Korean-based blockchain Klaytn has launched an initiative to allow Web3 gaming companies to build on its network to offset gas fees for gamers.
Unlike traditional games, gamers in Web3 need to purchase cryptocurrency to pay for gas fees before playing a game. Moments of high network activities such as the OtherSide NFT mint have seen gas fees on Ethereum spike to as high as $3,000 per transaction.
Klaytn announced on Sept. 28 that it will provide gas fee rebates for gamers and developers building on the network.
Klaytn will offer up to $100,000 worth of KLAY tokens to cover gas fees for gamers and contract fees for developers monthly.
Selected game companies will be eligible for a 100% offset of their gas fees incurred from January 2022 onwards.
The rebate will enable gaming companies to focus on growing their ecosystem, while the gas fee is offset by the Klaytn Growth Fund.
Klaytn has been advocating for a lower gas fee for Web3 gamers. It earlier introduced the gas fee delegation feature which allowed crypto companies to pay for users’ gas fees.
According to Klaytn, its gas fee support program is to help remove the fee barrier impeding the wider adoption of Web3 games.
Head of Global Group Klaytn Foundation David Shin said the initiative is part of Kylatn vision to build a dynamic gaming ecosystem for more players.
“Through our grass fee rebate program, we hope to provide more players with opportunities to explore the wonders of Web3 gaming.”
Klaytn has partnered with leading traditional gaming companies Netmarble and Neowiz to develop Web3 games on the network.
Web3 Games on the rise
A recent report by Footprint Analytics indicates that an average of 1.03 million users engage with Web3 games which generate approximately $1 billion daily.
In August 2022, the GameFi market grew by 28% with Splinterlands and Alien World welcoming more users.
Despite the declining market conditions, investors are still betting on the future of Web3 games. Gaming studio Limit Break received $200 million while Animoca Brands pocketed some $45 million.
Major traditional gaming companies such as Netmarble, and Ubisoft have also hinted at plans to venture into Web3 games.