It looks like the Web3 gaming industry is about to see a major influx of investment. The first to announce interest in this industry was venture capital firm Andreessen Horowitz. The plans to invest $30 million in several startups were announced by Andrew Chen, general partner of the A16z fund.
It is expected that the attention from venture capital firms could lead to more projects in this area. One startup, 5thScape, is already demonstrating that the future of Web3 lies in VR and AR applications, having raised $3.4 million during its current pre-sale.
5th Scape brings together blockchain, VR and AR – how does it work?
5th Scape (5SCAPE) is a virtual and augmented reality gaming ecosystem with cryptocurrency integration. Focused on exploring the fields of AR and VR, the team aims to create a project that brings together developers, gamers and just digital coin enthusiasts. 5th Scape’s own token, 5SCAPE, will help achieve this goal.
The new cryptocurrency is the preferred payment method for accessing ecosystem services and in-game transactions. In addition, owners of the asset receive exclusive discounts and rewards for participating in the project.
At its current stage, 5th Scape offers games, educational materials, movies and animations – all in virtual reality. The developers will present simulators of MMA and soccer, as well as other sports. Perhaps, as the project develops, there will be new applications that can be connected to via VR-headset.
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Nevertheless, the success of 5th Scape depends on the team’s ability to provide wide access to their platform. For this reason, the developers will not only release their own VR devices, but will also make the games compatible with existing virtual reality hardware. The 5th Scape headset will utilize precise motion tracking to ensure a realistic experience.
5SCAPE has a maximum supply of 5.21 billion coins. 80% of the volume is reserved for presale. The 5SCAPE token is currently available for purchase in the ongoing 3rd round of the presale. The coin is priced at $0.00248, but will rise to $0.01 by the time of listing.
Should we expect a revival in the market for Web3 projects?
Every cryptocurrency bull cycle has had its own peculiarities. A few years ago, pre-sale projects, meta-universes and DeFi gained relevance. In recent months, meme coins have increased in popularity. Now, according to Vitalik Buterin, the Web3 market may switch to cryptogames and charitable digital currencies.
Ethereum co-founder Vitalik Buterin published an article on March 29, in which he shared his vision of the future development of the sphere. He believes that games can become a fun and useful alternative to the annoying meme coins. By saying this, the expert means not typical Play-to-Earn arcades (“Play to earn money”), but really meaningful and fun applications.
According to Buterin, games such as World of Warcraft could attract large capital and benefit low-income gamers if they were developed on blockchain. In general, the Ethereum co-creator would like to see games created instead of coins and projects that people will enjoy participating in.
Thus, we can assume that the 5th Scape team’s decision to integrate VR and AR into their arcades will be to Vitalik Buterin’s liking. The project will simultaneously offer rewards in the form of tokens to both gamers and arcade developers. This approach helps maintain interest, is useful, and the games themselves will be more exciting thanks to the support of virtual reality mode.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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