Voodoo Announced Hefty Investment In Blockchain Gaming Sector

Voodoo announced a hefty investment in blockchain gaming with a $200 million fund and it plans to bring blockchain games to casual users worldwide and also join forces with other gaming studios so let’s read more today in our blockchain latest news.

Blockchain-based gaming is a very hot trend lately and 2021 set the stage for even more capital inflows and expansion of the sector as most players continue to join. French gaming company Voodoo announced a $200 million investment in new studios that develop blockchain-based games. As the company announced, the investment in the sector will be deployed to fund early-stage gaming studios and to create 20 internal branches in the course of next year. The platform has 10 studios already and is all involved in building blockchain games and features.

The chief executive of the company Alex Yazdi believes that blockchain technology will disrupt gaming as the players are already used to buying digital assets. By giving them real ownership of the digital assets and creating various interactions between the players in trading and collecting, blockchain will enhance this experience and will increase the fund and the engagement. While talking about the goal behind the move, the executive added:

“This will also enable players to make a profit from their assets, opening up a new “play-and-earn” model. Our vision is to bring the blockchain paradigm to more casual and mobile users and to help any young or promising studio reach success in this segment.”

Voodoo’s financial investment will be accompanied by the full-stack platform that will enable other projects to test, launch games, build, and provide analysis support. The booming gaming industry witnessed a paradigm shift as well with the inclusion of NFTs and blockchain this year. The company also aims to show that blockchain gaming is the new favorite thing in the industry. According to the latest reports by Blockchain Game Alliance, the NFT-powered games spawned $2.32 billion in revenue over the third quarter of the year thanks to the huge consumer growth participation.

Around 22% of the collective NFT trading volume in the industry this quarter originated from blockchain games and from 29,600 at the start of 2021, to 754,000 in the third quarter, the number of wallets associated with gaming surged by 2,453%. NFT games developed by Vietnamese studio Sky Mavis Axie Infinity surged in popularity during the first half of the year when the trading volume reached $2.5 billion.