gaming is a sector that has seen the greatest growth. Due to the availability of high-performance phones, more people are playing mobile games all over the world. Users’ expectations for mobile gaming are constantly increasing as more people gain access to smartphones and the internet. Also, as a result of innovations in smartphone technology, the number of players in blockchain-based mobile games has increased.
