Voodoo Allocates $200M To Increase Blockchain-based Games In 2022 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Voodoo, a French-based blockchain gaming platform, has allocated an additional $200 million to fund the expansion of new blockchain-based games.
In a December 20 announcement, Voodoo confirmed investing $200 million in 2022 to establish blockchain-based games for casual and mobile users worldwide. The funding will come through partnerships with some of the most talented gaming studios.
According to the announcement, the French gaming giant will disburse its new funds to early-stage gaming studios and create 20 new internal branches over the next 12 months. Voodoo already has ten studios, internal and external, that are exclusively involved in building blockchain games and features.
While commenting about the new development, Alex Yazdi, a co-founder, and CEO of Voodoo, asserted that blockchain technology would significantly help the gaming sector, since many players are already used to purchasing digital assets.
Nevertheless, Yazdi insisted that giving users control of their assets via deeper interactions will enhance the experience and increase more fun and engagement, adding:
“This will also enable players to make profits from their assets, opening up a new “play-and-earn” model. Our vision is to bring the blockchain paradigm to more casual and mobile users and to help any young or promising studio reach success in this segment.”
Before summarizing, Voodoo also confirmed the funding of other projects to enable them to build, test, and launch more games. More funds will go towards tech tools, data analytics integration, and analysis.
NFT Games Made $2.3B Revenue In Q3 2021
Since the beginning of the year, the gaming space has made significant gains, with the industry gaining $2.3 billion in revenues in the third quarter, according to a recent Blockchain Game Alliance report.
Remarkably, the blockchain games industry contributed 22% of the collective NFT trading volume. The gaming sector saw a 2,453% increase in wallets from 29,600 at the beginning of 2021 to 754,000 in Q3.
Axie Infinity, an NFT gaming platform developed by Vietnamese studio Sky Mavis, continued to dominate the space, with a trading volume of $2.5 billion by September 2021.
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