Game7, a decentralized autonomous organization (DAO) operating in the web3 gaming space, has announced a grant program that will help metaverse game development. According to the firm, this company will accelerate web3 games. It’s official cheep read

“We are putting Web3 gaming into hyperspeed by funding up-and-coming builders and projects that focus on technology, events, diversity, education and research.”

Interestingly, one of the largest DAOs in the world, BitDAO, committed $500 million to the Game7 DAO treasury, along with the popular web3 gaming platform Forte. The grant will be disbursed over five years, with $20 million deployed each year in different sectors, starting with technology.

Game7 talks about the challenges in web3 games

A page of 46 report published by Game7 last month outlined the challenges web3 game developers face. The report found several key areas that required attention when developing games for the metaverse. Among these was Chain Selection, which involved selecting the optimal chain by comparing transaction fees at all times.

Then came the development of smart contracts. According to the report, the number of trusted repositories specifically providing pre-audited smart contracts for game development use cases was low, posing a major challenge.

Last on the list was choosing an appropriate wallet and SDK. This had a huge impact on user onboarding and the in-game experience. Other factors included choosing the right market, finding the right balance between on-chain and off-chain functions, maintaining security measures to prevent vulnerabilities, and more.

A closer look at the web3 gaming industry

According to a report Posted by Luisa Zhou earlier this week, the total size of the metaverse market is estimated to be $38.5 billion. Web3 games account for a significant part of this number, attracting some 400 million active users.

According to gaming analytics company App Annie, metaverse gaming apps are likely to generate more than $3 billion by the end of this year. Decentraland, ROBLOX, and The Sandbox are some of the biggest games in this space.