On Tuesday, Razer, a well-known video game equipment and accessories provider, announced its latest initiative, the zVentures Web3 Incubator (ZW3I). The main goal of ZW3I is to help make Web3-based games more accessible to the general public.
ZW3I will choose game developers for its incubation program based on their proven track record in developing successful games.
In an email to Decrypt, Razer blockchain director Lawrence Lin confirmed that the incubator would focus on providing marketing assistance. The program plans to support the incubation of up to 36 projects. Even though the company primarily focuses on PC gaming, it would not exclude mobile games.
Lin refused to disclose any financial information, citing Razer’s status as a private company. It is worth noting, however, that in 2016, zVentures was launched as a $30 million fund.
We’re excited to announce the zVentures Web 3 Incubator for game companies & developers. By supporting companies in the creation of Web 3 games, our program aims to drive the growth & adoption of blockchain technology in the industry. Submit your pitch: https://t.co/m65x3AsBiC pic.twitter.com/CN1sMZuBKP
— R Λ Z Ξ R (@Razer) April 11, 2023
Transforming Web3 gaming experience
Razer noted early Web3 games’ failure to capture the general public’s attention. The company explained that there is a need to conduct further research and gain a deeper understanding of the motivations and behaviors of gamers to make progress in this field.
Lin told Decrypt that, currently, several blockchain games prioritize using blockchain technology rather than producing a captivating and enjoyable gameplay experience. This approach has resulted in a shortage of player appeal and loyalty.
The director maintained that Razer believes the cornerstone of any successful game, whether Web2 or Web3, is immersive and engaging gameplay.
Razer has established a substantial brand presence among mainstream gamers. It will allow the company to influence the future of Web3 gaming by exposing developers and titles to its audience of approximately 200 million gamers.
Growing investments put into Web3 gaming
Although the crypto market is experiencing a downturn, significant investments are still flowing into the Web3 gaming industry.
For instance, in May 2022, crypto investment company a16z announced it would allocate $600 million to invest in the expanding blockchain-based gaming sector.
Similarly, last week, Bitkraft, a venture capital firm focusing on gaming, raised over $220 million for a “token fund” that will continue investing money in Web3 gaming.
Meanwhile, two days ago, Bitget introduced the Bitget Web3 Fund, with an initial investment of $100 million. The Bitget Web3 Fund will prioritize partnerships in Asia with experienced teams and a clear roadmap and seek out VC firms and projects globally. The fund will focus on projects that offer innovative solutions to real-world issues.
Bitget managing director Gracy Chen said the company aims to serve as a “secure link between the worlds of decentralized and centralized finance.”
Multiple venture capital firms, such as Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker and ABCDE Capital, have approached the platform.
The growing interests in Web3 are not just from businesses but also governments. As reported by the South China Morning Post, Hong Kong financial secretary Paul Chan Mo-po believes that despite recent market volatility, the city should invest in the Web3 digital economy.
He argued that competent players who can survive a “burst bubble” would be able to focus on innovation and make significant progress.
