Millions of dollars are being invested in the development of a new wave of GameFi projects

In contrast to the previous wave of GameFi projects, which primarily emphasized play-to-earn features over gaming experience, the next wave of blockchain-inspired games require an investment of at least seven to eight figures and take years in production before they are released to the market.
According to Yezi, the chief operating officer of Korean gaming studio Seraph, “We have poured more than $10 million into development costs for our upcoming dark fantasy ARPG, Seraph: In the Darkness.” He informed Cointelegraph that the project was initially self-funded and developed by the company. Only recently have they initiated their first round of external fundraising, which has already been completed, with an official announcement expected soon.
Yezi believes that Web3 blockchain games offer significant advantages over their Web2 counterparts. “Web3 games foster a greater sense of co-creation and community involvement among players,” he said. “The interaction between Web2 and Web3 players creates a unique dynamic that drives market transactions and attracts more participants.”
However, the blockchain developer stressed the importance for newer GameFi projects to offer an improved gaming experience for players alongside high-quality tokenomics. “Gamers are no longer content with simple profit-driven models like those seen in previous games such as Axies Infinity and StepN,” he explained.
Following its preseason launch, Seraph: In the Darkness experienced significant engagement, with traditional users being converted to the Web3 domain, especially through livestreams by veteran players. The game is set to be launched later this year, with both a free-to-play version and a paid version for those interested in trading and monetization.
At present, the floor price of NFT equipment is 0.2 Ether (ETH), and there is a $50 entry fee to access the in-game transactions market. “Seraph Studio currently has no plans to release any other games. However, our in-house developed custodial wallet, ActPass, will soon become a gaming asset issuance platform, and we look forward to launching more high-quality games through investments or collaborations,” Yezi concluded.
Last month, Cointelegraph reported that Web2 players have spent hundreds – sometimes thousands – on in-game purchases, only to end up with nothing lasting. In contrast, blockchain technology has partially solved this problem by allowing players to buy, sell, and own their unchangeable in-game assets.
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