There are about 400 active blockchain games, according to DappRadar, which represents a 92 percent increase from the same time last year. The growth of the GameFi and NFT phenomenon shows little sign of slowing down, with more users flocking to blockchain gaming applications in 2022 than ever before.
NFT games generated $2.32 billion in revenue last quarter, according to the Blockchain Game Alliance’s 2021 annual report. And there are over six million gamers playing the top 25 games, according to Statista, proving just how much demand there is within the gaming industry for crypto-based solutions.
But despite the growth of the GameFi space, most of the value being distributed across the thousands of applications remains fragmented across different blockchains, most of which are still not reliably compatible with each other.
A disconnected cryptocurrency landscape creates several problems for gamers:
Manage multiple accounts – A user must create accounts for each new game they play, requiring them to manage new credentials and, in many cases, buy a batch of the blockchain’s own cryptocurrency.
Walled Assets – The inability to transfer fungible and non-fungible assets between chains makes it challenging to sell or trade them. This creates friction in liquidity for games with play-to-earn mechanics.
Cyber theft – When assets get trapped in a third party’s custody, it creates a single point of failure that cybercriminals can exploit more easily.
By leveraging a cross-chain GameFi platform, the team at Foundation XR found the answer to these pressing concerns through interoperable gaming infrastructure built entirely on-chain.
A universal gaming framework
The XR Foundation is now hard at work designing a framework that can encapsulate the entire GameFi space under one roof. That’s the purpose of this collection of more than 30 engineers creating open-source, interoperable tools for the global gaming metaverse. Thanks to XR Foundation’s use of the Internet Computer blockchain, the project offers several advantages over any existing GameFi network:
User-created 3D virtual worlds where players can move from one virtual space to another.
Unlimited scale potential thanks to the Internet computer’s unique server storage system and the lack of gas costs for customers.
Gives gamers the ability to transfer their favorite unique items and NFTs from game to game without friction.
Provides a one-stop dashboard that provides a window into an interoperable metaverse multiverse.
The internet computer’s decentralized storage method means XR Foundation can launch complex games, including multiplayer modes and 60 frames per second delivery.
The XR Foundation’s product suite also features a “blockchain-in-a-box” tool that allows developers to easily connect to the metaverse. It also comes with a metaverse communication tool, which allows users to chat via SMS or social media, as well as support for iOS and Android apps.
Several games are already successfully using this technology, including: MetaSports Basketball† This new NFT concept uses NFTs owned by users from other collections and other chains – 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.
crypto sabers is another upcoming metaverse project that uses the XR Engine. The game features virtual reality combat with lightsaber style NFT weapons that can be carried from chain to chain and wielded in the virtual space. Compatible chains include the Internet computer, Solana, and Ethereum. Cryptosabers is also compatible with Webaverse, Janus XR, and Mozilla Hubs.
Becoming the GameFi carrier
The combination of open-source, interoperable tools and a low-cost scalable blockchain makes XR Foundation the potential burden bearer for 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 can move from one server to another, carrying their unique items with them.
Part of the XR Foundation team has split to form ‘The Nexus’, a city on top of the XR Engine and designed to reflect the full capabilities of the software. Plots within the digital city will be distributed under a grant program, which is designed to prevent land acquisition within Nexus from becoming a mere collecting game. Plots are only awarded to those who intend to use them for something constructive.
As more people are drawn into the GameFi space, the desire for interoperability will only grow. Game developers will have to build their products with tools that are as universal as possible, otherwise they risk missing out on the growing user base in different chains.
Because blockchain gaming represents: about 55 percent of total blockchain industry activity and is expected to grow from $178.4 billion in 2021 to $268.8 billion in 2025, this sector is worth paying attention to.
XR Foundation is creating the future of web3 gaming by building an infrastructure that makes it easier to onboard new developers. This will bridge the gap between chains and develop stronger communities between developers and gamers.
Disclaimer: This is a paid post and should not be treated as news/advice.