Several gaming and technology leaders have gathered to form Game7 – an upcoming blockchain ecosystem acceleration decentralized autonomous organization (DAO) with a $500 million budget. The DAO seeks to intersect the $180 billion gaming industry with blockchain technology.
Accelerating Blockchain Adoption in the Gaming Industry
The initiative was announced in a press release seen by CryptoPotato. Game7 was proposed as a $500M blockchain gaming DAO that will seek to accelerate blockchain adoption in the gaming industry. Forte Labs and Magnus were among the most well-known projects behind the idea.
Additionally, Game7 is backed by several high-profile entities, including Solana Ventures, BitDAO, Alameda Research, Polygon Studios, Avalanche, Interchain Foundation, Offchain Labs, and more.
1/ BIP-5 has passed! @Game7_Official will be established by a diverse group of gaming and technology industry veterans, and will help create a future where blockchain and gaming unites! https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD
— BitDAO (@BitDAO_Official) November 16, 2021
One of Game7’s main goals is to provide gamers with true ownership of in-game digital goods. The gaming community worldwide spends around $100B on their favorite games, buying skins, assets, items, and more – but they never truly own them. Game7 could make a radical change with blockchain-based tokenized virtual goods that players can own.
“The intersection of games and blockchain translates into real world economic and creative opportunities for billions of people. This change is so large, so globally impactful, so urgent, that no single, centralized entity can do it alone.” Reads the statement.
Game7 will provide educational content to all users and strategic capital. Forte allocated $100M in fiat and crypto to start a grants program to fund blockchain gaming initiatives, while BitDAO committed $400M to its treasury. The funds will be released over a period of five years, and education will be provided by leaders from both the blockchain and the gaming industry.
Game7 will also implement 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 Revolutionizing the Gaming Industry
Blockchain technology has been thought of as a revolutionizing solution to the outdated financial system, but as innovation continues in the space, it could take a bigger role in the gaming industry.
Play-to-earn and blockchain-based videogames have surged in popularity this year. Crypto gamers across the globe are making a living by buying and selling in-game items in the form of NFTs. On Jul. 19, Polygon launched a blockchain gaming and NFT division 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, something that could mark the beginning of a more immersive user experience with the use of tokenized tokens and transparent data stored on the blockchain.