Dubai is fast emerging as the global laboratory for the development of next-gen Web3 games, with industry majors such as Playnance deploying new technologies to develop and roll out new products to make Web3 games suitable for mass audiences, helping GameFi to go mainstream.
Latest initiatives are also aimed at transcending the limitations of the crypto environment to make Web3 gaming experience as seamless as in traditional games, ensuring smooth user experience without the hassle usually associated with blockchain products.
 we recommend heading to Dubai Toy store right now
The unique and innovative environment shaping up in Dubai – and encompassing the MENA region – seems to have triggered significant attention from VCs (venture capitals) towards Web3 projects, with UAE-based game development startup Param Labs and Astra Nova, Saudi Arabia’s first Web3 RPG game, already securing significant funding, while talks are said to be on for several more such investment deals.
“The numbers [of game players and gaming market revenues] prove that Dubai is now one of the best places to build a Web3 game, and Playnance is proud to be part of this movement,” Yaniv Baruch, COO, Playnance, told Arabian Business.
“Considering the developer- and crypto-friendly conditions in Dubai and its thriving community, the attention of global VCs to the MENA region will only increase,” he said.
According to the Crypto Oasis Ecosystem Report, about 40 percent of Web3 games in the UAE are now under development and will launch in the next 12-18 months.
The number of game players in the region is projected to reach 88 million by 2026, as against the estimated 67 million in 2022, helping the industry to mop up over $7 billion total gaming market revenue in MENA that year.
With this pace, the GameFi market size in the UAE alone is slated to reach $1 billion by 2025.
Dubai leads crypto push in MENA
Baruch said the surge in the UAE’s – as also in the region’s – markets has created unique conditions for the development of GameFi, which stands at the intersection of these areas.
“Dubai is a world-scale crypto hub and pushes other cities in the region to become the same, so global focus is what makes MENA-based games succeed,” he said, adding that a good product built for an international audience resonates with players from this region, too.
“Like in any other part of the world, players in MENA enjoy good game-play and a smooth user experience. Those are the things one should work on to build a strong community,” said the senior executive of Playnance – a blockchain ecosystem that bridges the traditional web2 iGaming experience with the trustless world of Web3 GameFi- which has its regional office in Dubai.
Baruch said today’s tech advancements in Web3 allow game developers to transcend the limitations of the crypto environment and make blockchain gaming experience as seamless as in traditional games.
“Free your users from the necessity to set up a wallet, transfer crypto from an exchange, confirm numerous transactions, and pay gas fees – and you’ll win the hearts of gamers worldwide,” he said.
Baruch said account abstraction (AA) is among the technological advancements that are anticipated to have the most significant impact on the future of Web3 gaming in the MENA region and also globally.
“Instead of keeping a non-custodial wallet, players can use accounts free from private key and seed phrase management. Access to those accounts can be easily restored,” he said.
Games empowered by AA eliminate the need to sign multiple transactions like in first-gen GameFi products.
Another solution is the layer-3 infrastructure, allowing developers to run their game on a dedicated blockchain.
“This makes transaction fees so small that some projects can compensate gas for the users, making games completely free from fees,” Baruch said.
“They will make Web3 games suitable for the mass audience and will help GameFi go mainstream,” he said.
VC interest fuels regional GameFi boom
The recent weeks saw announcements on some of the globally leading companies making their entry and rolling out ambitious projects in the UAE and the wider region, which industry insiders said could potentially dramatically transform the local Web3 and gaming scene.
Baruch said the key factor contributing to the growth of GameFi in the region right now is the significant attention from VCs toward Web3 projects.
For instance, Astra Nova, Saudi Arabia’s first Web3 RPG game focusing on gamers in MENA and Asia, recently raised $1 million in investments.
Animoca Brands, a game software and VC company from Hong Kong, is expanding its presence into the UAE. The firm is investing in Param Labs, a gaming infrastructure startup based in the country, in one of the largest deals in recent times, he said.
“Their [investment deals] number will surely continue to grow,” Baruch said, pointing out that “the context where this takes place is a unique, innovative environment featuring rapid digital transformation, a thriving community with a strong spirit of entrepreneurship, and authorities meeting the needs of the industry”.
REFRENCE: arabianbusiness.com/
Read More:
