Fortnite Developer Backs Play-to-earn Racing Title as Web3 Gaming Booms
UpOnly | Research #25: Epic Games continues play-to-earn foray as funding remains steady for new entrants
Fortnite developer Epic Games intends to gain a foothold in the emerging blockchain gaming market. In addition to major moves in recent times, the gaming studio is now funding the development of a new play-to-earn title that innovates on existing motorsport games. Epic Games’ announcement comes at a time when blockchain and Metaverse gaming startups are getting visible on the radar of big investors.
This week’s UpOnly | Research considers the potential impact of the adoption of blockchain within the mainstream gaming industry. Readers will also find the latest funding news across play-to-earn and Metaverse gaming, including news of former “The Sims” creators, onboarding Web3 through a newly funded startup.
Epic Games backs Animoca Brands’ latest racing title
Blockchain gaming behemoth Animoca Brands recently announced that its Australia-based subsidiary Grease Monkey Games received a financial grant from American studio Epic Games. The funding, delivered through the Epic MegaGrants Program, will support the development of Torque Drift 2, a new blockchain-based motorsport game.
Epic Games is the mastermind behind one of the world’s most successful gaming titles, Fortnite, and the 3D game creation technology, Unreal Engine. The Epic MegaGrants Program supports startups building games that significantly improve Unreal Engine. Animoca Brands’ Torque Drift 2, scheduled for full release in 2024, is now one such game. The motorsport game introduces a new “drift physics” currently not seen in racing games.
Epic MegaGrants will support the new game with funding between $5,000-$500,000 (the largest grant possible). However, analyzing the budget takes a backseat when compared to the significance of a mainstream gaming studio supporting the development of a blockchain gaming venture.
Blockchain-based gaming brings massive potential to mainstream games
Many in the mainstream gaming industry have remained hostile to blockchain gaming. Big players like Minecraft and Steam have denounced blockchain-based games and banned offering NFT-linked games across their platforms. However, Epic Games’ latest move underlines why the broader gaming industry can benefit more from a synergy between the old and new.
First, the blockchain gaming industry has received significant investments, mostly from crypto-focused venture capital, over the past two years, including an anticipated $12 billion in 2022. This increased funding attracts top talents to the industry and allows companies like Grease Monkey Games to improve existing gaming tools (Unreal Engine for example). Fencing play-to-earn and NFT games ultimately starve mainstream gaming of talent and innovation.
Second, blockchain-based games unlock true asset ownership for players. For instance, long-term players can receive due compensation if they choose to stop playing. Blockchain establishes easy provenance for in-game assets and supports more accessible purchases, a constraint currently faced by traditional gaming.
Blockchain-based play-to-earn games now serve millions and remain firmly on track to gain more traction in the coming years. Over time, industry observers anticipate more collaboration between mainstream and blockchain-native gaming studios, driving investment and innovation in the global gaming market.
Metaverse startup Ready Player Me raises $56M
Estonia-based Ready Player Me makes avatars for users in the Metaverse. This week, the startup completed a $56 million Series B round led by Andreessen Horowitz (a16z). The round also saw participation from Twitch co-founder Justin Kan and Roblox co-founder David Baszucki.
Ready Player Me reports an estimated 500,000 users, with over 1300 companies currently using the startup’s Metaverse avatar feature. The fresh funding will help grow their team of 51 and support the building tools for avatars across different Metaverse environments.
This is Ready Player Me’s second round of funding in the past eight months. In December, the startup raised $13 million in a round with notable participation from Taavet+Sten and Samsung’s venture capital arm.
"The Sims" creator lands $6M to build Web3 simulation games
Veteran game designers Will Wright and Lauren Elliot are the latest to take a massive leap into the Web3 world. This week, Gallium Studios, an independent gaming studio owned by Wright and Elliot, raised $6 million from Griffin Gaming Partners to pursue their Web3 ambitions through simulation games.
Simulation games mirror real-world activities in a virtual world. Will Wright is famous within the game development community for designing top-performing simulation games such as The Sims, Sim City, and Spore. The Sims’s latest release, “The Sims 4,” has over 33 million players. Meanwhile, Laurent Elliot designed the renowned title "Where in the World is Carmen Sandiego."
Gallium Studios will now work on the development of two simulation-based play-to-earn titles, VoxVerse and Proxi. The two games will include native token wallets and NFT marketplaces while also adopting the latest AI technology to provide an immersive experience.
Find the best play-to-earn and Metaverse gaming opportunities through UpOnly
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UpOnly is a first-of-kind data directory that provides insightful and actionable data on the move-to-earn, play-to-earn, and Metaverse gaming fields. We aim to become a one-stop shop for gamers worldwide to identify the most lucrative play-to-earn opportunities and optimize their performance. Alongside our data directory, we will launch a decentralized prediction platform allowing anyone globally to bet on the outcome of play-to-earn and Metaverse gaming events.