Chief Operating Officer of game studio Seraph: A new round of GameFi project development will cost at least millions of dollars and the first round of external financing will be announced soon

Title: The development cost of a new generation of GameFi projects reaches millions of dollars

Author: Cointelegraph
Compiler: Elvin, ChainCatcher

Compared with the previous wave of GameFi projects that focused more on "playing and earning" , the current game projects pay more attention to the game experience. The next wave of blockchain-inspired games will cost at least seven to eight figures to develop and will take years to get into production. This was revealed by Yezi, COO of South Korean game studio Seraph.

“Our development costs have exceeded $10 million,” she told Cointelegraph of the company’s upcoming Arbitrum dark fantasy action RPG Seraph: In the Darkness.

“Originally, our project was self-developed. Funding and self-development. Only recently did we start the first round of external financing, which has now been completed and will be officially announced soon.”

For Yezi, the Web3 blockchain is better than the Web2 blockchain game. Chain gaming actually has significant advantages. “Web3 games encourage a greater sense of co-creation and promotion among players,” she commented. “Interaction between Web2 and Web3 players creates a unique chemistry that inspires market transactions and attracts greater participation. ”

However, the COO also emphasized that an updated GameFi project is needed to provide players with a better gaming experience while enabling quality token economics. She believes: "Gamers are no longer satisfied with the simple profit calculation model like Axie Infinity and STEPN's previous games."

As Yezi explained, "Seraph: In the Darkness" recently had a pre-season release, attracting attracted people’s attention: “Over 60,000 players participated, over 30,000 of them had premium game characters, and over 10,000 users made purchases. During this testing phase, we achieved $3 million in fiat revenue, and we were able to do so according to the white paper Terms allocate over $1 million for token buyback ”

Seraph: In the Darkness game introduction. Source: Steam She continued: "This testing phase has initially achieved the payment and conversion of traditional users into the Web3 field, especially through live broadcasts by experienced players." The game is scheduled to be launched later this year, and will have a free version and a paid version. Edition, players can participate in trading and tokenization. Currently, the base price for NFT gear is 0.2 ETH, and there is a $50 entry fee to enter the in-game trading market. "Seraph Studio currently has no plans to release any other games. However, ActPass, our internally developed custodial wallet, will become a game asset distribution platform in the near future and launch more quality games through investments or partnerships," Yezi concluded. Last month, Cointelegraph reported that Web2 players had spent hundreds, if not thousands, of dollars on in-game purchases that were supposed to be theirs but often ended up with nothing. Blockchain operability, on the other hand, at least partially solves this problem, as it allows players to buy, sell, and own their immutable in-game assets.

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