The decentralized autonomous organization, Game7, is operating actively in the web3 gaming space. The brand has now announced a grant program to nourish the development of metaverse gaming with web3 Technologies. The firm said that this grant would accelerate web3 gaming community development. They announced the grant with a tweet saying, “we are putting web3 gaming into hyperdrive by funding promising builders and projects focused on technology, events, diversity, education, and research.”
Apart from it, BitDAO, one of the largest DAOs in the world, has committed 500 million dollars to the Game7 Treasury with the popular gaming Web3 platform Forte. The $500 million grant won’t be deployed all at once; it will be disbursed over five years with $20 million each year.
Game7 published a 46-page report that outlined the challenges and problems faced by developers while developing web3 games. The report presented numerous key areas that need more attention while developing metaverse games. One of these issues was the chain selection process involving selecting the best chain for development after comparing the transaction fees. The report also discussed smart contract development in which the number of credible repositories providing pre-audited smart contracts for game developers’ use cases was low, and it was a huge challenge for game developers. The third point that was discussed in the report was the process of choosing appropriate SDKs and wallets.
Luisa Zhou published a report earlier this week that represents the overall market size of the metaverse. According to the report, the overall metaverse market size is estimated to be $38.5 billion, with web3 games participating significantly in this figure by bringing in about 400 million active users. App Annie, a game analytics firm, said that metaverse gaming applications would generate over $3 billion by the end of 2022, with ROBLOX, Decentraland, and The Sandbox as some of the largest games in the Metaverse gaming space.