EOS Network Ventures has committed $20 million in funding to the creation of EOS network-based applications and blockchain gaming products. The initiative is slated to take off after April’s Ethereum Virtual Machine (EVM) launch.
EVMs are a type of virtual computer to build decentralized apps. They are the environment in which all Ethereum accounts and smart contracts exist. EVMs can be used to deploy dapps and decentralized finance (DeFi) applications similar to those on Ethereum on other blockchains.
EOS Foundation CEO Yves La Rose stated,
“EOS Network Ventures (ENV) is making a formal commitment to invest $20M directly into $EOS EVM and GameFi projects.”
Moreover, La Rose stated that with the $20 million funding, he expects a “massive influx of developers.”
Market participants have long criticized EOS for raising $4 billion in its initial coin offering (ICO). However, the project had little to show in its early years in terms of both usage and technological development. Nonetheless, the increased effort may ultimately increase the price of EOS tokens in the coming months, and increase the value of decentralized applications built on EOS.
Blockchain gaming not hindered by crypto markets?
According to a January DappRadar report, blockchain gaming continues its growth into 2023. On-chain gaming activity increased by 1.31% in January, making up 48% of all dapp activity.
Furthermore, by 2028, the size of the global blockchain gaming market is anticipated to reach $104.5 billion, growing at a CAGR of 68.2%. Additionally, many AAA gaming publishers are looking to integrate blockchain technology into their projects. Even during the crash of 2022, the blockchain gaming sector was reported to be the least affected. This is said to be due to the fact that people engage in gaming for recreational purposes, caring little for profit. However, gamers, game creators, and gaming companies have criticized blockchain technology for being unsustainable, and exploitative.
Moreover, one sector that has seen the most growth is mobile gaming. Due to the availability of high-performance phones, there are more people playing mobile games worldwide. Users’ expectations for mobile gaming are consistently going up as more people gain access to smartphones and the internet. Also, as a result of innovations in smartphone technology, the number of players in blockchain-based mobile games has gone up.