Aqua Secures $10 Million Financing to Address Pain Points in the Crypto-Gaming Industry
It is reported that Aqua, a Web3 game company, disclosed at the GDC 2023 Game Developers Conference that it has completed the financing of $10 million invested
It is reported that Aqua, a Web3 game company, disclosed at the GDC 2023 Game Developers Conference that it has completed the financing of $10 million invested by DIGITAL to solve the main pain points in crypto games. At the same time, it plans to expand its business footprint beyond the core Web3 game market products, and build a market that can be embedded into the game for developers. Players do not need to use their wallets to conduct in-game asset transactions on third-party websites.
Aqua plans to launch the Web3 gaming embedded market
Blockchain technology has enabled the development of next-generation gaming products and services under the term “Web3 games.” These games incorporate asset ownership and control by players, using blockchain-backed non-fungible tokens (NFTs). Aqua, a Web3 gaming company, has recently announced securing $10 million in financing to address critical pain points in the crypto-gaming industry, with the focus of expanding its business footprint beyond core Web3 gaming products and developing a market that can be embedded into games for developers.
Background of the Web3 Gaming Industry
Web3, or decentralized Web, refers to the third iteration of the internet, where smart contracts and blockchain technology are used to make applications that are transparent, secure, and truly decentralized. In the Web3 gaming industry, players can fully own, control and trade their in-game assets, thereby providing a new level of player experience and engagement.
However, the Web3 gaming industry faces significant pain points such as high gas fees, slow transaction speeds, lack of liquidity, absence of user-friendly tools, and limited adoption by the mainstream gaming community.
Aqua’s Solution to the Pain Points
Aqua aims to address the crypto-gaming industry’s pain points and drive higher adoption by leveraging its platform’s infrastructure and development tools. To begin with, Aqua is focusing on developing game engine plugins that enable ease of integration for developers into mainstream game engines, which then simplifies the development process.
Moreover, Aqua plans to launch a middleware solution that will allow easy integration of the cryptocurrency payment protocol into the payment system of the gaming platform. This will address the liquidity issue, enabling better access to DeFi services that enable faster transactions and reduced gas fees.
Additionally, Aqua aims to build on their existing partner network to introduce more mainstream businesses into the crypto-gaming sector, which increases market liquidity and stability for gamers.
Expansion Beyond Core Web3 Gaming Products
Currently, the Web3 gaming industry is primarily focused on developing blockchain games that provide players with NFT ownership and control. However, Aqua aims to expand beyond this immediate area of focus to further enhance the gaming experience, such as developing social gaming experiences and introducing a market that can be embedded into games for developers.
The market will allow developers to sell gaming assets within their games and receive token-based compensation. Players will benefit from an easy and frictionless experience that does not require the use of a wallet, thereby expanding mainstream adoption.
Conclusion
Aqua’s $10 million funding is a massive milestone in the Web3 gaming industry that will go a long way towards funding the development of innovative solutions to address the significant pain points that this industry faces. Aqua’s plan to extend its market beyond core Web3 gaming products will undoubtedly set the stage for mainstream adoption of decentralized gaming products, providing players with a new level of asset ownership and control.
FAQs
Q: What is Aqua?
A: Aqua is a Web3 gaming company that focuses on addressing pain points in the Crypto gaming industry.
Q: What is Web3 gaming?
A: Web3 gaming refers to the creation of decentralized gaming products that enable players to own, control, and trade in-game assets, using blockchain-backed NFTs.
Q: Will Aqua focus only on developing game engine plugins?
A: No, Aqua plans to expand its market beyond core Web3 gaming products, developing social gaming experiences and introducing a market that can be embedded into games for developers.
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