Several game and tech leaders have come together to form Game7 – a future decentralized autonomous organization (DAO) accelerating the blockchain ecosystem with a budget of $ 500 million. The DAO seeks to crossbreed the $ 180 billion gaming industry with blockchain technology.
Accelerate the adoption of blockchain in the gaming industry
The initiative was announced in a press release seen by CryptoPotato. Game7 has been offered as a $ 500 million blockchain game DAO that will seek to accelerate blockchain adoption in the gaming industry. Forte Labs and Magnus were among the more well-known projects behind the idea.
In addition, Game7 is supported by several leading entities including Solana Ventures, BitDAO, Alameda Research, Polygon Studios, Avalanche, Interchain Foundation, Offchain Labs, etc.
1 / BIP-5 has passed! @ Game7_Officiel will be established by a diverse group of gaming industry and tech veterans, and help create a future where blockchain and gaming come together! https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD
– BitDAO (@BitDAO_Official) November 16, 2021
One of the main goals of Game7 is to provide players with genuine ownership of digital game assets. The global gaming community spends around $ 100 billion on their favorite games, purchasing skins, assets, items, etc. ., but they never really own them. Game7 could bring about a radical change with tokenized blockchain-based virtual goods that players can own.
“The intersection of games and blockchain translates into the real world economic and creative opportunities for billions of people. This change is so important, so impactful on a global scale, so urgent, that no centralized entity can do it alone. Reads the statement.
Game7 will provide educational content to all users and strategic capital. Forte allocated $ 100 million in fiat and crypto to start a grant program to fund blockchain gaming initiatives, while BitDAO committed $ 400 million in its treasury. Funds will be released over a five-year period and training will be delivered by leaders in the blockchain and gaming industry.
Game7 will also set up an economic governance system with incentives for the community. Most governance rights will be granted to community partners, while BitDAO will retain the majority of ownership rights in Game7 for its contributions.
Blockchain is revolutionizing the gaming industry
Blockchain technology has been seen as a revolutionary solution to the outdated financial system, but as innovation continues in the space, it could play a bigger role in the gaming industry.
Winning and blockchain-based video games have grown in popularity this year. Crypto players around the world make a living buying and selling in-game items in the form of NFTs. On July 19, Polygon launched a division of blockchain and NFT games after witnessing the exponential growth of the gaming community on its platform.
Likewise, this initiative will help developers in their research to integrate blockchain technology into the gaming industry, which could mark the start of a more immersive user experience with the use of tokenized tokens and transparent data stored on the platform. blockchain.
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