With the expansion of the cryptocurrency industry, including virtual worlds collectively called the metaverse, Web3-based games are growing in popularity as well, attracting the interest of established names in the gaming industry.
As it happens, BLRD, a subsidiary of the Japanese gaming powerhouse GREE has partnered with the Avalanche (AVAX) network to launch its first Web3 game in 2023, the blockchain company announced on October 27.
With over a decade of experience in making well-known Web2 games, GREE is known for producing major gaming titles, such as Naruto, and multiple mobile versions of Final Fantasy in cooperation with other gaming industry giants.
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Ava Labs’ support in creating the game
Specifically, the partnership includes the collaboration with Andreessen Horowitz-funded Ava Labs, the software company providing support to the Avalanche ecosystem and facilitating the launch of decentralized finance (DeFi) applications on the network.
Ava Labs’ Head of Gaming Ed Chang commented on the development by stressing the advantages that both sides bring to the table:
“GREE has a decade-plus track record of making games that players love with timeless IP. (…) Ava Labs has all the tools to help GREE grow into a Web3 gaming powerhouse.”
On top of that, GREE is also currently running over a dozen Avalanche validator nodes, in a bid to take part in Avalanche’s primary network and gaming Subnets. It is also the first publicly traded company in Japan to hold the Avalanche AVAX token.
Can Web3 game be successful as mainstream?
BLRD has a history of working with top gaming companies, including Konami, Square Enix, and Sega, on publishing popular mobile games. Its Director Eiji Araki highlighted his company’s enthusiasm around this partnership, stating that:
“I’m excited by the potential of the Avalanche network and its ecosystem. (…) We will deliver a brand new game which will be enjoyed by players for long years as we have done in web2 games.”
Meanwhile, metaverse games are still recording massive investor interest, with blockchain and metaverse projects raising $1.3 billion throughout Q3 2022, with gaming accounting for nearly half of all blockchain activity, as Finbold reported in mid-October.
Elsewhere, Finbold reported on the metaverse projects that offer the highest return on investment (ROI), with metaverse game Axie Infinity (AXS), as well as two virtual projects where you can purchase metaverse land, The Sandbox (SAND) and Decentraland (MANA), standing out as the most profitable.
That said, the trade volumes of metaverse tokens on centralized exchanges (CEX) have recently dropped to their all-time lows, including those of Decentraland, Axie Infinity, The Sandbox, and Enjin (ENJ).