There are about 400 active blockchain games, according to DappRadar, which represents a 92% increase compared to the same period last year. The growth of the GameFi and NFT phenomena shows few signs of slowing down, with more users flocking to blockchain gaming apps in 2022 than ever before.
Generated NFT Games $2.32 billion in revenue last quarter, according to the Blockchain Game Alliance’s 2021 annual report. And there is more than six million players play the top 25 games, according to Statista, proving just how much the gaming industry is in demand for crypto-based solutions.
Yet despite the growth of the GameFi space, the majority of the value distributed across its thousands of apps remains fragmented across different blockchains, most of which are still not reliably compatible with each other.
A disconnected cryptocurrency landscape creates several problems for players:
- Managing multiple accounts – A user must create accounts for each new game they play, which requires them to manage new login credentials and in many cases purchase a batch of the blockchain’s native cryptocurrency.
- Fortified Assets – The inability to transfer fungible and non-fungible assets between chains makes it difficult to sell or exchange them. This causes friction in the liquidity of games with game mechanics to win.
- Cybertheft – When assets are locked in the custody of a third party, it creates a single point of failure that cybercriminals can more easily exploit.
By leveraging a cross-channel GameFi platform, the team of XR Foundation found the answer to these pressing concerns via an interoperable fully-built on-chain gaming infrastructure.
A universal game frame
The XR Foundation is now hard at work designing a framework capable of encapsulating the entire GameFi space under one roof. That’s the goal of this collection of over 30 engineers who create open-source, interoperable tools for the global gaming metaverse. Through XR Foundation’s use of the Internet Computer blockchain, the project offers several advantages over to any existing GameFi network:
- User-created 3D virtual worlds where players can move from one virtual space to another.
- Unlimited scaling potential due to Internet Computer’s unique server storage system and no customer gas charges.
- Gives players the ability to transfer their favorite Unique Items and NFTs between games frictionlessly.
- Provides a single dashboard that offers a window into an interoperable metaverse multiverse.
- The internet computer’s decentralized storage method means XR Foundation can run complex games that include multiplayer modes and 60fps delivery.
The XR Foundation product suite also includes a “blockchain-in-a-box” tool that allows developers to easily connect to the metaverse. It also comes with a metaverse communication tool, allowing users to chat via SMS or social media, as well as support for iOS and Android apps.
Several games are already successfully leveraging this technology, including MetaSports Basketball. This new NFT concept leverages NFTs owned by users from other collections and channels – such as the Ethereum-based Bored Ape Yacht Club (BAYC) – as in-game characters. The possibilities are endless and allow developers to create more connected and immersive virtual experiences.
Cryptosabers is another upcoming metaverse project that leverages the XR engine. The game features virtual reality battles with lightsaber-style NFT weapons that can be carried from warp to warp and used in virtual space. Compatible channels include Internet Computer, Solana, and Ethereum. Cryptosabers is also compatible with Webaverse, Janus XR and Mozilla Hubs.
Become the GameFi load carrier
The combination of open-source, interoperable tools and low-cost, scalable blockchain makes XR Foundation the potential carrier of an interconnected blockchain gaming arena.
XR Foundation envisions a gaming space where anyone can create their own servers, all of which will be interoperable with each other. Players will be able to move between servers, taking their unique items with them as they go.
Part of the XR Foundation team branched out to form “The Nexus,” a city above XR Engine and designed to display the full capabilities of the software. Land within the Digital City will be distributed through a grant program, which has been set up to prevent the acquisition of land within Nexus from becoming a mere collectible game. Plots of land will only be granted to those who plan to use them for something constructive.
As more and more people are drawn into the GameFi space, the desire for interoperability will only grow. Game developers will need to build their products using tools that are as universal as possible or run the risk of missing out on growing user bases across different channels.
Because the blockchain game represents about 55 percent of the overall blockchain industry activity and is expected to grow from $178.4 billion in 2021 to $268.8 billion in 2025, this sector deserves attention.
XR Foundation is creating the future of Web3 gaming by building an infrastructure to make it easier to onboard new developers. This will bridge the gap between channels and build stronger communities between developers and players.
Disclaimer: This is a paid publication and should not be considered news or advice.