Original Title: New wave of GameFi projects are costing millions of dollars to develop

Original Author: Cointelegraph

Translation: Elvin, ChainCatcher

Compared to the previous wave of GameFi projects that focused more on "earning while playing," current game projects are more focused on the gaming experience. The subsequent wave of blockchain-inspired games costs at least seven to eight figures and takes several years to develop.

This was revealed by Yezi, the Chief Operating Officer of the South Korean game studio Seraph. She told Cointelegraph when discussing the upcoming release of the Arbitrum dark fantasy action role-playing game "Seraph: In the Darkness": "We have already spent over $10 million in development costs." "Initially, our project was self-funded and self-developed. It wasn't until recently that we started the first round of external financing, which has been completed and will be officially announced soon."

For Yezi, Web3 blockchain games actually have significant advantages compared to Web2 blockchain games. She commented, "Web3 games encourage stronger collaborative creation and promotion among players." "The interaction between Web2 and Web3 players has created a unique chemical reaction, stimulating market transactions and attracting more participants."

However, the Chief Operating Officer also emphasized the need for updated GameFi projects to provide a better gaming experience for players while achieving a high-quality token economy. She believes, "Game players are no longer satisfied with simple profit calculation models like those in previous games such as Axie Infinity and StepN." As explained by Yezi, "Seraph: In the Darkness" recently conducted a preseason release, attracting attention:

"There were over 60,000 players in total, with over 30,000 owning advanced game characters and over 10,000 users making purchases. During this testing phase, we achieved $3 million in fiat revenue, and we are able to allocate over $1 million for token buybacks according to the terms of the white paper."

Introduction to the game "Seraph: In The Darkness". Source: Steam

She continued, "This testing phase has initially achieved the transition of traditional users to the Web3 field in terms of payment and conversion, especially through live streaming by experienced players." The game is planned to be released later this year, with both a free version and a paid version, allowing players to participate in trading and tokenization.

Currently, the minimum price for NFT equipment is 0.2 ETH, and a $50 entry fee is required to enter the in-game trading market. "Seraph Studio currently has no plans to release any other games. However, our internally developed hosted wallet ActPass will soon become a game asset issuance platform and will launch more high-quality games through investment or cooperation," summarized Yezi.

Last month, Cointelegraph reported that Web2 players had spent hundreds or even thousands of dollars—items purchased in-game should belong to the players, but often end up with nothing. On the other hand, blockchain operability has at least partially addressed this issue, as it allows players to purchase, sell, and own their immutable in-game assets.

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