French mobile game developer Voodoo, backed by companies such as Goldman Sachs and Tencent, said on Thursday it looks forward to investing $200 million in studios focused on developing blockchain games such as altcoin projects Decentraland (MANA), The Sandbox (SAND) and Axie Infinity (AXS).
Voodoo turns its eyes to the game-based altcoin market
The video game and blockchain industries have collided with each other after the popularity of NFT, which was the catalyst for the creation of the ‘GameFi’ industry. With new monetization options, players and investors from all over the world are drawing their attention to new products related to altcoin projects. Voodoo CEO Alex Yazdhi voices his view that blockchain will change the gaming industry as we know it, by allowing digital assets and unique items to be added.
According to the CEO, the technology will give gamers ownership of their digital assets, making it possible for gamers to dive deeper. The exchange process, which involves collecting, trading and holding in-game assets or items, is an excellent tool to make the game more interactive. The $200 million raised will be used to fund various companies that are starting to take new paths in blockchain-based game development. Voodoo looks forward to the creation of around 20 internal studios focused on Blockchain game development.
While blockchain was not developed with gaming in mind, the technology for recording and verifying transactions has found new use in the form of NFTs, which have become a billion-dollar industry. The GameFi industry uses Blockchain technology both to validate Non Fungible Tokens (NFTs) and as a database accessible from multiple private networks. By adding various records to the chain, each individual can access them but cannot change or remove them.